The organisation cited falling pricing for smaller model EVs as well as government initiatives like tax incentives and the infrastructure for charging stations as reasons for the industry’s expansion. The report was upbeat about the growth of electric vehicles in Southeast Asia, where two- and three-wheel vehicles are more common.
The IEA estimates that by 2030, the world will require at least 5 million less barrels of oil per day than it does today. In the future, these shares are likely to rise thanks to a mix of efficient policies and private sector investment, the survey predicted.
