Title: Auto Industry: Statistics, Trends, Economic Impact
Headings: The Economic Impact of the Automotive Industry
U.S. & World Economies US Economy
The Economic Impact of the Automotive Industry
Electric Vehicles
2008 Auto Industry Bailout
NAFTA's Impact on the Auto Industry
Article Sources

Content: According to Allied Market Research, the global electric vehicle market was worth $162 billion in 2019. 7 It is projected to reach $802 billion by 2027. This is due to their efficiency and environmental advantages over gasoline. Electric vehicles emit 54% fewer CO2 emissions than the average new gas-powered vehicle. There are 1.6 million EVs on the road today. By 2030, there will be 18.7 million. 8 The biggest obstacles to the EV market today are the high cost of manufacturing, charging times, and battery life. People are also concerned that there aren't enough charging stations and the range is too limited. But, those obstacles will likely decline as automakers reach economies of scale . The biggest obstacles to the EV market is the high cost of manufacturing, charging time, and battery life.