Demand for electric vehicles has been rising across major markets such as China, the US and Europe, and developing countries also stand to benefit significantly from the technology, says a new World Bank report.
Currently, an estimated 3.1 million passenger electric vehicles on the road globally and China alone accounts for 1.48 million, says estimates by OECD and International Energy Agency.
According to the report “Electric Mobility and Development“ launched today at COP 24, eMobility supply chains have yet to achieve industrial scale on par with conventional technologies. eMobility will disrupt jobs, companies, and entire industry clusters.
The report also said that eMobility solutions can be simple, affordable and highly sustainable. They also offer an opportunity to promote the electrification of economies and their transition away from fossil fuels.
Electric two and three-wheelers are already taking hold on a large scale in countries with lower-average income. For instance, India has about 1.5 million battery-powered three-wheeled rickshaws on its streets.
The governments can facilitate the transitions through right policies, regulations, standards for charging, and basic consumer protection frameworks with low fiscal costs.
When owners of “Tempos,” small public transportation vehicles in Nepal, started shifting to battery power due to fuel availability issues, the government supported this by limiting the registration of conventional fuel vehicles.