GLOBAL ELECTRIC VEHICLES OUTLOOK 2021

What is the News?

• International Energy Agency(IEA)has released a report titled “Global Electric Vehicle Outlook Report,2021”.
• The Global EV Outlook(GEVO)is an annual report published by IEA. The report looks at the latest EV trends. Apart from that, it also looks at the drivers for road transport sector electrification around the world.

Key Findings of Global Electric Vehicles Outlook 2021 related to India:

• More than 30% of the new vehicle sales in India will be electric by 2030.
• Electric Vehicles(EV) deployment in India will mainly be achieved through the electrification of two/three-wheelers. The report mentions that electric two/three-wheeler sales will reach a sales share of almost 50% by 2030.
• However, the lack of government spending under the FAME II Scheme has delayed EV deployment in India.
• Further, EV deployment was also delayed due to pressure on domestic automakers to focus on BS-VI innovation instead of EVs.

International findings of Global Electric Vehicles Outlook 2021:

• Three million new electric cars were registered in 2020. This was 41% higher than those registered in 2019.
• The rise in electric car sales in 2020 came even as the worldwide automobile market contracted by 16% due to the Covid-19 pandemic.
• Apart from that, the number of electric cars, buses, vans and heavy trucks on roads is expected to hit 145 million by 2030.
• Moreover, if the governments improve their efforts to meet international climate goals, then the number of global electric vehicles will increase to 230 million by 2030.

About International Energy Agency(IEA):

• It was established in 1974 as an autonomous intergovernmental organization under the OECD framework.
• Objective: To ensure reliable, affordable, and clean energy for its member countries and beyond.
• Members: It has 30 member countries and eight association countries. India became an associate member in 2017.
• Secretariat: Paris, France.