The automotive industry is marching towards cleaner energy in the impending future. The government to a large degree in the global market promotes the need for cleaner energy in order to reduce pollution. Automobiles contribute to an upper scale regarding the level of pollution in the environment. For cleaner energy in automobiles, the industry needs to be revolutionized in all needed ways to a massive extent. The industry has to move from the traditional internal combustion engine, for which the main sources of energy are nonrenewable sources, to alternative methods and sources of energy. The automotive industry is now focusing on electric vehicles, and more research is being highlighted by manufacturers to find solutions for the problems faced in the field of electrification. Therefore, to accomplish full electrification, there is a long way to go, and this requires a change in the existing infrastructure in addition to many innovations in the fields of infrastructure and grid connect connectivity a the economic impacts of electric vehicles in society. In this work, an analysis of the electric vehicle market with the economic impacts of electric vehicles is studied. We have a comparison of different parameters of the electrical vehicle and IC engine-based vehicles. This theme of the transformation of the automotive industry.