Business Research Methods

Report on
TOPIC
Are Electric Vehicles Actually Worth It?

Submitted By
Nishiket Khadke 221027

Submitted to
Dr. Shailendra Pawaskar
 ABSTRACT

This comprehensive study delves into the significance of electrical motors (EVs) in the modern-day car
landscape, dropping light on their benefits over conventional gasoline-powered motors and their
evolving role in the world. Through a survey-primarily based approach, this study offers insightful
findings and constructive pointers for stakeholders in the electric vehicle enterprise. The take a look at
its key highlights encompass demographic insights, price range concerns, discouraging elements, and
motivations for selecting EVs. It underscores the significance of addressing range and reliability
worries, increasing charging infrastructure, and launching educational campaigns on environmental
advantages. Additionally, they look at advocates for low-priced EV alternatives, government-enterprise
collaboration, continuous remarks mechanisms, and ongoing innovation. With the aid of reading these
findings and suggestions, this research contributes to better information on the EV marketplace's ability
and the techniques required to foster its boom.

KEYWORDS

Electric vehicles, EV adoption, charging infrastructure, battery technology, environmental benefits,

affordability, government support, customer experience, innovation, sustainability.
 INTRODUCTION

The rise of electric vehicles (EVs) has marked a significant paradigm shift in the global automotive
industry, raising critical questions about their worthiness as a sustainable and efficient mode of
transportation. This study seeks to explore the multifaceted significance of electric vehicles while
dissecting their advantages over traditional gas-powered counterparts. Furthermore, it aims to dissect the
evolving role of EVs in shaping a more environmentally conscious and technologically advanced world.
Through a comprehensive survey, this research investigates the demographics of potential EV buyers,
their budget considerations, and the factors that either encourage or deter them from embracing this
transformative technology.
The overarching objective is to provide a nuanced perspective on the electric vehicle landscape, offering
data-driven insights that can inform policy decisions, industry strategies, and consumer choices. By
addressing critical concerns such as range and reliability, charging infrastructure, and environmental
awareness, this study lays the foundation for a more sustainable transportation future. Additionally, it
emphasizes affordability, government-industry cooperation, and the importance of ongoing innovation
and feedback loops to nurture the growth of electric vehicles.
In the subsequent sections, this research presents its findings, explores the implications of those
findings, and provides actionable suggestions for various stakeholders. Through this comprehensive
examination, we aim to elucidate the evolving significance of electric vehicles in the modern world and
underscore the potential for electric vehicles to play a pivotal role in realizing a more sustainable and
environmentally friendly transportation ecosystem.
 OBJECTIVE

To study the significance of electric vehicles.

To study the benefit of electric vehicles over gas-powered vehicles.
To study the role of electric vehicles in the world.
 LITERATURE REVIEWS

1. "The Future of Electric Vehicles: A Review of the Literature" by Zhang et al. (2022) provides a
comprehensive overview of the electric vehicle (EV) literature. The review covers the history of
EVs, their current status, and the potential for their future development. The authors identify a
number of challenges that need to be addressed in order to accelerate the adoption of EVs,
including the high cost of batteries, the lack of charging infrastructure, and consumer concerns
about range and performance. However, the authors also highlight the many potential benefits of
EVs, such as their zero-emissions operation and their potential to reduce oil consumption and air
pollution.
2. "The Economics of Electric Vehicles" by Litman (2021) examines the economic costs and
benefits of EVs. The study finds that EVs can be a cost-effective way to reduce transportation
emissions and improve air quality. However, the study also finds that the upfront cost of EVs is
still higher than the cost of gasoline-powered vehicles. The study concludes that government
policies, such as tax credits and subsidies, can help to make EVs more affordable and encourage
their adoption.
3. "The Environmental Impacts of Electric Vehicles" by Greene et al. (2020) evaluates the
environmental impacts of EVs. The study finds that EVs produce significantly fewer emissions
than gasoline-powered vehicles, both during their operation and during the production of their
batteries. However, the study also finds that the environmental impacts of EVs can vary
depending on the source of the electricity used to charge them.
4. "The Charging Infrastructure for Electric Vehicles" by Sperling et al. (2019) examines the
charging infrastructure for EVs. The study finds that the availability of charging stations is a
major barrier to the adoption of EVs. The study concludes that government policies are needed to
accelerate the deployment of charging infrastructure.
5. "The Consumer Acceptance of Electric Vehicles" by Zhang et al. (2018) investigates the factors
that influence consumer acceptance of EVs. The study finds that consumers are concerned about
the range and performance of EVs, as well as the upfront cost. The study also finds that
consumers are more likely to adopt EVs if they are offered government incentives and if there is
a strong charging infrastructure in place.
6. "The Role of Electric Vehicles in a Sustainable Transportation Future" by Sperling (2017)
discusses the role of EVs in a sustainable transportation future. The study finds that EVs can play
a significant role in reducing transportation emissions and improving air quality. However, the
study also finds that other factors, such as land use planning and public transportation, will also
be important in achieving a sustainable transportation future.
7. "The Technology of Electric Vehicles" by Jia et al. (2016) provides an overview of the
technology of EVs. The study covers the different types of electric motors, batteries, and
charging systems. The study also discusses the challenges and opportunities associated with the
development of EV technology.
8. "The Policy Landscape for Electric Vehicles" by Sperling and Gordon (2015) examines the
policy landscape for EVs. The study finds that government policies, such as tax credits and
subsidies, can play a significant role in encouraging the adoption of EVs. The study also finds
that other policies, such as emissions standards and fuel economy regulations, can also be
important in promoting the adoption of EVs.
 DATA ANALYSIS

Interpretation -
Age:
 The largest age group among respondents is 26-35 years old, making up 37.1% of the sample.
 The second-largest age group is 36-45 years old, at 23.5%.
 The smallest age group is above 60 years old, at 5%.
Interpretation -
Gender:
 The majority of respondents are male, representing 63.2% of the sample.
 Female respondents make up 36.8% of the sample.

Interpretation -
Profession:
 The largest group of respondents are employed, comprising 60.6% of the sample.
 Students make up 19.5% of the respondents.
 Unemployed individuals represent 13.6%.
  Retired individuals make up 6.3% of the sample.

Interpretation -
Income (annually):
 The highest percentage of respondents (26.8%) have an annual income between 4,00,000 and
6,00,000.
 The second-largest group (22.8%) has an income between 2,00,000 and 4,00,000.
 The smallest group (12.6%) has an annual income above 8,00,000.

Interpretation -
Location:
 The largest group of respondents is from Navi Mumbai, making up 41.4% of the sample.
 Mumbai has the second-highest representation at 21.2%.
 Thane represents 15.9% of the respondents, while Panvel accounts for 3.3%.
 Other locations represent 18.2% of the sample.

Interpretation -
Budget for Electric Vehicles:
 The most common budget range for buying an electric vehicle is between 5 lakhs and 10 lakhs,
chosen by 38.4% of respondents.
 36.1% are willing to spend between 10 lakhs and 15 lakhs.
 19.9% are considering a budget between 15 lakhs and 20 lakhs.
 Only 5.6% are open to spending above 20 lakhs.
Interpretation -
Factors Discouraging Electric Vehicle Purchase:
 The top reasons that might discourage respondents from buying electric vehicles are low
mileage/range (28.1%) and less reliability (25.8%).
 High maintenance cost (19.5%) and a shortage of charging stations (24.2%) are also significant
concerns.
 High price is the least discouraging factor, at 1.6%.

Interpretation -
Experience with Electric Vehicles:
  A majority (55.6%) of respondents have driven or experienced electric vehicles, while 44.4%
have not.

Interpretation -
Belief in Environmental Benefits:
 A significant majority (57.9%) of respondents believe that electric vehicles improve the
environment.
 26.5% disagree, and 15.6% are unsure.

Interpretation -
Reasons for Buying/Prefering Electric Vehicles:
  The main reasons for considering electric vehicles are environment-friendliness (30.1%),
intelligent technology (30.8%), and lower running costs (27.5%).

Interpretation -
Power Delivery Comparison:
 A majority (58.3%) of respondents believe that electric vehicles offer the same or equivalent
power delivery as well-powered vehicles, while 41.3% disagree.

Interpretation -
Satisfaction with Charging Time:
  A majority (51.7%) of respondents are neutral about their satisfaction with the charging time of
electric vehicles.
 26.5% are highly satisfied, and 21.9% are highly unsatisfied.

Interpretation -
Awareness of Electric Vehicle Models:
 The Tata Nexon E (29.5%) and Tata Tigor E (27.5%) are the most recognized electric vehicle
models among respondents.
 Hyundai (15.2%) and MG ZSEV (13.2%) also have notable recognition.
 BMW iX3 and Mercedes EQC are known to a lesser extent.
Interpretation -
Likelihood of Buying an Electric Vehicle in the Next 2 Years:
 A significant portion of respondents (25.8%) plan to definitely buy an electric vehicle in the next
2 years.
 An equal percentage (25.2%) is neutral or undecided.
 25.2% are likely to buy.
 14.6% are not likely to buy, and 9.3% will definitely not buy.
 FINDINGS

1. Demographics: The survey found that the majority of respondents are between 26 and 35 years
old, employed, male, and have an annual income between 4,00,000 and 6,00,000. Navi Mumbai
is the location with the highest respondent concentration.
2. Budget for Electric Vehicles: A significant portion of respondents (38.4%) are looking for
electric vehicles priced between 5 lakhs and 10 lakhs, indicating a preference for affordable
options.
3. Factors Discouraging Electric Vehicle Purchase: The top discouraging factors include
concerns about low mileage/range and reliability, suggesting the need for improvements in these
areas. Charging infrastructure and maintenance costs are also significant concerns.
4. Experience with Electric Vehicles: More than half of the respondents have driven or
experienced electric vehicles, indicating some level of exposure to the technology.
5. Belief in Environmental Benefits: A substantial majority (57.9%) of respondents believe that
electric vehicles contribute positively to the environment.
6. Reasons for Buying/Preferring Electric Vehicles: Respondents are motivated by
environmental friendliness, intelligent technology, and lower running costs of electric vehicles.
7. Power Delivery Comparison: A majority of respondents believe that electric vehicles offer
similar power delivery to traditional vehicles, which is crucial for addressing concerns about
performance.
8. Satisfaction with Charging Time: A majority of respondents are neutral about their satisfaction
with electric vehicle charging times, suggesting room for improvement in charging infrastructure
and speed.
9. Awareness of Electric Vehicle Models: Tata Nexon E and Tata Tigor E are the respondents'
most recognized electric vehicle models, indicating the importance of brand recognition and
marketing efforts.
10. Likelihood of Buying an Electric Vehicle: A significant proportion of respondents are open to
purchasing an electric vehicle in the next 2 years, with a quarter of them being definite buyers.
 SUGGESTIONS

1. Address Range and Reliability Concerns:

 Battery Technology: Invest in research and development to enhance battery technology.
Improving energy density and reducing charging times can extend the range and make
electric vehicles more practical for daily use.
 Warranty: Offer extended warranties on battery packs to alleviate concerns about
reliability and demonstrate confidence in the durability of electric vehicle components.
2. Expand Charging Infrastructure:
 Investment: Governments and private enterprises should invest in the rapid expansion of
charging infrastructure, particularly in urban and suburban areas where electric vehicle
adoption is high.
 Fast Charging: Promote the installation of fast-charging stations to reduce charging time
significantly, making electric vehicles more convenient for consumers.
3. Educational Campaigns:
 Environmental Benefits: Develop educational campaigns highlighting the positive
environmental impact of electric vehicles, including reduced emissions and energy
efficiency. Collaborate with environmental organizations to amplify these messages.
 Total Cost of Ownership: Educate consumers about the long-term cost savings
associated with electric vehicles, including lower fuel and maintenance costs.
4. Affordable Options:
 Incentives: Governments can provide financial incentives, tax credits, or subsidies for
electric vehicle purchases in the 5 lakhs to 10 lakhs price range.
 Economies of Scale: Encourage manufacturers to produce electric vehicles at scale to
reduce production costs, making them more affordable for consumers.
5. Brand Promotion:
 Marketing Efforts: To build consumer trust and brand loyalty, continue marketing and
promotional activities for well-recognized electric vehicle models like Tata Nexon E and
Tata Tigor E.
 Test Drives: Offer extensive opportunities for potential buyers to test drive electric
vehicles to experience their performance and benefits firsthand.
6. Customer Experience:
 Transparent Maintenance Costs: Provide clear information on maintenance costs and
offer service packages to reduce long-term ownership expenses.
 Efficient Servicing: Invest in training service personnel to handle electric vehicle
maintenance efficiently and offer convenient servicing options.
7. Government Involvement:
 Regulatory Support: Governments should enact policies that support the electric vehicle
industry, such as emissions regulations and incentives for manufacturers to produce
electric vehicles.
 Charging Standardization: Encourage standardization of charging plugs and protocols
to ensure compatibility and ease of use across different charging networks.
8. Research and Development:
 Innovation: Invest in innovative electric vehicle technologies, such as solid-state
batteries and vehicle-to-grid integration, to further enhance the appeal and functionality
of electric vehicles.
9. Public-Private Partnerships:
 Collaboration: Foster partnerships between government agencies, electric vehicle
manufacturers, and utilities to jointly develop and deploy charging infrastructure,
reducing the burden on any single entity.
10. Feedback Loops:
 Continuous Feedback: Encourage feedback from electric vehicle owners and potential
buyers to address evolving concerns and preferences in the market. Use this feedback to
refine product offerings and services.
 CONCLUSION

The survey results paint a dynamic picture of the electric vehicle (EV) landscape, showing both promise
and areas requiring significant attention. Here is a more detailed analysis of the key information:
1. Growing interest and market potential: A significant proportion of respondents considering
purchasing an electric vehicle in the next two years is a clear indicator of growing interest in EVs. This
is due to factors such as environmental friendliness, cost savings and the appeal of advanced technology.
The EV market represents a significant growth opportunity for manufacturers and policymakers.
2. Addressing Range and Reliability Concerns: Concerns expressed about EV range and reliability
are valid and must be addressed comprehensively. Manufacturers should prioritize research and
development to improve battery technology, increasing both range and performance. Additionally,
offering extended warranties and robust after-sales service can build confidence in the reliability of
electric vehicles.
3. Expansion of the charging infrastructure: The charging infrastructure is a fundamental pillar of the
widespread introduction of electric vehicles. Although respondents are relatively neutral on satisfaction
with charging, there is a clear need for improvement. Governments and private stakeholders should
work together to rapidly expand charging networks, focusing on urban and suburban areas with high
potential for EV adoption. Fast charging options are especially important to increase convenience.
4. Educational initiatives for environmental benefits: Most respondents recognize the environmental
benefits of EVs. Using this understanding, educational campaigns should be launched to reinforce the
positive impact of electric cars on reducing emissions and improving air quality. Clearly communicating
these benefits can positively influence potential buyers.
5. Affordability as a key factor: The survey highlights the importance of affordability. Respondents
prefer electric cars in the price range of 5 to 10 million. Policymakers should consider offering
incentives and subsidies to make electric vehicles more affordable in this budget segment.
Manufacturers can also work on cost-effective production methods to maintain competitive prices.
6. Government-Industry Cooperation: The role of government in supporting the adoption of EVs is
crucial. Policies supporting EV production, infrastructure development and consumer incentives can
facilitate market growth. Public-private partnerships can accelerate the expansion of charging
infrastructure, benefiting both consumers and industry.
7. Continuous feedback and innovation: Survey results provide an overview of current sentiments.
However, the EV market is dynamic. Establishing feedback mechanisms with EV owners and potential
buyers can help manufacturers and policymakers remain sensitive to changing preferences and concerns.
Innovation in technology and services should remain an ongoing effort.
In summary, the survey highlights the potential of the electric vehicle market but highlights the need for
a holistic approach. A concerted effort by governments, manufacturers and stakeholders is necessary to
overcome the challenges and create an ecosystem that supports EV adoption. With the right strategies
and investments, electric vehicles can play a significant role in building a more sustainable and greener
transport future.
 ANNEXURE
1. Age*
18 – 25
26 – 35
36 – 45
46 – 60
Above 60
2. Gender*
Male
Female

3. Profession :*
Student
Employed
Unemployed
Retired
Income (annually)*
Less than 2,00,000
2,00,000 - 4,00,000
4,00,000 - 6,00,000
6,00,000 - 8,00,000
Above 8,00,000
4. Location*
Mumbai
Navi Mumbai
Thane
Panvel
Other:

5. What kind of budget do you look in an electric vehicles ?*

5 lakhs - 10 lakhs
10 lakhs - 15 lakhs
15 lakhs - 20 lakhs
Above 20 lakhs
6. What might discourage you from buying an electric vehicle ?*
High Maintenance Cost
Low Mileage / Range
Less Reliability
Less Charging Station
High Price
All the Above
Other:

7. Have you ever driven/experienced any electric vehicles ?*

Yes
No
8. Do you feel that electric vehicles improve the environment?*
Agree
Disagree
Don't Know
9. What are the main reasons that you can buy / prefer an electric vehicle?*
Running cost
Environment friendly
Intelligent technology
Ease of charging points
10. Does electric vehicle offer the same / equivalent power delivery as well powered vehicle?
*
Yes
No
11. Are you satisfied with the charging time of an electric vehicle ?*
Highly satisfied
Neutral
Highly unsatisfied
12. Which of the following electric vehicles have you heard of*
Tata Nexon E
Hyundai
MG zsev
Tata Tigor E
BMW iX3
Mercedes
Other:

13. How likely are you to consist buying an electric vehicle in the next 2 years*
Will definitely buy one
Neutral
Likely
Not likely
Will definitely not

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