# Analysis of Electric Vehicles with an Economic Perspective for the Future Electric Market
## 2 Electric Vehicle Market
\begin{table}
\begin{tabular}{c c c c c c c} \hline \hline  & & **ICE** & & & **HEV** \\ \hline
**Parameter** & **Toyota** & **Audi A3** & **Honda Accord** & **Toyota Camry** & **Audi A3** & **Honda Accord** \\
**Sport** & **Hybrid** & **E-Tron** & **Hybrid Sport** \\ \hline Fuel capacity (liters) & 50 & 50 & 56 & 50 & 54.8 & 48.4 \\ Fuel efficiency (Kmpl) & 17.4 & 19.2 & 13.6 & 22.5 & 30 & 18.2 \\ \hline \hline \end{tabular}
\end{table} 
Table 1: Comparison of HEVs and an IC engine. \begin{table}
\begin{tabular}{c c c c c c c} \hline \hline  & & **Hybrid EV** & & & **Plug-In Hybrid EV** & \\ \cline{2-6}
**Parameter** & **Toyota** & **Audi A7** & **BMW 7** & **Toyota Prius** & **Audi A7** & **BMW 7** \\  & **Prius** & **Quattro** & **Series** & **Prime** & **Quattro** & **Series** \\ \hline Cost in USD (\$) & 24,525 & 73,000 & 86,800 & 28,220 & 75,900 & 95,900 \\ Fuel efficiency in mpg (miles per gallon) & 52 & 24 & 19 & 54 & 29 & 22 \\ CO\({}_{2}\) emission level from vehicle (g/Km) & 106 & 48 & 54 & 80 & 40 & 46 \\ \hline \hline \end{tabular}
\end{table} 
Table 2: Comparison of hybrid EVs and plug-in hybrid EVs. Figure 3: Parameters affecting EV overall performance. Figure 2: Major components of an electric vehicle. From the above comparison for plug-in hybrid electric vehicles, it can be seen that they are more efficient and produce less CO\({}_{2}\) than hybrid electric vehicles. However, the costs of the vehicles are higher than those of hybrid electric vehicles, since the battery is more expensive and the drive train is also expensive. Additionally, the grid connectivity of plug-in electric vehicles is required, so the drive range of these vehicles poses a major problem. This is also a parameter that needs to be considered in electric vehicles, which is vividly explained in the sections below as a comparative analysis with the market. There are also electric vehicles called pure electric vehicles, which only use a battery to power the motor. There are no other sources of energy for electric vehicles. The major components of electric vehicles are provided in Figure 2[8,9]. One of the major components that decides the efficiency of an electric vehicle is the battery used in a vehicle. Depending on the capacity of the battery used, the drive range of an electric vehicle is calculated. Additionally, an electric vehicle's cost factor also depends on the battery capacity [16,19]. The different types of batteries used in electric vehicles include lead-acid batteries, nickel metal hydride batteries, and lithium-ion batteries. The storage capacity, the state of charge, and the rechargeable cycle vary depending on the type of battery being used. As the battery capacity increases, the cost and drive range increase. A comparison of present-day electric vehicles' battery capacity, price, and drive range is given in Table 3.  
Figure 4 shows details about the comparison of battery charge, range, and different parameters by comparing different electric vehicles in the market, respectively. From the vehicle models and ranges available, if we derive various parameters and correlations we can infer that as the vehicle battery capacity increases the drive range increases, as does the cost of a vehicle [29]. Therefore, the battery is one of the important components that determine the cost and drive range parameters of an electric vehicle. From the above details, we can come to some conclusion regarding the different parameters that affect electric vehicles' range, price, and performance, shown in Equation (1):  
\[EV\left\{ \begin{array}{l}price\\ speed\\ range\end{array} \right\}\alpha\ Battery\ Capacity \tag{1}\]  
The above observation provides us with clear information on the fact that the parameters affecting electric vehicles are mostly associated with the batteries used in them. Another major factor of electric vehicles is the weights of the vehicles. As the battery capacity increases so does the weight. If the weight increases then aspects of vehicle performance, such as drive range and speed, decrease.