"Does Electric Vehicles Can Reinstate The Conventional One? A Study on Consumerperception Over Electric Vehicle (Four Wheeler) In India"

Abstract

Electric Vehicles are now gaining popularity in all developed countries along with developing countries. India, as a developing country is not an exceptional one. According to the report of India Brand Equity Foundation, the Global Sales of EV has increased by 108% in 2022. Again, as per the Report by Indian Private Equity and Venture Capital Association (IVCA) the manufacturing of Electric Vehicles in India will be crossing 90 lakhs of units per year by 2027.  The main objective of this study is to find out that whether EVcan be an alternative of Conventional Vehicles. The research has been conducted within Bengaluru city and the conclusions has been drawn purely based on Primary data. The data is being collected with 15 questions framed in questionnaires and have considered 820 respondents for the study. The researcher has framed two hypothesizes to find out the brand preference and the effect of income on choice of EVin India. To test the hypothesizes Chi-Square test has been applied at 95% significance level. The research resulted that the choice of Electric Vehicles depends on the income levels of the customers. 50% of the respondents are willing to change their vehicles to Electric Vehicles in near future. Moreover, 50% of the total respondents are preferring Tata Motors as a Brand for their EV According to the study, 69% respondents agreed that Electric Vehicles will reduce Global Warming. The study also found that though EVis gaining popularity because of less maintenance cost but to replace the conventional vehicles in future by E V will be challenging.