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Global EV sales accelerating, but government help needed - IEA

2021-04-30
IMG

As per the International Energy Agency (IEA) the sales for the electric vehicle is rising globally, but still more government action is required on charging stations and fossil-fuel vehicle ban.

Timur Gül, head of the IEA's energy technology policy division said that there are no signs of a slowdown in the global electric vehicle market. While due to the pandemic the global car sales went down by 16%, but the EV sales has risen by 41% to around 3 million vehicles.

First quarter global EV sales soared 140% to 1.1 million vehicles, with strong growth in China, Europe and the United States, the IEA said.

There has been huge disparity in global EV sales around the world, as very few electrified vehicles are on the roads in large markets like Russia, South America and Africa.

EV sales growth in Europe and China has been fueled by tightening CO2 emissions standards and government subsidies.

Globally, consumers spent around $120 billion on EVs in 2020, while governments forked out around $13 billion in subsidies, or equivalent to around 10% of total spending, down from 20% of total spending in 2015.

That will fall further as battery prices drop and EVs reach cost parity with fossil-fuel vehicles, which IEA energy analyst Jacopo Tattini said should happen by 2030.

He said that still policies need to be strengthened to enable more EV’s and also fuel economy standards need to be tightened. The spending also needs to be increased on the charging infrastructure, in order to have the consumer confidence.

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