International Energy Agency (IEA) has forecasted a surge in electric vehicle (EV) sales with a focus on affordability. Here are some key points from their report:

- The IEA predicts 17 million electric car sales in 2024, up from 14 million in 2023.

- More than one in five cars sold globally is expected to be electric.

- Ten million of these vehicles are expected to be sold in China.

- Despite concerns about tight margins, volatile battery metal prices, high inflation, and the phase-out of purchase incentives in some countries, global sales data remain strong.

- Sales in the first quarter of this year were up 25% on the same period last year.

- Electric cars' share of total purchases will vary widely by region, representing about one in nine vehicle purchases in the US, one in four in Europe, but nearly half in China.

- Affordability compared to traditional vehicles remains key to the sector's growth.

- Electric cars are generally getting cheaper as battery prices drop, competition intensifies, and carmakers achieve economies of scale.

- Meeting the growing demand with charging infrastructure will also pose a key challenge, with charging networks needing to grow six-fold by 2035.

This forecast indicates a positive trend towards the adoption of electric vehicles, but also highlights the challenges that need to be addressed to ensure sustainable growth. Affordability and infrastructure are key areas of focus.