Impacts of policies on electric vehicle market in the world and proposed solutions for its development in Vietnam

  • Pham Ba Nam Vietnam Petroleum Institute
  • Nghiem Thi Ngoan Vietnam Petroleum Institute
  • Dao Minh Phuong Vietnam Petroleum Institute
Keywords: Electric vehicle (EV), market, policy

Abstract

According to IHS Markit’s forecast, as of 2027, the manufacturing cost of electric vehicles (EVs) will be on par with that of internal combustion engine (ICE) vehicles in China and soon thereafter in the EU. Of the forecasted 89 million vehicles sold in 2030, IHS predicts that 23.5 million will be electric (nearly 27%).
The article analyses the current status of the electric vehicle market and the policies of the leading countries in this market such as China, the US, some countries in Europe and Southeast Asia. On that basis, it points out the breakthrough impacts of policies on the growth of domestic electric vehicles and proposes solutions to develop the electric vehicle market for Vietnam.  

 

References

IHS Markit, "Global electric vehicle sales grew 41% in 2020, more growth coming through decade: IEA", 3/5/2021. [Online]. Available: https://ihsmarkit.com/research-analysis/global-electric-vehicle-sales-grew-41-in-2020-more-growth-comi.html.

Bryn Walton, Jamie Hamilton, Geneviève Alberts, Saskia Fullerton-Smith, Edward Day, and James Ringrow, “Electric vehicles: Setting a course for 2030”, 28/7/2020. [Online]. Available: https://www2.deloitte.com/us/en/insights/focus/future-of-mobility/electric-vehicle-trends-2030.html.

IEA, “Global EV outlook”, 5/2022. [Online]. Available: https://www.iea.org/reports/global-ev-outlook-2022.

Rebellion Research, “How many charging stations are in China? An analysis of the Chinese electric car charging market”, 23/2/2022. [Online]. Available: https://www.rebellionresearch.com/how-many-charging-stations-are-in-china.

Wood Mackenzie, “Macro oils long-term 2021 outlook to 2050”, 31/5/2021. [Online]. Available: https://www.woodmac.com/reports/oil-markets-macro-oils-long-term-2021-outlook-to-2050-498941.

Lingzhi Jin, Hui He, Hongyang Cui, Nic Lutsey, Chuqi Wu, Yidan Chu, Jin Zhu, Ying Xiong, and Xi Liu, “Driving a green future: A retrospective review of China's electric vehicle development and outlook for the future,” 14/1/2021. [Online]. Available: https://theicct.org/sites/default/files/publications/China-green-future-ev-jan2021.pdf.

Michael Hagerty, Sanem Sergici, and Long Lam, “Getting to 20 million EVs by 2030: Opportunities for the electricity industry in preparing for an EV future”, 6/2020. [Online]. Available: https://brattlefiles.blob.core.windows.net/files/19421_brattle_-_opportunities_for_the_electricity_industry_in_ev_transition_-_final.pdf.

Jieyi Lu, “Comparing U.S. and Chinese electric vehicle policies”, 28/2/2018. [Online]. Available: https://www.eesi.org/articles/view/comparing-u.s.-and-chinese-electric-vehicle-policies.

Molly F. Sherlock, “The plug-in electric vehicle tax credit”, 14/5/2019. [Online]. Available: https://fas.org/sgp/crs/misc/IF11017.pdf.

Lia Cattaneo, “Plug-in electric vehicle policy”, 7/6/2018. [Online]. Available: https://www.americanprogress.org/issues/green/reports/2018/06/07/451722/plug-electric-vehicle-policy/.

Jessica Shea Choksey, “How does the federal tax credit for electric cars work?”, 1/2/2022. [Online]. Available: https://www.jdpower.com/cars/shopping-guides/how-does-the-federal-tax-credit-for-electric-cars-work.

Natural Resources Defense Council, “Scaling up electric vehicle charging infrastructure: Lessons from China and The United States for the Indian context”, 7/2020. [Online]. Available: https://www.nrdc.org/sites/default/files/charging-infrastructure-best-parctices-202007.pdf.

Sandra Wappelhorst, “On the electrification path: Europe's progress towards clean transportation”, 3/2021. [Online]. Available: https://www.eafo.eu/sites/default/files/2021-03/EAFO%20Europe%20on%20the%20electrification%20path%20March%202021.pdf.

Wallbox, “EV and EV charger incentives in Europe: A complete guide for businesses and individuals”, 2019. [Online]. Available: https://blog.wallbox.com/ev-incentives-europe-guide/.

European Commission, Directorate-General for Research and Innovation, Frank Skov Kristensen, Morten Lauge Thomassen, and Leif Henrik Jakobsen, Mission-oriented R&I policies, in-depth case studies. Case study report: The Norwegian EV initiative, Publications Office, 2/2018. DOI: 10.2777/003670.

Norway, “Norway - The EV capital of the world”. [Online]. Available: https://www.visitnorway.com/plan-your-trip/getting-around/by-car/electric-cars/.

Iliana Ilieva and Bernt Bremdal, “Flexibility-enhancing charging station to support the integration of electric vehicles”, World Electric Vehicle Journal, Vol. 12, No. 2, 2021. DOI: 10.3390/wevj12020053.

Tilak K. Doshi and Nahim B. Zahur, “Assessing Singapore’s electric vehicle policies”, IAEE Energy Forum, Vol. 29, pp. 21 - 24, 2020. [Online]. Available: http://www.iaee.org/documents/2020EnergyForum4qtr.pdf.

Land Transport Authority (LTA), “Award of Singapore’s pilot electric vehicle charging infrastructure tender”, 3/9/2021. [Online]. Available: https://www.lta.gov.sg/content/ltagov/en/newsroom/2021/9/news-releases/award-of-singapore-s-pilot-electric-vehicle-charging-infrastruct.html.

Martin Schröder, Fusanori Iwasaki, and Hideo Kobayashi, “Promotion of electromobility in ASEAN: States, carmakers, and international production networks”, 5/2021. [Online]. Available: https://www.eria.org/publications/promotion-of-electromobility-in-asean-states-carmakers-and-international-production-networks/.

Yuthana Praiwan and Lamonphet Apisitniran, “Charging ahead with EVs”, 19/10/2020. [Online]. Available: https://www.bangkokpost.com/business/2004427/charging-ahead-with-evs.

The Nation Thailand, “Thailand poised to target 50% EV use, carbon neutrality by 2050”, 12/3/2021. [Online]. Available: https://www.nationthailand.com/in-focus/30403629.

MarkLines Automotive Industry Portal, “Indonesian government announces continuation of PPnBM sales tax incentives on vehicles in 2022”, 21/1/2022. [Online]. Available: https://www.marklines.com/en/news/264170.

KPMG Indonesia, “Decarbonization of transport: EV & EV battery development plan in Indonesia”, 7/2021. [Online]. Available: https://assets.kpmg/content/dam/kpmg/id/pdf/2021/07/id-ev-and-battery-development-plan-indonesia.pdf.

Reuters, “Indonesia says China's CATL plans to invest $5 billion in lithium battery plant”, 14/12/2020. [Online]. Available: https://www.reuters.com/article/us-indonesia-nickel-china-idUSKBN28P0MK.

Tổng số lượng xe điện hạng nhẹ trên thế giới 2015 - 2040
Published
2022-07-29
How to Cite
Pham, B. N., Nghiem , T. N., & Dao , M. P. (2022). Impacts of policies on electric vehicle market in the world and proposed solutions for its development in Vietnam. Petrovietnam Journal, 7, 28 - 41. https://doi.org/10.47800/PVJ.2022.07-04
Section
Articles

Most read articles by the same author(s)