Measuring the sustainability of electric vehicles in Cyprus using PESTEL analysis

Abstract

The high living standards and rapid urbanization have changed local infrastructure and transportation. Electric cars are introduced dynamically in the global and particularly the Cypriot market as they have lower carbon dioxide emissions during movement compared to combustion engines cars. However, a variety of obstacles to the development and acceptance of electric vehicles have emerged. To identify and overcome these obstacles, this paper applies the Political, Economic, Social, Technological, Environmental and Legal (PESTEL) framework to analyse the macro-environment of the electric vehicle industry in Cyprus. The PESTEL factors in the electric car sector were assessed according to the local and European legislation and policies, the difficulties and concerns of the public and the environmental issues in an island where the main source of electricity is the burn of fossil fuels. Finally, a seven year analysis of the fuels prices has also assisted in the identification of the drawbacks and possibilities of this emerging market.