Analysis of Electric Vehicles with an Economic Perspective for the Future Electric Market

Abstract

The automotive industry is marching towards cleaner energy in the impending future. The need for cleaner energy is promoted by the government to a large degree in the global market in order to reduce pollution. Automobiles contribute to an upper scale in regard to the level of pollution in the environment. For cleaner energy in automobiles, the industry needs to be revolutionized in all needed ways to a massive extent. The industry has to move from the traditional internal combustion engine, for which the main sources of energy are nonrenewable sources, to alternative methods and sources of energy. The automotive industry is now focusing on electric vehicles, and more research is being highlighted from vehicle manufacturers to find solutions for the problems faced in the field of electrification. Therefore, to accomplish full electrification, there is a long way to go, and this also requires a change in the existing infrastructure in addition to many innovations in the fields of infrastructure and grid connectively as well as the economic impacts of electric vehicles in society. In this work, an analysis of the electric vehicle market with the economic impacts of electric vehicles is studied. This therefore requires the transformation of the automotive industry.