Analysis of electric vehicles in the context of the world's largest economies

The global electric vehicle (EV) market is dominated by three global powers: China, the USA, and the European Union. Each of these three regions has adopted unique strategies and differs in terms of regulations, government policies, and market structure. The growth of the EV market in these countries is driven by both climate policies and economic and technological ambitions. Discussing these three markets illustrates the directions of development for the global EV market, as well as its future challenges and potential. This article provides a detailed characterization of the policies pursued by these three economies based on a literature review and its synthesis. It then conducts a quantitative analysis of the electric vehicle markets using a trend development study and calculates the sales elasticity index. The future of the global electric vehicle market will largely be shaped by the development of policies, infrastructure, and innovations in these three regions, each of which has a unique approach to EV development. On one hand, these differences may lead to increased competition among the three powers in the coming decades, fostering further innovation and the development of technologies that support the sustainable growth of the EV market. On the other hand, the analysis of strategies implemented thus far may serve as an excellent benchmark for other countries.