A review on challenges and opportunities of electric vehicles (EVs)

Abstract

The ongoing technological development in the automotive industry has since prompted the growth in environmental and energy efficiency awareness. Electric vehicles (EVs) are seen to be potential alternatives for conventional internal combustion engine (ICE) vehicles as they possess numerous advantages. In this paper, the challenges and opportunities of EVs in mass market deployment are reviewed. The challenges are categorized based on the development of a sustainable business model which include the economical, technological, social, and environmental aspects. The influences of government policies on the adoption of EVs are also discussed. Future trends of EVs in the market are also projected to year 2030. Based on the reviews and findings, it is concluded that the main challenges for EVs to penetrate the existing market include the market environment, technological insufficiencies and social drawbacks. Recommendations are then made according to the respective challenges to promote the market growth and performance of EVs, thus progressing towards a more sustainable future.