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According to a new study by the International Energy Agency (IEA), global EV sales are expected to grow by 35% to over 14 million in 2023, compared to the 10 million units sold worldwide in 2022.Reports state that the rising rate of adoption is not only because of the increasing acceptance from consumers but due to governmental policies like the 'Inflation Reduction Act' in the USA and the 'Fit for 55 package' in the EU.

The International Energy Agency is expecting significant increases in electric vehicle sales and dropping prices for smaller EVs.

IEA predicts nearly one in five cars sold globally this year to be electric

The International Energy Agency (IEA) says that the increase in sales will likely drive entry-level EV prices down even further

The IEA raised its EV sales forecasts in part because of the U.S. Inflation Reduction Act, which supports green industry and subsidizes consumers’ purchase of electric vehicles