Electrifying the future: Understanding the consumer trends of adoption of electric vehicles in developing nations

Abstract

The topic of electric vehicles is currently generating significant interest worldwide. They are beneficial for the environment as they save up fuel, reduce pollution and carbon footprint too, but their market consumption is at the nascent level. The demand for these electric vehicles in developing countries is currently very slow and not that steady. The importance of Electric Vehicles (EVs) in the upcoming future is high and so it is crucial to figure out why these EVs are not being sold as much as we expect them in the market today. This paper tries to find out the multiple reasons why these vehicles are not in high demand, and why their counterparts, gasoline-fuelled vehicles are more in demand in the market. This paper discusses, after reviewing multiple other papers, why the consumption of EVs is low. Why their market demand is not where it should be and also multiple other facets. Finally, the paper finds that reasons like higher costs and low government incentives among multiple others are some factors leading to a low market demand for EVs. Also, the paper discusses the future scope of these EVs and how we can increase their consumption in the market.

Keywords

• Electric vehicle
• Consumer trend
• Parameter