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ASEAN entering the era of electric vehicles
ASEAN is on the way to entering the EV era. The region has shown interest in EV transportation, as reflected in efforts carried out in recent years.
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Charging an electric car with the power cable supply plugged in. (Shutterstock/-)
P
ersonal mobility has swiftly changed with the introduction of electric vehicles (EV) on the road, which is beginning to reshape the global transportation market. In 2016, EVs hit a new record with 750,000 units sold worldwide, bringing the total number sold to more than 2 million and marking a staggering increase after only crossing the 1-million threshold in 2015.
Bloomberg New Energy Finance sees the EV market making more progress in the coming years, predicting that 54 percent of new cars sold in 2040 will be of the EV type, which by then will account for 33 percent of the global car fleet.
Growth of the EV segment is owed to the fact that the technology is advancing, resulting in cheaper essential components like the battery. Rigorous support through government subsidies is also encouraging rapid development and expediting EVs’ penetration of the transportation market.
The International Energy Agency in its report Global EV Outlook 2017 forecasted that EVs will be economical even without subsidies on the total-cost-of-ownership basis among mass-market vehicles in the period of 2025-2030.
