An International Energy Agency study says as many as 14 million EVs are likely to be sold in 2023
The same study says around 10 million EVs were sold the world over in 2022
Increasing number of options are a big factor pushing EV sales up
Falling purchase costs, along with incentives and subsidies in many countries, also helping
The study notes entry-level EVs are soon likely to have similar price points as comparable internal combustion engine models
The increase in sales is also likely to come from fleet and not just personal owners
The IEA study further says this is likely to have a deep impact on the oil industry with around five million barrels of oil being saved by 2030
On expected lines, China is set to remain the largest market for EVs