Sales are expected to grow by 35% this year to reach 14 million, the report said, comprising 18% of the market - up from just 4% in 2020.

The shift from combustion engine to electric cars will reduce global demand for oil by at least five million barrels a day, according to the IEA’s projections.

Over half of electric cars on the road so far worldwide are in China, which also dominates global battery production and was responsible for 60% of electric car sales in 2022.

SUVs and large cars account for nearly two thirds of battery-electric models in China and Europe and even more in the United States.

“Outside of China, there is a need for original equipment manufacturers (OEMs) to offer affordable, competitively priced options in order to enable mass adoption of EVs,” the report said.

In emerging and developing economies, two- or three-wheel electric vehicles outnumber cars. Over half of India’s three-wheeler registrations in 2022 were electric, according to the study.