Factors Influencing Purchasing Behaviour of Consumers towards E-Vehicles
Authors:Saubhagya Bhowmick, Saptarshi Ray, Kaustave Roy, Yogesh Patil
Abstract-The objective of this study project is to examine the factors that influence consumers’ decisions to buy electric vehicles (EVs). The need to transition to sustainable energy sources and lower greenhouse gas emissions has increased interest in electric vehicles (EVs). However, a number of issues, including expensive initial expenses, a short driving range, and a lack luster infrastructure for charging EVs, have contributed to the delayed consumer acceptance of EVs. As such, it is vital to ascertain the pivotal elements that impact consumer inclination towards electric vehicle purchases. To better understand and predict consumers’ intention to buy electric vehicles, the study aims to operationalize and assess the extended Technological Acceptance Model (TAM) with perceived risk and financial incentives policy based on the integrative approach of “Beliefs-attitude-intention” (EVs). Using structural equation modelling (SEM), it is possible to determine how adoption intention for EVs is influenced both directly and indirectly by the predictor variables attitude, perceived utility, perceived ease of use, and perceived danger, with the policy of financial incentives acting as a moderator. The study also reveals that consumer education, awareness, and understanding are critical determinants of EV adoption. The main factors influencing consumers’ purchases of electric vehicles not only apply to the design and development of vehicles that better satisfy consumer demands, but they also provide a theoretical framework for the popularization of electric vehicles and act as a guide for consumers’ purchasing decisions. Expanding the public awareness of electric vehicles and offering more attractive battery and charging plans are two strategies that the government and relevant manufacturers should consider in order to attract consumers and support the auto industry’s sustainable growth. Globalization and technology have brought about significant advances in human civilization, but they have also had a negative impact on the planet’s biological ecology. As a result, many are thinking deeply about sustainable development and the environment. Vehicles powered by new energy are one way to address environmental problems.