Electric vehicles (EVs) are revolutionizing the world of road transport. The global EV market grew 43% annually on average over the last five years, and the worldwide automobile market penetration rate of EVs stood at about 2.6% in 2019.
This is expected to explode during the coming decade.
Many COVID-19 recovery packages in countries including China, Germany, France, and Canada, as well as the newly proposed plan in the United States, focus heavily on EVs. Deloitte predicts that annual new sales of EVs will top USD 30 million by 2030.
To date, India lags behind other key markets such as China, Europe, and the United States. The global EV stock reached 7.2 million units in 2019, of which 47% were in China, 25% in Europe and 21% in the United States. The rest of the world accounted for only 600,000 units, with just 170,000 sold in India.
But EVs are of great interest in India. The electrification of road transport serves multiple purposes. It is a green industrial policy that supports a post-pandemic economic recovery. It is intended to reduce oil imports and strengthen energy security. And it is central to reducing air pollution and mitigating climate change. It is a central component of net-zero ambitions worldwide and an important carbon emission reduction measure, second only to greening power sectors.
Source : IISD (International Institute of Sustainable Development)
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