# Analysis of Electric Vehicles with an Economic Perspective for the Future Electric Market
## 5 Analysis of Economic Impact with the EV Market  
From all the above facts and Figures on electric vehicles, we will discuss and review the economic impacts of electric vehicles on society [29]. The statistics from the US government on the greenhouse gas CO\({}_{2}\) emission levels, as of 2016, show 65,111 million metric tons of CO\({}_{2}\). Among these, 28 percent is from the transportation segment. The above statistics and percentage of emissions from the automotive sector are given in Figure 11. The CO\({}_{2}\) emissions affect the environmental and climatic conditions, which, if not checked, will cause a paradigm shift in the environmental conditions and increase global warming. Therefore, it is important for governments to take measures to reduce it and propose alternate sources that reduce greenhouse gas emissions. With respect to the transportation industry, the alternate fuel is through a battery, which means the electrification of the automobile industry. In the above sections, the hurdles faced by the automobile industry for full electrification were explained. Electrification is linked with the economy of a country or region. Electric vehicles are now available or seen in countries which are more developed, and the infrastructure availability is well-established. From the statistics of Tesla, we can see that more charging stations in the USA are available to promote the vehicle brand. The government should also plan charging stations and introduce subsidies for electric vehicles. Electric vehicles are cheaper compared to internal combustion engines, and are easy to maintain. Additionally, there are government subsidies for electric vehicles. An analysis of various internal combustion engine and electric vehicle cost parameters helps us to better understand the economic impact of the usage of electric vehicles, and this is shown in Table 6. From the table, some analysis can be performed. The electric vehicles seem to be expensive, but there are tax reductions and subsidiaries from the government to promote the zero-emission vehicles. \begin{table}
\begin{tabular}{c c c} \hline \hline
**Price Parameters** & **ICE** & **Electric** \\
**Vehicles** & **Vehicles** \\ \hline Cost in USD & 23,245 & 29,500 \\ Fuel/electric cost over 5 years in USD & 8218 & 2818 \\ US Govt Tax credit in USD & 0 & \(-\)4543 \\ NY City Clean Rebate in USD & 0 & \(-\)1100 \\ Average maintenance cost in the first 5 years in USD & 355 & 120 \\ Total cost over 5 years period in USD & 31,818 & 26,795 \\ \hline \hline \end{tabular}
\end{table} 
Table 6: Economic analysis of gasoline vehicles and electric vehicles. Figure 11: CO\({}_{2}\) emissions from different sectors, from the USA Environmental Protection Agency. Comparing the fuel costs over a period of 5 years., with statistical data on the usage of electric vehicle batteries over 5 years., the fuel cost and electric cost comparison results show that electric vehicles cost 75 percent less compared to gasoline vehicles. The maintenance of electric vehicles and internal combustion engines: Internal combustion engines require periodic maintenance, which adds to the cost of the vehicle over time. Internal combustion engines require servicing at least once yearly, to change the engine oil and replace parts that are worn out, as well as other aspects that have to be changed over a period of time as part of the standard maintenance procedure. For electric vehicles, however, the maintenance costs are lower, and can be approximately zero. Because the main source of energy is the battery, the maintenance of the vehicle can be much less extensive compared to that of an internal combustion engine. However, the battery also has a lifetime, and due to the charging and recharging of the electric vehicle battery, the battery parameters degrade over time, and this leads to performance and range loss. In an electric vehicle, the battery pack is a huge assembly of battery arrays. Any change in the battery necessitates a complete replacement.