Vehicle electrification has become one of the major trends in the automotive industry in this century. While both governments and corporates companies strategically focus on electric and hydrogen vehicles as an important part of decarbonization，the economic constraints for their application was eased drops with the support of policies，markets and innovation. Investment in electric vehicles has become very robust nowadays，and investment in hydrogen vehicles is also growing rapidly. This paper analyzes how developed countries promote electric and hydrogen vehicles，and the corresponding industry and policy considerations.