Electric Vehicles Unplugged: An In-Depth Examination of Pricing and Specifications across Key Global Markets

Abstract

Introduction

Climate change poses an urgent threat to ecosystems and our society, which is driven largely by greenhouse gas emissions from the transportation sector. In this context, electric vehicles (EVs) are presented as a cleaner alternative to conventional vehicles (CVs), aligning with the United Nations' Sustainable Development Goals (SDGs), specifically SDG 7 (Affordable and Clean Energy), SDG 11 (Sustainable Cities and Communities) and SDG 13 (Climate Action), which aim to promote sustainable energy use and reduce greenhouse gas emissions for sustainable communites. With more stakeholders making the business case for EVs, it will be highly beneficial for consumers, industry, and policymakers to comprehend the markets around significant global regions.

Objective

The present study provides a thorough overview of the electric vehicle market by constructing and benchmarking prices, specifications, and technological adopters of electric vehicles across the United States, Germany, the Netherlands, and the United Kingdom. The study examines factors affecting electric vehicle prices (EVs), especially in the context of EV penetration enhancement, while compliant with SDGs 7, 11 and 13.

Methodology

The research used secondary data which was collected from electric vehicle databases and Kaggle with research scope encompassing 353 electric vehicle models and 17 parameters. To determine the related factors, correlation analysis was performed, and further multiple regression analysis was also used to examine the association between EV specifications and regional prices. The regression models were further validated using various techniques of machine learning.

Results

Pricing has been observed to be influenced by major regional differences. In Germany and the Netherlands, the price per kilometer of range emerged as a major factor, while in the UK and the US, other factors such as battery parameters and interdependencies between different regional prices played a key role. The importance of fast charging capability was a significant predictor in the regions of Germany and the UK that suggested the influence of infrastructure development on market dynamics. The explanatory power of the models for regional EV prices ranged from 86.79% to 98.96%.

Conclusion

It is clear from the study that various factors including region-specific infrastructure and consumer preferences play a big role in the evolution of the EV market. Leaders should concentrate on expanding the necessary charging facilities and proposing effective measures to promote EV acceptance. Further studies should focus on the aspect of ‘what happens after’, studying the sustainability elements of consumer behavior in new markets and the total cost of ownership. This paper provides important guidance for the global development of e-mobility and encourages the shift to more environmentally advanced transport.