The Global Economic Transformation Before and After the Advent of Electric Vehicles: A Review and Future Perspective

Abstract

Economically, ecologically, and in terms of technology the automobile industry is changing as a result of the global switch from internal combustion engine (ICE) to electric vehicle (EV) vehicles. This article looks at how the EV landscape changed before and after significant industrial transformations, with an emphasis on employment consequences, policy frameworks, raw material dependencies, and supply chain disruptions. Through an analysis of data from academic literature, policy reports, and international energy organizations, the study identifies important patterns like the rise in EV adoption, the strategic significance of vital minerals, and the reorganization of global manufacturing hubs. Additionally, the difficulties in developing batteries, the ecological effects of widespread EV use, and the socioeconomic ramifications for autoworkers are all examined. A balanced and inclusive transformation that synchronizes technology innovation with sustainable practices and fair labor tactics is vital, according to the research. This report gives stakeholders, manufacturers, and politicians important information about how to handle the challenges posed by the EV revolution for autoworkers.