Impact of Incentive Policies and Other Socio-Economic Factors on Electric Vehicle Market Share: A Panel Data Analysis from the 20 Countries

Under the strong support of policies and incentives, the global electric vehicle (EV) market has been developing rapidly. However, in the context of the overall EV market boom, the promotion policies and incentives for consumers to adopt EVs differ from country to country. It is worth exploring the...

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Bibliographic Details
Published in:Sustainability 2021-03, Vol.13 (5), p.2928
Main Authors: Xue, Chenlei, Zhou, Huaguo, Wu, Qunqi, Wu, Xueying, Xu, Xingbo
Format: Article
Language:English
Subjects:
Consumers
Economic factors
Electric vehicles
Gasoline prices
Impact analysis
Incentives
Internet resources
Literature reviews
Longitudinal studies
Market shares
Monetary incentives
Questionnaires
Regression analysis
Social factors
Socioeconomic factors
Socioeconomics
Sustainability
Taxation
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Summary:Under the strong support of policies and incentives, the global electric vehicle (EV) market has been developing rapidly. However, in the context of the overall EV market boom, the promotion policies and incentives for consumers to adopt EVs differ from country to country. It is worth exploring the key factors that affect market share and adoption of EVs, such as incentives, policies, and additional socio-economic factors. The data on EV market share and information on policies and incentives in 20 countries were collected from the published reports and online resources from 2015 to 2019. Random effects model analysis was conducted to explore the effect of various factors on EV market share. The innovation of this article is to combine incentive policies with socio-economic factors and use panel data to analyze the actual adoption behavior of the global EV market. Results show that the tax reduction policy, charger density, and income have significantly positive effects on the penetration of EVs. Thus, it suggested that government should still maintain tax incentives and focus on the deployment of charging infrastructure. Household income, as a socio-economic factor, also plays an important role in the adoption of EVs. This will help policymakers adjust and improve policy emphasis to promote the adoption of EVs.
ISSN:2071-1050
2071-1050
DOI:10.3390/su13052928