The Economic Impact of Electric Vehicle Infrastructure Development on Local Economies and Energy Markets

Abstract

Fast Evolving EV technology is dramatically changing both transport and energy. Ensuring that nations worldwide hit their targets in reducing carbon emissions and increasing sustainability of energy has made EV infrastructure development, particularly for charging stations and their integration with grids, part of that transformative process. The paper elaborates on the economic effect of EV infrastructure development on local economies and the energy market at large with a focus on the United States, Europe, and India. This study, through detailed research into the proliferation of EVs and associated demand for charging infrastructure, points out the creation of jobs, additional local business benefits, increased values of real estate, and, more importantly, the impact on the energy market in terms of grid stability and demand for renewable energy.