Electric vehicle sales are expected to exceed 90% globally by 2040, with three-wheeled vehicle sales continuing to rise, especially in emerging economies. A Bloomberg report showed that electric vehicles are no longer only a phenomenon in wealthy countries. Countries like Thailand, India, and Brazil are experiencing record sales of low-cost electric models. This means that electric vehicle adoption would not be restricted to countries like China.
In 2024, India saw a significant increase in three-wheeler electric vehicle sales, surpassing China as the largest market. The International Energy Agency (IEA) reported that one in five three-wheelers sold globally in 2023 was electric, with nearly 60% of these sales in India.3 The three-wheeler market grew by 13% in 2023, reaching 4.5 million in sales, nearly 1 million of which were electric, reflecting a 30% growth compared to 2022. This growth is due to the low cost and accessibility of electric three-wheelers.
The IEA reported that electric three-wheelers in India are more than 50% cheaper to own after eight years of service, even without subsidies. Despite the upfront price being 55% higher than gasoline equivalents in 2023, the overall cost of ownership is significantly lower over time.
To support three-wheeler EVs, the government introduced the Electric Mobility Promotion Scheme 2024 (EMPS 2024). This scheme, launched by the Ministry of Heavy Industries, aims to boost electric vehicle adoption and manufacturing with a total outlay of Rs. 500 crores from April 1, 2024, to July 31, 2024. It focuses on the adoption of electric two-wheelers and three-wheelers, providing incentives for vehicles with advanced batteries. The scheme targets 38,828 e-3Ws, including 13,590 rickshaws and e-carts, and 25,238 e-3Ws in the L5 category. The scheme may be extended in the new government budget.
Developing Countries Record Three EV Sales
Denne historien er fra June 2024-utgaven av Extraordinary and Plenipotentiary Diplomatist.
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Denne historien er fra June 2024-utgaven av Extraordinary and Plenipotentiary Diplomatist.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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THE WOLF ECONOMY AWAKENS
Mongolia's Fight for Democracy, and a Green and Digital Future
DESTINATION Kenya
Background - My interest in visiting Kenya began on December 3, 2016, when the Kenya Tourism Board organized the Magical Kenya Open Golf Tournament in Delhi. The event, by invitation only, attracted many notable figures from Delhi NCR, and I was fortunate to be one of the winners. Along with a beautiful trophy, the prize included a trip to Kenya to play three rounds of golf in Nairobi and visit the renowned wildlife sanctuaries of Kenya.
THE POLITICAL LESSONS FROM THE MAHABHARATA
The word 'politics' always inflicts a sense of excitement as well as resentment amongst the public at large. Often people irrespective of gender or age are found commenting upon the dynamics of politics and the way it has taken shape over the years.
UNIVERSAL HEALTH INSURANCE: TRANSFORMING TANZANIA'S HEALTHCARE SYSTEM
Tanzania, a country known for its rich cultural heritage and breathtaking landscapes, is now setting a new precedent in the healthcare sector.
INDIA'S ELECTRIC REVOLUTION: LEADING THE GLOBAL THREE-WHEELER MARKET
Globally, long-term EV growth is expected to lower battery prices and advance next-generation battery technology, enhancing the economic viability of electric vehicles. According to a BNEF report, the three-wheeled vehicle segment is on track to reach net zero emissions by mid-century, with India's growth positioning it as a global leader.
INDIA'S STRATEGY TO SCALE UP GREEN HYDROGEN PRODUCTION
India's first multi-purpose green hydrogen pilot project at 1,500 MW Nathpa Jhakri Hydro Power Station (NJHPS) in Himachal's Jhakri was inaugurated on April 24 this year.
"Vietnam-India comprehensive strategic partnership has made progress"
In an interview with Diplomatist Magazine, Mr. Le Quang Bien, Consul General of Vietnam in Mumbai, provides perspectives on the burgeoning Vietnam-India relationship, particularly focussing on trade, investment, tourism, and renewable energy sectors. With Vietnam's emergence as a pivotal manufacturing hub in Southeast Asia and India's robust technological prowess, he highlights the promising avenues for collaboration in manufacturing, technology, and agriculture. Mr. Bien also sheds light on Vietnam's rich cultural and natural attractions, emphasising the Consulate General's efforts to promote tourism and culinary exchange in Mumbai.
THE EVOLUTION OF MINILATERALS: CATALYSTS FOR STRATEGIC COOPERATION IN THE INDO-PACIFIC
The current set of multilaterals, collectively or individually are facing a challenge in achieving four objectives of the largest multilateral institutions, the United Nations viz, \"maintaining international peace and security, protecting human rights, delivering humanitarian aid and support sustainable development\", owing to rising great power competition, unbridled competition among regional powers and unprecedented challenges in the Global North and the Global South.
NAVIGATING THE CROSSROADS: VISION FOR EUROPE'S FUTURE
\"Europe will not be made all at once, or according to a single plan. It will be built through concrete achievements which first create a de facto solidarity.\" Jean Monnet - The Father of the European Union.
ECONOMIC REFORMS AND GROWTH PROSPECTS: INDIA'S AGENDA FOR THE GLOBAL ECONOMY
India's economy is of global importance with a large young population and an open and democratic political system. It is already the third-largest economy and contributor to global economic growth, yet there is considerable untapped potential.
