Government Policies and Electric Vehicle Market Growth: A Global Perspective

Abstract

Policies enacted by governments to encourage more environmentally friendly modes of transportation and cut down on emissions of greenhouse gases have a significant impact on the burgeoning electric vehicle (EV) market. Many legislative frameworks have been put in place to promote the use of electric vehicles as a means for governments to achieve their climate goals and lessen their reliance on fossil fuels. how policy decisions made by the government have affected the expansion of the market for electric vehicles. This study examines the impact of various policy initiatives on the electric vehicle market in major regions, including North America, Europe, and China, by looking at things like subsidies, tax incentives, emission restrictions, infrastructure development, and manufacturer mandates. how different regional policies have been implemented and how well they have worked to hasten the uptake of electric vehicles. It also delves into how international cooperation and public-private partnerships might help EV markets expand. advising lawmakers on how to improve the worldwide transportation system, remove obstacles to the expansion of the electric vehicle market, and steer legislation in the future that is both sustainable and integrated.