ABSTRACT
In recent years, the global automobile industry has witnessed a significant shift towards electric vehicles (EVs) as a result of increasing environmental concerns and decreasing costs of EVs. This work gives a detailed indication of the current status of the EV industry in 2023 as well as the future directions it is heading towards. In this chapter, the driving factors behind the growth of the EV industry, such as government policies promoting sustainable transportation, consumers’ growing preference for EVs, and advancements in technology, are examined in detail. The challenges faced by the EV industry, including the need for more charging infrastructure, range anxiety, and the high upfront costs of EVs, are also analyzed. Furthermore, the chapter provides a comprehensive analysis of the major players in the EV market, including Tesla, General Motors, and Volkswagen, and their contributions to the industry’s growth. The growth of the EV trade is explored, including the potential for autonomous EVs, the influence on the smart grid, and the transformation of the transportation sector. This chapter offers an understanding of the comprehensive impression of EVs on the automobile industry and their role in addressing the environmental challenges of the 21st century. Overall, this chapter provides a comprehensive overview of the rise of EVs, their current status, and future directions, offering a roadmap for policymakers, investors, and industry stakeholders.
