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02 August 2017
The fall in the price of electric cars is speeding up the transition away from traditional motor vehicles, according to a recent IMF report.
It states that electric cars are likely to become the dominant mode of transport within the next 10 to 25 years, just as automobiles displaced horses as a mode of transportation a century ago.
The transition from horses to cars displayed patterns very similar to the current ones seen in the rates of electric cars adoption, the IMF notes.
The affordability of electric vehicles could speed up the shift towards a more environmentally friendly form of transport. Electric cars also require less maintenance than traditional vehicles and need fewer parts in production.
By 2040, advanced economies could see vehicles powered by oil-based fuels largely phased out, while emerging and developing economies could have only one third of their vehicles fleet made up of traditionally-powered cars, the paper adds.
Last week, Britain's government announced that it will ban the sale of petrol- and diesel-fuelled cars from 2040.
The move follows a similar announcement by France in early July as a method for fighting climate change.
China is now the biggest market for electric cars, and India has recently announced an ambitious green car plan that prioritises the use of electric cars.
In the Middle East, the UAE recently launched a new incentive programme to encourage drivers to buy electric vehicles through green bank loans and insurance plans as a first step to wean residents off fossil fuel-based cars and reduce the country’s carbon emissions.
More sites in Abu Dhabi have also started to install Tesla chargers following the introduction of new Tesla vehicles to the UAE early this year.
The automotive industry has already started to shift gears to adapt to demand. Volvo has announced that all of its car models launched after 2019 will be electric or hybrids.
Nissan's all-electric car launched in 2010 is now the world's top-selling electric vehicle, even outselling Tesla.
Further Reading:
© Zawya 2017
The fall in the price of electric cars is speeding up the transition away from traditional motor vehicles, according to a recent IMF report.
It states that electric cars are likely to become the dominant mode of transport within the next 10 to 25 years, just as automobiles displaced horses as a mode of transportation a century ago.
The transition from horses to cars displayed patterns very similar to the current ones seen in the rates of electric cars adoption, the IMF notes.
The affordability of electric vehicles could speed up the shift towards a more environmentally friendly form of transport. Electric cars also require less maintenance than traditional vehicles and need fewer parts in production.
By 2040, advanced economies could see vehicles powered by oil-based fuels largely phased out, while emerging and developing economies could have only one third of their vehicles fleet made up of traditionally-powered cars, the paper adds.
Last week, Britain's government announced that it will ban the sale of petrol- and diesel-fuelled cars from 2040.
The move follows a similar announcement by France in early July as a method for fighting climate change.
China is now the biggest market for electric cars, and India has recently announced an ambitious green car plan that prioritises the use of electric cars.
In the Middle East, the UAE recently launched a new incentive programme to encourage drivers to buy electric vehicles through green bank loans and insurance plans as a first step to wean residents off fossil fuel-based cars and reduce the country’s carbon emissions.
More sites in Abu Dhabi have also started to install Tesla chargers following the introduction of new Tesla vehicles to the UAE early this year.
The automotive industry has already started to shift gears to adapt to demand. Volvo has announced that all of its car models launched after 2019 will be electric or hybrids.
Nissan's all-electric car launched in 2010 is now the world's top-selling electric vehicle, even outselling Tesla.
Further Reading:
- Motorists in UAE to get incentives to buy electric cars
- Electric vehicle regulations launched
- New rules for electric car chargers
- Carmakers switch on electric possibilities in the UAE
- Tesla charges up to take on the UAE market
© Zawya 2017
