![]() ![]() With the exponential growth of electric car sales, however, it has become increasingly important for major incumbent carmakers to offer EVs as a key part of their portfolios in order to capture market share and maintain a competitive edge. Overall, global spending by governments and consumers on electric cars has significantly increased in the past few years, exceeding USD 400 billion in 2022.įor companies, policy requirements were an important driver for electrification in the early years of EV adoption. ![]() Many other countries outside the major markets have also started to introduce policy to support EV adoption in recent years, for the first time in some cases. More developed markets such as China and several European countries are now progressively decreasing or phasing out incentive schemes for electric cars and shifting focus towards other segments such as heavy transport and charging.Īt the same time, some governments in major markets have increased their targets for EV adoption further and are working to address other parts of EV supply chains, such as through policy support for vehicle and battery manufacturing and critical mineral supply chains. Many of these countries and regions are now seeing EV markets maturing, especially for cars, for which sales shares are increasing rapidly. Direct incentives for carmakers were also used in China. In today’s major EV markets – including China, Europe and the United States – early adoption was jump-started in many cases by policies to spur demand, such as vehicle purchase incentives. The role of policy has been particularly significant in steering corporate strategy towards electrification and enabling consumer uptake. ![]() Global electric vehicle (EV) markets today differ widely, shaped by different levels of policy support, corporate activity, consumer preference and awareness, driving patterns and cultural specificities. ![]()
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