Understanding the Future Impacts of Electric Vehicles—An Analysis of Multiple Factors That Influence the Market

Abstract

The electric vehicle market is an increasingly important aspect of the automotive industry. However, as a relatively new technology, several issues remain present within the industry. An analysis is utilised to examine these issues, along with how they affect the industry and how they can be tackled. Several key issues that affect the electric vehicle market, as well as how efforts to address these issues influence the market, are identified. The analysis also includes the examination of ethical issues, with the issues that arise from the production of raw materials for electric vehicles. The analysis and examination of ethical issues display a wide range of problems in the industry. However, it did highlight the efforts being made to lessen the effect of these problems by various groups, such as regulation by EU and US governing bodies on the materials mined. From this analysis, this paper identifies that many of the other factors examined are directly or indirectly influenced by political and economic factors, also examined in this review. This highlights the impact that governing bodies and businesses have on a vast number of issues that are present within the market and how they can resolve the harmful factors examined.