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The country’s government is planning to provide additional financial support to encourage the adoption of cleaner technology, including EVs. Volumes grew by more than 100% in markets including Australia, Thailand, Brazil, Turkey, Malaysia, and Mexico in 2023 and more than 50% in India and Japan. share of the EV mix in 2024.
Assuming normal scrappage rates, EV Volumes forecasts it will take until 2042 for half the global fleet to be electric. However, with government plans to support the uptake of cleaner technology , the 2035 share outlook of EVs has been increased. Thailand, for example, has lowered the interest rate for automotive loans.
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