Abstract
Electric vehicle (EV) penetration has been increasing globally and is expected to continue its exponential growth over the coming decades. Several countries have already announced plans to achieve total or partial electrification of their vehicle fleets. Such rapid transportation electrification will have a significant impact on society and businesses that support the transportation industry. Additionally, new business opportunities will be available to support this technological evolution. In this paper, the business opportunities emerging from EVs and their supporting infrastructure are reviewed. It has been observed that several businesses, such as sustainable mining and manufacturing, will need to be developed before EV growth as they provide the initial platform required for EV adoption. Other businesses such as fleet optimization, battery management, and recycling can be developed at a later stage. All of these businesses will also have social and technological impacts, which will drive policy decisions. Regional governments play a critical role in ensuring the smooth execution of a transition to transportation electrification through social programs, such as training and education for equitable growth, and legislative decisions, such as technology standardization.
Highlights
Impact of Businesses SurroundingElectric vehicles (EVs) were invented over a century ago but have only gained widespread popularity in the last decade [1]
Since the current recycling processes rely on first-generation recovery technologies, in which the different streams of raw materials are obtained by a physical treatment and the metals are extracted by a hydrometallurgical process, battery recycling is one of the biggest opportunities that the EV industry needs to resolve for sustained EV adoption [89]
The lifecycle review of an electric vehicle, performed in this paper, suggests that there are many businesses that will need to be accelerated in order to influence the growth of EV penetration, while there are others whose growth will trail the growth of EV
Summary
Electric vehicles (EVs) were invented over a century ago but have only gained widespread popularity in the last decade [1]. Some companies have announced that they will only manufacture electric cars in the future (Tesla is currently the only large manufacturer of electric-only vehicles), while most have committed to dedicating a significant portion of their fleet to electric or hybrid vehicles Several factors, such as climate change, emissions reduction, growth of renewable energy resources, volatile oil prices, reducing battery costs, and governmental policies [5,6,7], have contributed to this shift among vehicle manufacturers. The conclusions made in this paper can be useful for identifying new research opportunities that will have a business impact due to the EV revolution
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