Electric Vehicles: Arriving faster than anticipated
Come winter and the noise about air pollution increases multi-fold in the news and social media coverage. And so increases the calls for curbing pollution from vehicular emissions. Thankfully, we are closer to increase in the proportion of alternate energy vehicles in our fleet now than we were a couple of years back. In this study, we have highlighted how countries are placed in terms of electric vehicles sales growth and penetration.
China continues to be the engine behind electric vehicle growth in the world, thanks to policy push from the Chinese government. In the first 9 months of 2017, the sale of electric vehicles (pure and hybrid both) increased by 46% (Image 1). China contributed 22% out of the 46% growth followed by Europe (11%), USA (6%) and rest of the world contributing 7%.
China’s sheer market size means even a smaller gain by the EVs in overall sales would result in thousands of units of new sales, but its Europe where EVs are gaining market share rapidly. Sales in countries like Germany, Italy, and Spain grew c.100% during the third quarter of CY2017. All these growth numbers mean we are closer to the EVs now than ever and as economies of scales come into the picture, the cost associated with the battery pack is also expected to come down further, which will help in more sales of such vehicles.
Now, percentage growth is what most of us talk about when we speak about the growth of electric vehicles. But, we believe that proportion of electric vehicles in total new vehicle sales should also be paid equal importance. The Clean Energy Ministerial (CEM) announced a new campaign called EV 30@30 to speed up the deployment of electric vehicles and target at least 30% new electric vehicle sales by 2030. Norway by far remains the best market in terms of EV penetration with close to one-third of the total sales coming from electric vehicle sales (Image 2).
There are only 6-7 important markets where EV penetration is higher than 1%. Thus, the next 4-5 years will see EVs gaining more and more market share globally.
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