Agency. The car market around the world, including Nepal is changing rapidly. By 2024 in Europe, 2025 in China, 2026 in the US and 2027 in India, the price of electric vehicles (EV) will be equal to or lower than petrol-diesel cars. This is estimated in an analysis report of Economics of Energy Innovation and System Transition (EEIST).
EEIST is a special project of the University of Exeter, UK. Its professor Mei Mei Eileen Lam says, ‘EV’s share in India increased 3 times from 0.4% to 1.5% in 1 year. It took 3 years for the rest of the world to achieve this feat. By 2030, the falling cost of batteries will make EVs cheaper than petroleum vehicles worldwide.’
US’s Rocky Mountain Institute (RMI) and Bezos Earth Fund say that by 2030 EVs may account for more than two-thirds of the global automobile market. Sales of petrol-diesel cars were at a high in 2017. By the middle of this decade, more new petroleum vehicles will be sold than will be scrapped.
In the coming years, there will be more scrap than the number of new petroleum vehicles sold. In the coming years, there will be more scrap than the number of new petroleum vehicles sold. Market share: EV sales will increase 6 times in the world. EVs will account for 62-86% of new vehicle sales.
Oil Demand: Global demand for crude was at a high in 2019. After 2030, there will be a shortfall of 1 million barrels annually. Battery costs will drop from $151 to $60-90 per kilowatt hour in the current decade.
Commercial Vehicles: Increasing sales of e-cars will promote electrification in vehicles like two-wheelers, buses, and trucks.