The Global EV Outlook is an annual publication that summarizes and presents an overview of recent developments in the global electric mobility domain. Developed with the support of the members of the Electric Vehicles Initiative, it is the automobile world’s go-to for all things EV. The report is an expansive showcase of all the developments that have surfaced with respect to electric mobility in the last year. It combines historical analysis with projections to 2030 and examines key areas of interest such as electric vehicle and charging infrastructure deployment, energy use, CO2 emissions and battery demand. The purpose of this annual report is to make a reliable collection of EV resources for consumers, as well as policy makers and stakeholders that decide policy frameworks and market systems for EV adoption. Global Outlook 2021 gives us an overview of recent developments, technological prospects and the outlook for EV deployment in the period to 2030. According to the report, global EV usage has grown exponentially, the year of the pandemic.With 10 million electric cars on the world’s roads, electric car registrations increased by 41% in 2020, despite the pandemic-related worldwide downturn in car sales. For the first time, Europe surpassed China to become the biggest electric market, with nearly double the new electric vehicle registrations. Consumer spending on EVs increased by 50% from 2019 and government support and spending has stabilized through a 25% increase in the form of direct price incentives. Automobile producers are also steadily increasing the production of EVs to bring about new varieties of models and in bigger numbers. Outlook attributes it to 3 main developments: – Introduction of regulatory frameworks like CO2 emissions standards and zero-emission vehicle mandates – Additional incentives to safeguard EV sales from the economic downturn – Production of EVs and their batteries became more widespread leading to a subsequent decrease in prices.
The publication also highlights policies around the globe that are making waves for EV Adoption: – China has adopted the New Electric Vehicle (NEV) subsidy programme that sets annual ZEV credit targets for manufacturers as a percentage of their annual vehicle sales. – The EU Green Deal and EU Sustainable and Smart Mobility Strategy and Action Plan is a testament to the European Union’s commitment to decarbonization. – In the United States, California Low Emissions Vehicles pollutant and GHG emissions regulations are the highlight with a mission to have all new car sales be zero-emission vehicles by 2035. In addition, the majority of US states also have specific policies to offer tax credits or purchase incentives for EVs as well as financial and technical assistance for installing charging infrastructure.
As EV sales shoot up, so does the need for more varied and vast EV charging infrastructure.To help address this, governments around the globe have provided through measures such as direct investment to install public chargers or incentives for EV owners to install charging points at home. In some places,there have also been policies in place to make sure that new properties are equipped with EV charging capacities. In India, Faster Adoption and Manufacturing of Electric Vehicles (FAME II) scheme is the key national policy relevant for EVs and includes major measures to promote domestic manufacturing of EVs and their parts.
Especially at the state level, governments have started efforts to fast track road vehicle electrification. In February 2021, the chief minister of New Delhi announced the Switch Delhi campaign which targets 25% electrification of vehicle sales in 2024 and 50% of all new buses to be battery electric. The Maharashtra Government has also just announced a Rs. 930 crore policy to convert 10% of their overall vehicle registrations to EVs by 2025 through aggressive incentives to EV buyers, including buy-back and early bird offers. The policy also takes in account the much needed developments in EV charging infrastructure that we need. The Global Outlook 2021 shows us that there is an upward trend in the electric mobility market, post the effects of the pandemic but also that there is a need to maintain this momentum in the coming decade. “At the start of this next decade, policy measures should encompass a broad set of considerations including social and environmental lessons learned from the pandemic. These include: equity, such as vehicle retail price-conditions, or providing zero-interest loans; environmental performance standards, such as allocating incentives proportional to each model’s emission reductions; and long-term viability to reaching revenue neutrality, such as differentiated taxation systems. Regulatory instruments should continue to encourage sustainable and low-emissions technology investment (considering the full lifecycle of a product), while supporting and prioritizing industry reskilling to low-carbon economic activities with high employment multipliers, including non-motorized transport infrastructure and battery manufacturing.”
In India, Yulu has been at the forefront of bringing about the Electric Revolution. Our values of equity and sustainability have allowed us to enter and cement our place as a smart, easy and environment friendly mode of transport. The upwards trends depicted by the Global EV Outlook 2021 give hope for a near future of solely electric and zero- carbon mobility. We’ve been waiting for a long time to see this electric age and we are beyond ready to help it dawn.