Global Electric Vehicle Outlook, 2021

The International Energy Agency recently released the Global Electric Vehicle Outlook.

Key Findings of the report

  • Three million new electric cars were registered in 2020. This was 41% higher than those registered in 2019.
  • According to the report, if the governments will ramp up their efforts to meet international climate goals, then the number of global electric vehicles will increase to 230 million by 2030.
  • Currently, there are ten million electric cars on road.
  • Korea has the largest number of hydrogen car distribution in the world.

Sales of Electric Cars

The sales of electric cars in 2020 contracted by 16% due to COVID-19. However, it started increasing in the first quarter of 2021. And the sales during the first quarter of 2021 was two and a half times higher than that during the same period in 2020.

Consumer Spending on Electric Cars

The consumer spending on Electric Cars in 2020 amounted to 120 billion USD. This has increased by 50% as compared to that of 2019.

What did the report say about India?

  • According to the report, around 30% of new vehicle sales in 2030 will be Electric in India.
  • The Electric Vehicle penetration in the country will be led by electric three-wheelers and electric two-wheelers.
  • The report also says that the electrification of buses will be lower. It will be 15% of total sale of vehicles by 2030. This is mainly because of easier registration of two-wheelers and three-wheelers under the FAME II scheme.
  • The report also says that only 3% of allocated funds under the FAME II scheme has so far been used for 30,000 vehicles.

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