The Impact of Electric Vehicles on the Global Economy: A Comprehensive Analysis

The rapid adoption of electric vehicles (EVs) is reshaping the global economy, influencing industries, energy markets, labour dynamics, and environmental policies. This study provides a comprehensive analysis of the economic implications of EV proliferation, focusing on key drivers such as government policies, technological advancements, consumer behaviour, energy market dynamics, and infrastructure development. By synthesizing existing literature and analysing current trends, the study highlights the transformative potential of EVs to drive sustainable economic growth, reduce carbon emissions, and enhance energy security. However, challenges such as infrastructure gaps, resource dependency, and workforce transitions must be addressed to fully realize these benefits. The study also explores the role of EVs in creating new economic opportunities, from job creation in manufacturing and renewable energy sectors to innovations in battery technology and smart grid systems. Through a conceptual framework, the research identifies the interplay between independent variables (policy, technology, consumer preferences, energy markets, and infrastructure), a mediator variable (industry and labour market shifts), and the dependent variable (sustainable economic growth). The findings underscore the importance of coordinated efforts among governments, industries, and consumers to ensure a smooth transition to EVs. By addressing barriers and leveraging opportunities, stakeholders can harness the potential of EVs to foster a resilient, inclusive, and sustainable global economy. This study contributes to the growing body of knowledge on the economic impact of EVs, offering insights for policymakers, industry leaders, and researchers to navigate the complexities of this transformative shift.