The Global Electric Vehicle Market Volume was 3.5 million units and is expected to grow at a CAGR of 22% during 2020 and 2030. With increasing pollution, the regional government is taking significant initiatives to promote manufacturing of electric vehicles.
For instance, in 2019, the Indian government announced to provide subsidy of US$ 1.4 Billion for sales of electric and hybrid vehicles until 2022. The incentive plan will be applicable only on those vehicles that cost less than US$ 21,777. Similarly, in Germany, the auto manufacturers and the regional government signed an agreement to raise cash incentives under a plan named Environment Bonus for battery powered cars.
Read More@ https://www.insightslice.com/electric-vehicle-market
