(EnergyIndustry.Net, October 10, 2024 ) Government intervention given rise to the high adoption rate of Hybrid and Electric Vehicles.
China determined to reduce the exhaust emission and the rate of vehicle sale and urbanization has given rise to the high rate of electric vehicles on Chinese roads. The government has invested heavily in the automotive industry while encouraging the populace to adopt the vehicles. As the country is planning on phasing out the diesel vehicles by 2040, China has plans to build as many as 20 million charging stations by 2025. China's Ministry of Finance (MOF), the State Taxation Administration (STA), and the Ministry of Industry and Information Technology (MIIT) has also exempted new energy vehicles from taxes.
Maximize Market Research has also published the following reports:
Solar Powered Electric Vehicle Market reached a value of US $ 455.16 Mn. in 2023. Global Solar Powered Electric Vehicle Market size is estimated to grow at a CAGR of 35%. The market is expected to reach a value of US $ 3719.68 Mn. in 2030.
The Mexico Electric Vehicle Market was valued at US $ 117.41 Mn. in 2023, and it is expected to reach US $ 261.67 Mn. by 2030 with a CAGR of 12.13% during the forecast period.
Global Small Electric Vehicle Market was valued at USD 16.50 Bn 2023 and is expected to reach USD 68.65 Bn by 2030, at a CAGR of 22.59% during a forecast period.
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