Study of Factors Influencing Consumers to adopt EVs (Electric Vehicles)

Statista market forecast has shown that revenue in the Electric Vehicles is projected to reach US$457.60bn 2023. Revenue expected show an annual growth rate (CAGR 2023-2027) of 17.02%, resulting a volume US$858.00bn by 2027. vehicles are gaining popularity and share. In Q2 2022, EV sales accounted for 5.6% total auto (up from 2.7% 2021). Clean energy improved performance driving people make switch electric. Government incentives continue buttress future all things Between today 2050, electric vehicle opportunity slated rise $53 trillion. Additionally, global electricity demand same year increase 27% even though KPMG reports December 2022 automotive executives less bullish than they were last about adoption vehicles. The survey found 76% concerned inflation high interest rates will adversely affect their business For U.S., median expectation was 35% new 2030 — down 65% earlier.The purpose this research study factors influencing consumer adopt Vehicles. These include seven independent variables: Mileage (ML), Battery (BA), Charge station (CS), Price (PR), Maintenance (MT), At-home charger (HC), policy (GP), Promotion (PM), Brand (BR) one dependent variable: Consumer Factor (CF). 387 sample collected using electronic questionnaire through social media. We used Structural Equation Models (SEM) data analysis. result shows since RMSEA, which absolute fit index assesses how far our hypothesized model perfect model, .04 (<.05) strongly indicates “close fit” Goodness Fit Index (GFI) value .913 (>.90), seems well according descriptive measures fit. More importantly, significantly defined as key success (EV) consumer’s perspective due p-values .05. That means if these significant taken good care having branded with quality battery at competitive price offering more charge stations available both public home, deeply supported government encourage over ASAP, become much successful widely adopted standpoint faster what been happening so far.