Economic incentives for EV adoption: A comparative study between the United States and Nigeria
Keywords:
economic incentives, electric vehicle, USA, Nigeria, consumerAbstract
The adoption of electric vehicles (EVs) is pivotal in addressing environmental concerns and transitioning towards sustainable transportation systems globally. This comparative study examines the economic incentives for EV adoption in two diverse contexts: the United States and Nigeria. The United States stands as a frontrunner in EV adoption, backed by comprehensive federal and state-level incentives, including tax credits, rebates, and investment in charging infrastructure. Conversely, Nigeria, while possessing a burgeoning market potential, grapples with infrastructural challenges and limited policy frameworks. The analysis delves into the effectiveness of incentive programs in each country, considering their impact on market growth, consumer behavior, and environmental sustainability. Socio-economic factors such as income levels, consumer preferences, and cultural attitudes are also scrutinized to understand their influence on EV adoption patterns. Lessons learned and best practices from both countries offer insights into successful strategies for promoting EV adoption, along with policy recommendations tailored to each context. The study underscores the importance of collaboration and knowledge sharing between nations to accelerate the transition towards sustainable transportation systems globally. Additionally, it explores the future outlook for EV adoption, predicting emerging trends, potential policy changes, and technological advancements that could shape the trajectory of the EV market. Environmental implications, including reductions in greenhouse gas emissions, improvements in air quality, and integration with renewable energy sources, are also discussed, emphasizing the broader socio-environmental benefits of EV adoption. Ultimately, this study contributes to the growing body of research on EV adoption by providing a comparative analysis of economic incentives and policy frameworks in two distinct socio-economic contexts, paving the way for informed decision-making and sustainable transportation planning in the years to come.
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