CHALLENGES AND OPPORTUNITIES FOR CREATING A SUSTAINABLE GLOBAL MARKET FOR ELECTRIC VEHICLES

The automotive sector is one of the largest contributors to Greenhouse gas (GHG) emissions around the world. In order to combat the issues related to vehicle pollution (climate change, health, and environmental hazards), there has beenan increased push towards using Electric Vehicles (EVs), including hybrids and purely electric vehicles (BEVs). This review paper takes an in-depth look at the challenges faced by the global automotive market. A quick review of the vehicle lifecycle is presented, along with all the energy expenditure and emissions at different stages. Studies conducted by various governmental entities, OEMs (Original Equipment Manufacturers), environmental scientists and independent groups in Europe and North America show that there is a substantial difference in the environmental impacts between traditional internal combustion engine vehicles (ICEVs) and EVs. Overall, EVs prove to be less polluting than ICEVs, however, this largely depends on the source of energy used for electricity supply. Results from assessments around the world have been presented, followed by a review of the strategies for introducing EVs to the global automotive market in an environmentally and economically viable manner. It is also important to lookat the performance and customer satisfaction surveys in order to improve the public perception of EVs. Lastly, the paper explores the need for global migration toward renewable sources of energy in order to truly combat the aforementioned problems in a systemic manner