Rise in number of electric vehicle registrations first half of 2021
Although the pandemic has hit the economy hard, electric vehicle sales grew 140% in the first quarter of 2021, surpassing the 41% increase in EV registrations last year. According to the International Energy Agency (IAE), electric vehicles accounted for 4.6% of car sales last year which means people have bought 3 million electric vehicles and that is 50% more than last year. In 2020, the personal consumption of electric vehicles reached $120 billion, with the number of registered vehicles growing by 41%.
Many new initiatives taken to increase the sales of Electric Vehicles
By 2020, the global average price for BEV will be around $40,000, and the average price for plug-in hybrid vehicles is around $50,000. This year, the IAE stated in its Outlook Global Electric Vehicle report that China is the largest consumer of electric vehicles including cars and bikes. China is the largest car market in the world, with approximately 500,000 electric vehicles sold, followed by Europe with 450,000 vehicles. US sales also doubled from three months in the same period last year. However, the IAE said root growth was relatively low. The International Energy Agency states in their report that before the outbreak of the pandemic, many countries tightened key policies such as carbon emissions and zero-emission vehicle (ZEV) standards. They are expecting that at the end of 2020, more than 20 countries will promote electric cars. Many new petrol cars are prohibited or should divert the interest of people towards ZEV.
Many new incentives are given to retain electric vehicle sales. Some European countries are increasing incentives on the buy of an EV, China has scrapped subsidy programs. The number of electric car models has increased. Additionally, Battery charges continue to fall. In India, the IEA said India's efforts to control pollutant emissions from vehicles reached a high-speed level in April 2020 when it implemented the Level VI Bharat Stage standard in new vehicle sales of motorcycles, cars, and heavy vehicles. The immediate transition from BS-IV to BS-VI required manufacturers to design vehicles with significant changes in a short period. Some Indian OEM investments are slowing their investments in BEV implementations by focusing on ICE models that are BS-VI compliant. These manufacturers say they are at a loss from declining car sales during the pandemic.
Effect of FAME II scheme
The Rapid Implementation and Production Plan for Electric Vehicles scheme, FAME II plays an important role as a national policy in India for electric vehicles. Provide $1.4 billion for 1.6 million hybrid and electric vehicles (including motorcycles/bicycles, buses, and vehicles) over three years from 2019, including measures to promote national production of electric vehicles and vehicles to promote their components. However, more than half of the final date of April 2022, only 3% of the allocated funds will be used for a total of 30,000 vehicles. A major boost will be needed by 2030 to meet planned and land targets for 30% of electric car sales. Some say the number of electric car models for consumers is limited. State and city governments have also begun efforts to accelerate the electrification of road vehicles.
In February 2021, CM Arvind Kejriwal of New Delhi announced the Switch Delhi campaign, launched in August 2020, to clarify EV's progressive policies. The goal of this policy is to electrify 25% of car sales and 50% of new battery-powered buses by 2024. Other cities like Kolkata, Pune, Nagpur, and Bangalore keep changing their EV policies for the implementation of e-mobility. He also says that by 2020, the number of new electric bus registrations in India will increase by 34% to 600. The International Energy Agency believes that the electric car industry has been experiencing strong growth for a decade. However, IEA chief executive Fatih Birol said electric vehicles play a key role in achieving clean zero-emissions worldwide. According to him, current sales trends are promising, but there is a need for shared climate and energy goals for faster market penetration.
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