An Analysis of Electric Vehicle Trends in Developed Nations: A Sustainable Solution for India

Abstract

Electric Vehicles (EVs) have been revived since the late 1990s due to environmental causes and breakthroughs in battery technology. As a result, the EV markets in developed nations evolved to compete with conventional combustion engine vehicles. However, there is a need to reduce the global carbon emissions, which recently crossed the 400 ppm threshold permanently. EVs are proposed as a realistic solution and a necessity to mitigate the effects of global warming. This solution should be expanded to highly populated developing countries that contributes to over 63 percent of the global emissions to develop a zero carbon transport infrastructure. This application for sustainable transportation is best suited for developing nations like India which already has a potential EV market for two wheel, three wheel vehicles and buses. This paper discusses the various factors required to establish a thriving EV market in India while accounting for challenges that are unique to the nation to promote EV as an alternative e-mobility transport option for the masses thereby addressing the energy inequality crisis.

Sustainability Performance and Reporting – A Strategic Issue for Electric Car Automakers

“…There are currently several frameworks available to guide organizations on their sustainability reporting journeys by identifying material issues for the auto sector (Table 1). Historically being part of the problemas: (a) the transportation sector is the second-largest emitter of greenhouse gas (GHG) and one with the fastest growing GHG emissions (Kong, & Zheng, & Zhang, 2021); (b) "light-duty vehicles, the majority of which are passenger cars, release more CO2 than any other form of transport" (Kong, & Zheng, & Zhang, 2021); and (c) "the CO2 emissions produced by passenger cars have been steadily rising over the past two decades, increasing from 2.2 billion metric tons in 2000 to a peak of 3.2 million metric tons" in 2019 (Tiseo, 2021) the companies in the auto industry are being urged to join the "sustainable" solution the EVs are part of (Marsters, 2009;Faisal, 2017;Ortar, & Ryghaug, 2019;Tabuchi, & Plumer, 2021). Therefore, the companies in the auto industry are on their way to strategically reposition themselves on the new coordinates of mobility and sustainability, by redesigning their future and transforming their business modelse.g., in 2021 alone, several major automakers (Toyota, Volkswagen, Ford, Volvo, Geely, BMW, Mercedes, General Motors, Stellantis, Hyundai, KIA, Dongfeng, and BYD) have reaffirmed their commitments to the mobility transition, by announcing "plans to accelerate the transition to a fully electric future by developing new product lines as well as converting existing manufacturing capacity" (IEA, 2022).…”