An Empirical Study of the Factors Influencing the Adoption of Electric Vehicles

Abstract

The adoption of electric vehicles (EVs) has become increasingly important in recent years due to concerns about climate change and the need to reduce greenhouse gas emissions. The widespread adoption of EVs is critical to achieving global climate goals and reducing air pollution. Therefore, there is a need for empirical research to understand the factors that affect the adoption of EVs. The purpose of this study was to empirically investigate the factors affecting the adoption of EVs. The study used a sample of 425 individuals, and multiple regression analysis was conducted to analyze the data. The independent variables in the study were Economic Factors, Technological Factors, Social Factors, and Regulatory Factors. All the variables were found to be significant in explaining the adoption of EVs. The results of the study show that Economic Factors were the most important factor affecting the adoption of EVs, followed by Technological Factors, Social Factors, and Regulatory Factors. The findings suggest that cost and financial incentives play a significant role in the decision to adopt EVs. Technological factors, such as the availability and performance of charging infrastructure and battery technology, also influence the adoption of EVs. Additionally, social factors, such as social norms and attitudes towards EVs, and regulatory factors, such as government policies and regulations, also affect the adoption of EVs. The study's findings have important implications for policymakers, industry leaders, and other stakeholders in the transportation sector. The results suggest that policies aimed at reducing the cost of EVs and providing financial incentives can encourage greater adoption of EVs. Additionally, efforts to improve charging infrastructure and battery technology can increase the attractiveness of EVs. Social and regulatory factors should also be considered in efforts to promote the adoption of EVs.