The global automotive industry is experiencing a transformative shift towards Electric Vehicles (EVs) driven by sustainability imperatives. This paper explores the opportunities and challenges accompanying this shift. It analyses key factors influencing the EV market trajectory, including technological advancements, government support schemes, and infrastructure development. Additionally, the paper examines obstacles such as range anxiety, charging infrastructure limitations, and upfront costs, while highlighting opportunities such as reduced emissions, job creation, and energy independence. Drawing on a comprehensive literature review, government support schemes, and insights from central, state, and local governments, the paper offers strategies for overcoming challenges and capitalizing on opportunities in the EV market. Ultimately, understanding these dynamics is crucial for fostering a sustainable and resilient transportation system.
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Prof. Meghasham Chaudhari (2024) studied this question.
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