Understanding and Enhancing Electric Vehicle Adoption in India: A Practice-Oriented Approach

Abstract

This study examines the factors affecting electric vehicle (EV) adoption among Indian consumers, focusing on purchase price, annual savings, and consumer heterogeneity considering age and marital status. Using an ordered probit model on data from over 700 respondents, the result shows that willingness to buy EVs increases with decrease in purchase prices and increase in annual savings. The result also highlights that risk-averse individuals are less likely to adopt EVs, while younger and married consumers are more inclined. These insights can be valuable for policymakers and marketers promoting sustainable transportation.