Electric vehicles (EVs) have seen strong sales growth in the past two years, driven by strong consumer demand amid rising gas prices and increased concerns surrounding climate change. Consumers are showing an increasing interest in EVs because they are environment-friendly, energy-independent, and cost-saving. The current geopolitical crisis caused by Russia’s invasion of Ukraine pushed crude oil prices to record highs earlier this month, exacerbated by a ban on Russian fossil fuel imports, by the United States and its allies. Amid volatile gas prices, consumers are making a switch to EVs.
Government policies and incentives are supporting the EV market to help meet climate change goals. The government has increased its funding for developing charging infrastructure, purchasing subsidies, and incentives to achieve sustainability goals. The federal government is also providing a substantial tax credit for purchasing an all-electric or plug-in hybrid vehicle. These factors are contributing to the growth of the electric vehicle (EV) market.
