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IEA projects massive surge in electric vehicles-I: Indian retailers need to keep this in mind
May 31: Indian retail marketers must keep in mind the latest projections from none other than the IEA that the electric vehicle fleet can go up to a staggering 230 million units by 2030 from a mere 3 million now
8Projections for China, which is the clear front runner in this race, shows that under one scenario, more than 90% of its two wheelers will be electrified by then, around 40% of its cars and 65% of its buses.
8In comparison, India's targets have not been set. Indian investments in electric infrastructure is among the lowest in the world.
8But once the economics of electric vehicle turns positive, as it surely will at some time in comparison the internal combustion engine, the sector will see a massive surge of investment in India.
8In today's day and age, the catch up time is short.
8In scenario planning by oil companies including private sector companies planning on an aggressive roll out of its retail outlets, it will be necessary to take the Chinese numbers as the upper case and then project the impact on petrol and diesel demand even though IEA's projected numbers for 2030 for India are much lower.
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