# Analysis of Electric Vehicles with an Economic Perspective for the Future Electric Market
## 2 Electric Vehicle Market
### Economic Impact of Electric Vehicles  
In this section, details on the socioeconomic impacts of the major parameters that influence the electric vehicle market and towards electrification are studied with a detailed analysis. An overview of the major parameters that affect the EV is provided in Figure 5[24]. The major factor is the drive range of _EV_s, which has to be addressed in the future market at a larger scale. Table 4 exhibits the availability of different electric vehicles in the market. From the analysis, we can see that the maximum drive range that can be covered with a fully charged battery is 293 km. This can be well-suited to city driving conditions, but for long-distance travel between cities or towns this drive range seems to be lesser or skimpy. \begin{table}
\begin{tabular}{c c c c c c c} \hline \hline  & \multicolumn{4}{c}{**ICE**} & \multicolumn{4}{c}{**BEV**} \\ \cline{2-7}
**Parameter** & **VW** & **Hyundai** & **Nissan** & **VW** & **Hyundai** & **Nissan** \\  & **Golf R** & **Venue** & **Altima** & **e-Golf** & **Kona** & **Leaf** \\ \hline Fuel economy in mpg (miles per gallon) & 30 & 23 & 28 & 111 & 120 & 114 \\ Range in km & 702 & 1066 & 630 & 300 & 452 & 226 \\ CO2 emissions in g/km & 163 & 170 & 300 & 0 & 0 & 0 \\ Price in USD (\$) & 31,315 & 18,900 & 24,900 & 38,895 & 21,150 & 27,400 \\ \hline \hline \end{tabular}
\end{table} 
Table 4: ICE vs. BEV. Figure 4: CO2/kWh generated from different energy sources. As an example for this study, the VW Golf is chosen so that the vehicle parameters are compared against the same vehicle conditions in an IC engine and in battery EVs. Figure 6 depicts a different vehicle parameters comparison of an IC engine and EV from the same manufacturer (Volskswagen (VW)). Apart from the drive range, in the other categories the electric vehicle outperforms the internal combustion engine. However, the only advantage of the internal combustion engine is the drive range, which is 133% more than that of the electric vehicle. Another factor to consider for the EV is its CO\({}_{2}\) emissions, which are zero, compared to the ICE's, which are an important feature for a green environment, as there is a reduction in greenhouse gases. From a government perspective this is a crucial factor, as no CO\({}_{2}\) emissions means that there is less impact on the environment and climatic changes, which in turn makes the environment cleaner. Another critical issue for the government is to steer the market [47; 48] towards full electrification and to make electric vehicles the first choice for consumers; it is very important to make electric vehicle charging station infrastructure accessible to consumers when required, in a similar manner to gasoline stations. Without good infrastructure, electrification in the field of electric vehicles is rather impossible, as is making the EV market more attractive for a future positive market approach. The major infrastructure that needs to be addressed is vehicle charging station availability. For IC engines, a vehicle refueling station is available on an average of 10 m, while on the contrary, for EVs a charging station is available in 3.8 m, which is comparatively larger [10]. In order to achieve electrification, the government has to provide better charging infrastructure to accommodate the electric vehicle charging traffic in public places. As the number of electric vehicles on the road increases, so does the need for charging stations. Vehicle manufacturers are also aiming to install more charging stations to sell vehicles and create more electrification. As an example, Tesla vehicles are considered for a market analysis: Tesla has many charging stations in the USA, and some of the refueling stations are yet to be deployed. Tesla is claiming that, by using their super charging system, a battery can be charged by 50 percent and 100 percent in 30 min and 75 min, respectively. Most of the charging stations will have a maximum of 10 chargers, and vehicles have to wait for at least 30 min to be charged.