Millennials Perception Towards Electric Vehicles in India
Chandana R Y 1
Research Scholar, Institute of Management Studies,
Davanagere University, Shivagangothri, Davanagere
Dr J K Raju 2
Senior Professor, Institute of Management Studies,
Davanagere University, Shivagangothri, Davanagere
ABSTRACT
As India being one of the world's largest automobile markets, the demand for electric vehicles (EV) is growing rapidly than ever before. This growth is driven by advancements in technology, changing in consumer preferences and priorities, central and state government initiatives, environmental awareness etc. Central government’s New Electric Vehicle Policy is an initiative to position our country as a prominent manufacturing location for electric vehicles. It includes cutting the customs duty rate up to 15% and promoting local manufacturing which aligns with our government’s Make in India campaign. As the result, the shift from conventional vehicles to EV is gaining momentum. Despite of all the benefits, there are multiple challenges for the EV market in India. It includes limited availability of charging infrastructure, especially in rural areas, which makes it increasingly difficult for relying on EV for longer distance journeys. EV vehicles also demand extra time for charging, making it as an additional routine task for its users. Whereas conventional vehicles can be filled with fuel tank in very minimal time. In addition to that, EV are more expensive than that of conventional vehicles because of higher production cost for battery technology. Transitioning from conventional vehicles to EV will help our nation in several aspects which includes reduction in carbon dioxide emission, minimising the air pollution, reducing the dependency on oil imports etc.
Millennials, also known as Generation Y, constituting to 34% of India’s population, holds a key part in consumer market of our country. They possess optimistic approach towards the adaption of new technologies including electric vehicles, and hence analysing these young consumers perception towards EV is essential for India’s future automotive industry. This study focuses on various factors such as charging infrastructure, after sales service, maintenance cost, pricing range, running capacity on single charge etc which will influence millennials perception towards electric vehicles.
