A STUDY OF STRATEGIES USED BY ELECTRIC AUTO MOBILE COMPANIES PENETRATE
INTO CONSUMER MARKET
A project submitted to
University of Mumbai for Partial Completion of the Degree
of Bachelor of Management Studies
under the Faculty of Commerce
By
Salique Patel
(TYBMS - SEMESTER VI)
Under the guidance of
Shaikh Sanaullah
Vidya Vikas College of Art, Science, Commerce, BMM, BMS
Chincholi Bunder Road, Malad (W), Mumbai – 400064
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Vidya Vikas College of Art, Science, Commerce, B.M.M., B.M.S
Chincholi Bunder Road, Malad (W), Mumbai – 400064
CERTIFICATE
This is to certify that MR. SALIQUE PATEL has worked and duly completed his
Project Work for the degree of Bachelor Management Studies under the faculty of
commerce in the subject of Finance and his Project entitled.
“A STUDY OF STRATEGIES USED BY ELECTRIC AUTO MOBILE
COMPANIES TO PENETRATE INTO CONSUMER MARKET”
under my supervision.
I further certify that the entire work has been done by the Learner under my guidance
and that no part of it submitted previously for any degree/diploma of any university.
It his own work and facts reported by his personal finding and investigations.
Course Coordinator
Principal
(Mr. Bhavesh Kapuria)
(Mr. Santosh Yadav)
Internal Examiner
External Examiner
Date of Submission: -
Seal of the College
2
DECLARATION
I the undersigned Mr. Salique Patel here by Declare that the work embodied in this project
work title “A STUDY OF STRATEGIES USED BY ELECTRIC AUTO MOBILE COMPANIES
PENETRATE INTO CONSUMER MARKET
forms my own contribution to the research work carried out under the guidance of
Sanaullah Shaikh is a result of my own research work and had not been previously
submitted to any degree/diploma to this or any other University.
Wherever reference have been made to precious works of others, it has been clearly
indicated as such and included in bibliography.
I, hereby further declare that all information of this document has been obtained and
presented in accordance with academic rule and ethical conduct.
Certified By
Shaikh Sanaullah
Regards,
Salique Shafique patel
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ACKNOWLEDGEMENT
To list who all have helped me is difficult because they are so numerous and the depth
is so enormous.
I would like to acknowledge the following as being idealistic channel and fresh
dimensions in the completion of this project.
I take this opportunity to thank the University of Mumbai for giving me chance to do
this project.
I would like to thank my Principal, Mr. Santosh Yadav for providing the necessary
facilities required for completion of this project.
I take this opportunity to thank our Coordinator, Mr. Bhavesh Kapuria. For moral
support and guidance.
I would also like to express my sincere gratitude towards my
Project Guide,
Shaikh Sanaullah Whose guide and care made project successful.
I would like to thank our College Library, for having provided various reference
book and magazines related to my project.
Lastly, I would like to thank each and every person who directly or indirectly helped
me in completion of project especially my colleagues and friends who supported me
throughout my project.
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TABLE OF CONTENT
SR.NO.
TITLES
PAGE NO.
INTRODUCTION
1.1 INTRODUCTION TO THE ELECTRIC VEHICLE
INDUSTRY
1.
1.2 DEFINITION OF EV INDUSTRY
1.3 INTRODUCTION TO INDIAN EV SECTOR
1.4 LIMITATION FACED BY INDIAN ELECTRIC
1-4
AUTOMOBILE MAKERS
2.
REVIEW OF LITERATURE
5-10
3.
RESEARCH METHODOLOGY
3.1 OBJECTIVE OF STUDY
3.2 DATA COLLECTION METHOD
3.3 HYPOTHESIS
3.4 SAMPLING METHOD
11-14
4.
DATA ANALYSIS AND INTERPRETATION
15-39
5
FINDINGS
40-41
6
SUGGESTIONS
43-42
7
CONCLUSION
44-45
6.
BIBLIOGRAPHY
46-47
5
6
INTRODUCTION TO THE ELECTRIC VEHICLE INDUSTRY
The electric automobile industry has been rapidly growing worldwide, and India is no
exception. With increasing awareness about environmental concerns and rising fuel prices,
electric vehicles (EVs) have become an attractive alternative for Indian consumers. As a result,
many electric automobile companies have been striving to penetrate the Indian consumer
market.
This study aims to explore the various strategies adopted by electric automobile companies to
establish their presence in the Indian market. The study examines the market entry strategies
of electric automobile companies, including joint ventures, partnerships, and acquisitions, and
the marketing strategies employed to increase consumer awareness and promote sales. The
study also analyses’ the challenges faced by electric automobile companies in the Indian
market, such as inadequate charging infrastructure and high battery costs.
Through a comprehensive analysis of primary and secondary data, this study provides insights
into the key factors that contribute to the success of electric automobile companies in India.
The findings of this study can be useful for companies seeking to enter or expand their presence
in the Indian market, policymakers, and other stakeholders in the electric automobile industry.
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DEFINITION OF EV INDUSTRY
The electric vehicle (EV) industry refers to the sector of the automotive industry that is
involved in the design, development, production, and sales of vehicles that use electric motors
and batteries for propulsion instead of internal combustion engines. Electric vehicles can be
powered by a variety of energy sources, such as grid electricity, hydrogen fuel cells, or solar
power, and they offer numerous benefits over traditional gasoline-powered vehicles, including
reduced greenhouse gas emissions, lower operating costs, and increased energy efficiency. The
EV industry encompasses a wide range of vehicles, including passenger cars, buses, trucks,
and motorcycles, and is rapidly growing due to advancements in technology and increasing
demand for more sustainable transportation solutions.
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INTRODUCTION TO INDIAN EV SECTOR
The Indian electric vehicle (EV) sector is rapidly growing, driven by the need to reduce the country's
dependence on fossil fuels, address air pollution concerns, and promote sustainable transportation. The
Indian government has introduced various policies and initiatives, such as the National Electric Mobility
Mission Plan (NEMMP) and the Faster Adoption and Manufacturing of Electric Vehicles (FAME)
scheme, to support the growth of the Indian EV sector. The EV sector encompasses a variety of vehicles,
including two-wheelers, three-wheelers, passenger cars, and commercial vehicles.
The Indian EV sector has seen significant investments in research and development, manufacturing, and
charging infrastructure. Several domestic and international electric vehicle manufacturers have already
launched their products in the Indian market, and many others are planning to enter soon. Additionally,
several Indian startups are actively working towards developing innovative and sustainable electric
vehicles.
At one point of time Government also had introduced subsidies to boost the sale of EV and Increase the
reliance on the same
While the Indian EV sector is growing rapidly, it still faces several challenges, including high battery
costs, inadequate charging infrastructure, and limited consumer awareness. However, the Indian
government is working towards addressing these challenges by providing incentives and subsidies for EV
adoption and expanding the charging infrastructure across the country.
Overall, the Indian EV sector presents enormous potential for growth and development, and is expected
to play a significant role in shaping the future of the Indian automotive industry.
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LIMITATIONS FACED BY ELECTRIC AUTOMOBILE MAKER(S) IN INDIA
Electric vehicle (EV) companies in India face several challenges that hinder the growth and
adoption of EVs in the country. Some of the significant challenges are:
1.
High Initial Costs: One of the most significant challenges for EV companies is the
high initial cost of manufacturing and buying EVs, primarily due to high battery costs.
2.
Lack of Charging Infrastructure: The lack of adequate charging infrastructure in India
is a significant challenge for EV companies, as it makes it challenging for consumers to find
a charging station, which could discourage potential buyers from investing in EVs.
3.
Limited Range: EVs in India have limited range compared to their petrol or diesel
counterparts, which makes them unsuitable for long-distance travel.
4.
Lack of Consumer Awareness: Another significant challenge for EV companies is a
lack of consumer awareness and understanding about the benefits of EVs, which makes it
difficult for EVs to gain mainstream acceptance.
5.
Competition from Traditional Fuel Vehicles: In India, traditional fuel vehicles are still
dominant, and EVs face stiff competition from them in terms of pricing, performance, and
range.
The Indian government has taken several initiatives to address these challenges, such as
providing incentives and subsidies for EV adoption and expanding the charging infrastructure
across the country. However, EV companies must continue to innovate and develop
sustainable solutions to overcome these challenges and succeed in the Indian market.
4
REVIEW OF LITERATURE
Marketing Strategies for Electric Vehicles in India" by Abhinav Aggarwal and
Aparna Mahajan, published in International Journal of Management, Technology,
and Social Sciences (IJMTS), Volume 5, Issue 2, February 2020.
The article "Marketing Strategies for Electric Vehicles in India" by Abhinav Aggarwal and Aparna
Mahajan, published in the International Journal of Management, Technology, and Social Sciences
(IJMTS), discusses the challenges and opportunities associated with marketing electric vehicles (EVs)
in India, and proposes strategies that can help overcome these challenges.
The authors begin by providing an overview of the Indian EV market, highlighting the government's
efforts to promote EV adoption through various policy initiatives and incentives. They also discuss the
challenges faced by EV manufacturers in India, including high upfront costs, lack of charging
infrastructure, and consumer awareness and acceptance.
The article then proposes a set of marketing strategies that can help address these challenges and
increase EV adoption in India. These strategies include:
Targeted Marketing: The authors suggest that EV manufacturers should focus on specific customer
segments, such as urban commuters or fleet operators, and tailor their marketing messages accordingly.
They also recommend leveraging digital channels and social media to reach these customers effectively.
Branding and Positioning: The authors argue that EV manufacturers need to build strong brands and
position themselves as environmentally friendly and technologically advanced. They suggest that
manufacturers should highlight the low operational costs and long-term benefits of EV ownership to
differentiate themselves from traditional vehicles.
Partnership and Collaboration: The authors propose that EV manufacturers should collaborate with
other stakeholders, such as utilities and charging infrastructure providers, to build a comprehensive
ecosystem that supports EV adoption. They suggest that manufacturers should also partner with
government agencies to take advantage of policy incentives and subsidies.
Customer Education: The authors emphasize the importance of educating customers about the benefits
and features of EVs. They suggest that EV manufacturers should organize workshops and training
sessions to familiarize customers with the technology and address any misconceptions.
5
Overall, the article provides valuable insights into the challenges and opportunities associated with
marketing EVs in India, and proposes strategies that can help overcome these challenges.
6
"Marketing Strategies of Electric Vehicle Manufacturers in India" by Dinesh
Kumar and Manpreet Kaur, published in International Journal of Research and
Analytical Reviews (IJRAR), Volume 7, Issue 2, April-June 2020.
The article "Marketing Strategies of Electric Vehicle Manufacturers in India" by Dinesh Kumar and
Amanpreet Kaur, published in the International Journal of Research and Analytical Reviews (IJRAR),
explores the marketing strategies adopted by electric vehicle (EV) manufacturers in India.
The authors begin by providing an overview of the EV market in India, including the government's
initiatives to promote EV adoption and the challenges faced by manufacturers. They then analyze the
marketing strategies employed by leading EV manufacturers in India, including Mahindra & Mahindra,
Tata Motors, and Hyundai.
The article identifies several key marketing strategies adopted by these manufacturers, including:
Product Differentiation: The authors suggest that EV manufacturers in India have focused on product
differentiation to distinguish themselves from competitors. They cite examples such as Mahindra &
Mahindra's e-Verito, which is positioned as a sedan for corporate use, and Tata Motors' Tigor EV, which
is marketed as a personal mobility solution.
Digital Marketing: The authors note that EV manufacturers in India have embraced digital marketing,
using social media platforms and online advertisements to reach customers. They cite the example of
Tata Motors' "Plug-in to the Future" campaign, which used a digital-first approach to promote the
Nexon EV.
Partnerships and Collaborations: The authors argue that partnerships and collaborations are critical to
the success of EV manufacturers in India. They cite the example of Mahindra & Mahindra's partnership
with Uber to deploy EVs for ride-sharing in India.
Government Incentives: The authors note that EV manufacturers in India have leveraged government
incentives and subsidies to lower the cost of ownership for customers. They cite the example of
Hyundai's Kona Electric, which is eligible for a subsidy under the government's Faster Adoption and
Manufacturing of (Hybrid &) Electric Vehicles in India (FAME II) scheme.
The article concludes by highlighting the need for EV manufacturers in India to continue innovating
and adapting their marketing strategies to the evolving market dynamics. The authors suggest that
manufacturers should focus on building strong brand identities, leveraging emerging technologies such
as artificial intelligence and virtual reality, and collaborating with other stakeholders to build a
sustainable EV ecosystem.
7
"Marketing Strategies of Electric Vehicles in India" by Manpreet Kaur, published
in International Journal of Scientific Research and Reviews (IJSRR), Volume 9,
Issue 1, January 2020.
The author begins by providing an overview of the EV market in India, highlighting the government's
initiatives to promote EV adoption and the challenges faced by manufacturers. She then discusses the
marketing strategies adopted by EV manufacturers, including Mahindra & Mahindra, Tata Motors, and
Hyundai.
The article identifies several key marketing strategies adopted by these manufacturers, including:
Pricing Strategy: The author notes that pricing is a critical factor in EV adoption, given the high upfront
costs of EVs compared to traditional vehicles. She suggests that EV manufacturers in India have
adopted a pricing strategy that focuses on offering affordable EVs to customers. She cites the example
of Tata Motors' Tigor EV, which is priced lower than its competitors in the Indian market.
Branding and Positioning: The author emphasizes the importance of building strong brands and
positioning EVs as a sustainable and environmentally friendly alternative to traditional vehicles. She
notes that EV manufacturers in India have emphasized the low running costs and environmental benefits
of EVs in their marketing campaigns.
Government Incentives: The author notes that EV manufacturers in India have leveraged government
incentives and subsidies to make EVs more affordable for customers. She cites the example of Mahindra
& Mahindra's e-Verito, which is eligible for a subsidy under the government's Faster Adoption and
Manufacturing of (Hybrid &) Electric Vehicles in India (FAME II) scheme.
Partnership and Collaboration: The author suggests that partnerships and collaborations are critical to
the success of EV manufacturers in India. She cites the example of Hyundai's partnership with public
and private entities to develop charging infrastructure for its Kona Electric vehicle.
The article concludes by highlighting the need for EV manufacturers in India to continue innovating
and adapting their marketing strategies to the evolving market dynamics. The author suggests that
manufacturers should focus on building customer awareness and education about the benefits of EVs,
as well as partnering with other stakeholders to build a sustainable EV ecosystem in India.
8
"Marketing Strategies of Electric Vehicles: A Study on Indian Automobile Industry"
by Hemantkumar P. Bulsara, published in International Journal of Business and
Management Studies (IJBMS), Volume 10, Issue 2, June 2018.
The article "Marketing Strategies of Electric Vehicles: A Study on Indian Automobile Industry" by
Hemantkumar P. Bulsara, published in the International Journal of Business and Management Studies
(IJBMS), explores the marketing strategies adopted by electric vehicle (EV) manufacturers in the Indian
automobile industry.
The author begins by providing an overview of the EV market in India, including the government's
initiatives to promote EV adoption and the challenges faced by manufacturers. He then analyzes the
marketing strategies adopted by leading EV manufacturers in India, including Mahindra & Mahindra,
Tata Motors, and Hero Electric.
The article identifies several key marketing strategies adopted by these manufacturers, including:
Customer Education: The author notes that customer education is critical to the success of EV
manufacturers in India. He suggests that EV manufacturers should focus on educating customers about
the benefits of EVs, such as low running costs and environmental sustainability.
Digital Marketing: The author emphasizes the importance of digital marketing in reaching customers
and creating brand awareness. He suggests that EV manufacturers should leverage social media
platforms and online advertisements to promote their products.
Product Innovation: The author suggests that product innovation is essential to differentiate EVs from
traditional vehicles and to address the unique needs of Indian customers. He cites the example of
Mahindra & Mahindra's e2o, which was designed specifically for Indian roads and traffic conditions.
Government Incentives: The author notes that government incentives and subsidies are critical to
making EVs affordable for customers. He suggests that EV manufacturers should work closely with the
government to maximize the benefits of these incentives.
The article concludes by highlighting the need for EV manufacturers in India to continue innovating
and adapting their marketing strategies to the evolving market dynamics. The author suggests that
manufacturers should focus on building strong brand identities, leveraging emerging technologies, and
collaborating with other stakeholders to build a sustainable EV ecosystem in India.
9
"Marketing Strategies for Electric Vehicles in India: Challenges and Opportunities" by Rahul
Kumar Singh and Jai Prakash, published in International Journal of Science, Engineering
and Management Research (IJSEMR), Volume 5, Issue 5, May 2019.
The article "Marketing Strategies for Electric Vehicles in India: Challenges and Opportunities" by
Rahul Kumar Singh and Jai Prakash, published in the International Journal of Science, Engineering and
Management Research (IJSEMR), explores the challenges and opportunities in the marketing of electric
vehicles (EVs) in India.
The authors begin by providing an overview of the EV market in India, including the government's
initiatives to promote EV adoption and the challenges faced by manufacturers. They then analyze the
marketing strategies adopted by leading EV manufacturers in India, including Mahindra & Mahindra,
Tata Motors, and Nissan.
The article identifies several key challenges and opportunities in the marketing of EVs in India,
including:
High Initial Cost: The authors note that high initial costs are a major barrier to the adoption of EVs in
India. They suggest that EV manufacturers should focus on reducing the cost of batteries and other key
components to make EVs more affordable for customers.
Lack of Charging Infrastructure: The authors highlight the lack of charging infrastructure as a major
challenge in the marketing of EVs in India. They suggest that EV manufacturers should collaborate
with other stakeholders, such as government agencies and private companies, to develop a robust
charging infrastructure network.
Brand Identity: The authors emphasize the importance of brand identity in the marketing of EVs in
India. They suggest that EV manufacturers should focus on building strong brand identities that
emphasize the environmental sustainability and cost-effectiveness of EVs.
Digital Marketing: The authors suggest that EV manufacturers should leverage digital marketing
channels, such as social media and online advertisements, to reach a wider audience and create brand
awareness.
The article concludes by highlighting the need for EV manufacturers in India to continue innovating
and adapting their marketing strategies to the evolving market dynamics. The authors suggest that
manufacturers should focus on building customer awareness and education about the benefits of EVs,
as well as collaborating with other stakeholders to build a sustainable EV ecosystem in India
10
RESEARCH METHODOLOGY
OBJECTIVE
The rise of electric vehicles is gaining momentum worldwide, with an increasing number of electric
car manufacturers and models being introduced to the market. In India, with the growing concerns
about pollution and environmental sustainability, electric cars are being promoted as a cleaner and
greener alternative to traditional gasoline-powered vehicles. However, despite the increasing
availability of electric cars with Indian presence, the adoption rate of electric cars remains low, and
there is limited research exploring consumer knowledge, attitudes, and behaviors towards electric
cars.
Therefore, this research aims to address this gap in the literature by exploring the factors that
influence individuals to consider electric cars, their perception of electric cars, their knowledge about
electric cars, and their willingness to purchase electric cars. By investigating these factors, this
research will help electric car manufacturers to better understand the needs and preferences of
consumers and tailor their marketing and advertising strategies accordingly to increase the adoption of
electric cars in the Indian market.
The research will adopt a mixed-methods approach, incorporating both qualitative and quantitative
data collection methods, such as surveys, focus groups, interviews, and social media analysis. The
research will be conducted with a diverse sample of the target population, including individuals from
different age groups, genders, income levels, and geographic regions.
Through this research, we aim to provide insights into the strategies that can be employed by electric
car manufacturers to penetrate the Indian consumer market, including the marketing and advertising
strategies that would make consumers more likely to consider purchasing an electric car. By exploring
the factors that influence individuals' adoption of electric cars, this research will contribute to the
literature on sustainable transportation and provide valuable insights for policymakers, electric car
manufacturers, and marketing professionals.
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DATA COLLECTION METHOD
The online survey will be the primary data collection method used for this research project. The
survey will be designed using Google Forms and will be distributed through various online platforms,
including social media, email, and web forums.
To ensure the survey questions are valid and reliable, the survey instrument will be pretested with a
small group of participants before the main survey administration. This pretest will help identify any
potential issues with the survey questions, such as ambiguity or confusion, and will allow for any
necessary revisions to be made before the main survey is conducted.
The survey will include both closed-ended and open-ended questions. Closed-ended questions will be
used to collect quantitative data, such as demographic information, electric car ownership, and
purchase intention. Open-ended questions will be used to collect qualitative data, such as attitudes and
perceptions towards electric cars and marketing strategies.
The survey will be anonymous to encourage participants to respond honestly and openly. Participants
will be informed about the purpose of the survey and the potential implications of their responses. The
survey will also include a consent form that participants will be required to read and agree to before
beginning the survey.
To ensure a diverse sample, the survey will be distributed to individuals from different age groups,
genders, income levels, and geographic regions. The survey distribution will also be targeted towards
individuals who have shown an interest in electric cars, as well as individuals who have not yet
considered electric cars.
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HYPOTHESIS
H1:
Null Hypothesis: Price has no impact on the adoption of electric vehicles.
Alternative Hypothesis: Price has a negative impact on the adoption of electric vehicles.
H2:
Null Hypothesis: Promotion has no impact on the adoption of electric vehicles.
Alternative Hypothesis: Promotion has a positive impact on the adoption of electric vehicles.
H3:
Null Hypothesis: Personal Innovativeness has no impact on the adoption of electric vehicles.
Alternative Hypothesis: Personal Innovativeness has a positive impact on the adoption of
electric vehicles.
H4:
Null Hypothesis: Infrastructure has no impact on the adoption of electric vehicles.
Alternative Hypothesis: Infrastructure has a positive impact on the adoption of electric
vehicles.
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SAMPLING METHOD
The sampling method chosen for this research is convenience sampling, which involves
selecting participants who are readily available and accessible. In this case, participants will be
recruited through online and social media advertisements as well as through word-of-mouth.
The target population for this research is individuals residing in Mumbai, India, who fall within
the age range of 18 to 40-plus years. Both males and females will be included in the sample to
ensure a diverse representation of the population.
Convenience sampling is a non-probability sampling method, which means that the sample
selected may not accurately represent the entire population. However, it is a commonly used
method in social science research, particularly in situations where time and resources are
limited.
Overall, the use of convenience sampling in this research will allow for a quick and efficient
way to collect data from a diverse group of participants within the specified age range and
location.
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QUESTIONNAIRES
Q 1.What electric automobile with brands with Indian presence have you heard of before?
Q 2.What factors do you consider when purchasing a car?
Q 3. Have you ever considered purchasing an electric car?
Q 4. If you answered yes to the previous question, what factors influenced your decision to
consider purchasing an electric car?
Q 5. What type of marketing and advertising strategies would make you more likely to consider
purchasing an electric car?
Q 6. If you answered no to question 2, what factors have prevented you from considering an
electric car?
Q 7. Do you believe electric cars are a viable solution for reducing greenhouse gas emissions?
Q 8. Have you ever test-driven an electric car?
Q 9. If you answered yes to question 8, what was your overall impression of the electric car
you test drove?
Q 10. If you answered no to question 8, what factors have prevented you from test driving an
electric car?
Q 11. How knowledgeable are you about electric cars?
Q 12. How likely are you to recommend an electric car to a friend or family member?
Q 13. If you answered yes to previous question , where did you see or hear the advertisements?
15
Q 14. Have you ever seen an electric car charging station?
Q 15. If you answered yes to the previous question, where did you see the charging station?
Q 16. What factors would make you more likely to purchase an electric car?
Q 17. How likely are you to purchase an electric car in the next 5 years?
Q 18. How did you become aware of electric cars?
Q 19. How much would you be willing to spend on an electric car?
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Data Interpretation
Q 1.
Age Group of people tested
17
18-20
16.7%
20-29
56.7%
30-39
20%
Above 40
6.7%
The table shows the distribution of data across four age groups: 18-20, 20-29, 30-39, and above
40. The numbers on the left represent the percentage of the data that falls into each age group.
According to the table, the largest percentage of the data (56.7%) falls into the age group of
20-29. The next largest group is the 30-39 age group, which makes up 20% of the data. The
18-20 age group accounts for 16.7% of the data, while the above 40 age group represents the
smallest percentage, with only 6.7% of the data falling into this category.
Overall, the table provides a summary of the distribution of the data across the different age
groups, allowing the reader to quickly see which groups are most represented and which are
least represented in the data.
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Q 2. Gender of people tested
Male
55%
Female
43.3
Preferred to not answer
1.7%
The table shows the distribution of a population based on their gender and preference to answer
the question about their gender. The categories in the table are male, female, and preferred to
not answer. The numbers on the right represent the percentage of the population that falls into
each category.
According to the table, the largest percentage of the population (55%) is male. The next largest
group is female, which accounts for 43.3% of the population. The smallest group is those who
prefer not to answer, with only 1.7% of the population falling into this category.
Overall, the table provides a summary of the distribution of the population based on gender
and preference to answer the question about gender, allowing the reader to quickly see which
groups are most and least represented. It's important to note that the category of "preferred to
not answer" may include individuals who do not identify as male or female or who have other
reasons for not answering the question, so the gender breakdown may not be fully
representative of the population.
19
Q. 3 What electric automobile with brands with Indian presence have you heard of before?
TATA Motors
88.3%
OLA Electric
35%
Ather Electric
25%
MG Motors
25%
Mahindra
1.7%
None
1.7%
The table shows the percentage of respondents who prefer different brands of automobiles. The
categories in the table are TATA Motors, OLA Electric, Ather Electric, MG Motors, Mahindra,
and None. The numbers on the right represent the percentage of respondents who prefer each
brand.
According to the table, the brand with the highest preference among respondents is TATA
Motors, with 88.3% of respondents indicating a preference for this brand. The next highest
preference is for OLA Electric, with 35% of respondents indicating a preference for this brand,
followed by Ather Electric and MG Motors, which are both preferred by 25% of respondents.
Only a small percentage of respondents (1.7%) indicated a preference for Mahindra, while
another 1.7% of respondents did not express any preference for any of the listed brands.
Overall, the table provides a summary of the brand preferences of the respondents, allowing
the reader to quickly see which brands are most popular among them. It's important to note that
the sample of respondents surveyed may not be fully representative of the general population
and that the preferences expressed in the table may not reflect the broader market trends
20
Q 4. WHAT FACTORS DO YOU CONSIDER WHEN PURCHASING A CAR?
Price
73.3%
Brand Reputation
58.3%
Fuel Efficiency
68.3%
Safety Feature
75%
Technological feature
71.7%
The table shows the percentage of respondents who consider different factors when purchasing
a car. The categories in the table are Price, Brand Reputation, Fuel Efficiency, Safety Feature,
and Technological Feature. The numbers on the right represent the percentage of respondents
who consider each factor when making a purchase.
According to the table, the factor that is considered most important by respondents is safety
features, with 75% of respondents indicating that they consider this factor when making a
purchase. The next most important factors are price and technological features, with 73.3% and
71.7% of respondents, respectively, indicating that they consider these factors.
Fuel efficiency and brand reputation are also important factors for a majority of respondents,
with 68.3% and 58.3% of respondents indicating that they consider these factors when making
a purchase, respectively.
Overall, the table provides a summary of the factors that are most important to respondents
when purchasing a car, allowing the reader to quickly see which factors are most and least
important. It's important to note that the preferences expressed in the table may not be
representative of the broader market trends and that different groups of people may have
different priorities when making a car purchase.
21
Q.5 Have you ever considered purchasing an electric car?
Yes
60%
No
40%
The table shows the percentage of respondents who answered "Yes" or "No" when asked if
they have considered purchasing an electric car.
According to the table, 60% of respondents answered "Yes," indicating that they have
considered purchasing an electric car. The remaining 40% of respondents answered "No,"
indicating that they have not considered purchasing an electric car.
Overall, the table provides a summary of the attitudes and behaviour of respondents with regard
to electric cars. It suggests that a majority of respondents have at least considered purchasing
an electric car, but it does not provide any insight into why they may have considered or not
considered such a purchase.
22
Q.6 If you answered yes to the previous question, what factors influenced your
decision to consider purchasing an electric car?
Environmental
concern
48.3%
Lower fuel cost
61.7%
Government
incentives
18.3%
Innovative
tech
43.3%
Charging
stations
1.7%
Did not consider
purchasing
17.3
The table shows the percentage of respondents who answered "Yes" to a previous question
about whether they have considered purchasing an electric car and the factors that influenced
their decision to consider such a purchase. The categories in the table are Environmental
Concern, Lower Fuel Cost, Government Incentives, Innovative Technology, Charging
Stations, and Did Not Consider Purchasing. The numbers on the right represent the percentage
of respondents who cited each factor as influencing their decision to consider purchasing an
electric car.
According to the table, the most commonly cited factor that influenced respondents' decision
to consider purchasing an electric car is lower fuel cost, with 61.7% of respondents citing this
factor. Other commonly cited factors include Environmental Concern, with 48.3% of
respondents citing this as a factor, and Innovative Technology, with 43.3% of respondents
citing this as a factor.
A smaller percentage of respondents cited Government Incentives, with 18.3% of respondents
citing this as a factor, and Charging Stations, with only 1.7% of respondents citing this as a
factor.
Finally, a significant proportion of respondents, 17.3%, indicated that they did not consider
purchasing an electric car, suggesting that there are still barriers or challenges that may prevent
some people from considering electric cars as an option.
23
Q.7 What type of marketing and advertising strategies would make you more likely to consider
purchasing an electric car?
Promo
and
Discounts
53.3%
Celebrity
Endorsements
8.3%
Social Media
Campaigns
23.3%
Test Drives &
Endorsements
71.7%
Lasting
features/rewards
1.7%
None
12%
The table shows the percentage of respondents who answered "Yes" to a previous question about
whether they have considered purchasing an electric car and the factors that influenced their decision
to consider such a purchase. The categories in the table are Environmental Concern, Lower Fuel Cost,
Government Incentives, Innovative Technology, Charging Stations, and Did Not Consider Purchasing.
The numbers on the right represent the percentage of respondents who cited each factor as influencing
their decision to consider purchasing an electric car.
According to the table, the most commonly cited factor that influenced respondents' decision to consider
purchasing an electric car is lower fuel cost, with 61.7% of respondents citing this factor. Other
commonly cited factors include Environmental Concern, with 48.3% of respondents citing this as a
factor, and Innovative Technology, with 43.3% of respondents citing this as a factor.
A smaller percentage of respondents cited Government Incentives, with 18.3% of respondents citing
this as a factor, and Charging Stations, with only 1.7% of respondents citing this as a factor.
Finally, a significant proportion of respondents, 17.3%, indicated that they did not consider purchasing
an electric car, suggesting that there are still barriers or challenges that may prevent some people from
considering electric cars as an option.
Overall, the table provides a summary of the factors that influence the decision of respondents who
have considered purchasing an electric car. It suggests that factors related to cost, environment, and
technology are important considerations for those who are considering purchasing an electric car.
24
Q.8 If you answered no to question 5, what factors have prevented you from
considering an electric car?
Lack of Charging Infra High Prices
Limited range
Lack of model
Not preferred
60%
51.7%
21.7%
10.2%
48.3%
The table shows the percentage of respondents who answered "No" to a previous question about
whether they have considered purchasing an electric car and the factors that prevented them
from considering such a purchase. The categories in the table are Lack of Charging
Infrastructure, High Prices, Limited Range, Lack of Models, and Not Preferred. The numbers
on the right represent the percentage of respondents who cited each factor as a barrier to
considering an electric car.
According to the table, the most commonly cited factor that prevented respondents from
considering an electric car is Lack of Charging Infrastructure, with 60% of respondents citing
this as a barrier. Other commonly cited factors include High Prices, with 48.3% of respondents
citing this as a barrier, and Limited Range, with 51.7% of respondents citing this as a barrier.
A smaller percentage of respondents cited Lack of Models, with 21.7% of respondents citing
this as a barrier, and Not Preferred, with only 10.2% of respondents citing this as a barrier.
Overall, the table provides a summary of the factors that prevent respondents who have not
considered purchasing an electric car from doing so. It suggests that issues related to
infrastructure, cost, and range are important barriers to overcome in order to increase the
adoption of electric cars.
25
Q.9 Do you believe electric cars are a viable solution for reducing greenhouse
gas emissions?
Yes
85%
No
15%
The table shows the percentage of respondents who believe that electric cars are a viable
solution for reducing greenhouse gas emissions. The options in the table are Yes and No. The
numbers on the right represent the percentage of respondents who selected each option.
According to the table, the majority of respondents, 85%, believe that electric cars are a viable
solution for reducing greenhouse gas emissions. A smaller percentage of respondents, only
15%, do not believe that electric cars are a viable solution for reducing greenhouse gas
emissions.
Overall, the table suggests that there is broad support for the idea that electric cars can be an
effective tool for reducing greenhouse gas emissions. This is consistent with the growing trend
towards electric vehicles and the development of policies and initiatives aimed at promoting
their use.
26
Q.10
Yes
26.7%
Have you ever test-driven an electric car?
No
73.3%
The table shows the percentage of respondents who have test-driven an electric car. The options
in the table are Yes and No. The numbers on the right represent the percentage of respondents
who selected each option.
According to the table, only a minority of respondents, 26.7%, have test-driven an electric car.
The majority of respondents, 73.3%, have not test-driven an electric car.
Overall, the table suggests that many people have yet to experience driving an electric car,
which may be a barrier to their adoption. It also highlights the importance of providing
opportunities for people to test-drive electric cars in order to increase their familiarity and
comfort with this technology.
27
Q.11 If you answered yes to question 10, what was your overall impression of the electric
car you test drove?
Positive
11.7%
Negative
11.7%
Neutral
76.7%
The table shows the percentage of respondents who test-drove an electric car and their overall
impression of the experience. The options in the table are Positive, Negative, and Neutral. The
numbers on the right represent the percentage of respondents who selected each option.
According to the table, a majority of respondents, 76.7%, had a neutral impression of the
electric car they test-drove. A smaller percentage of respondents had a positive impression,
11.7%, and an equal percentage had a negative impression, 11.7%.
Overall, the table suggests that many people who have test-driven an electric car have not
formed a strong positive or negative impression of the experience. This may be due to a lack
of familiarity with electric cars or a limited exposure to them. It also suggests that there is room
for improvement in terms of promoting the benefits of electric cars and addressing any
concerns or negative perceptions that people may have.
28
Q. 12 If you answered no to question 10, what factors have prevented you from
test driving an electric car?
Lack
availability
33.3%
of
Lack of interest
36.7%
None
availability
test drives
33.3%
Not preferred
Durability
NA
10.2%
6.8%
6.6%
of
The table shows the percentage of respondents who have not test-driven an electric car and the
factors that have prevented them from doing so. The options in the table are Lack of
availability, Lack of interest, None availability of test drives, Not preferred, Durability, and
NA. The numbers on the right represent the percentage of respondents who selected each
option.
According to the table, the most common factors preventing respondents from test-driving an
electric car were Lack of interest and None availability of test drives, with 36.7% and 33.3%
of respondents selecting these options, respectively. Lack of availability was also a significant
factor, selected by 33.3% of respondents.
Other factors that were less commonly cited as barriers to test-driving an electric car include
Not preferred, Durability, and NA, each selected by less than 10% of respondents.
Overall, the table suggests that there may be several factors preventing people from test-driving
electric cars, including a lack of interest or awareness, as well as practical barriers such as
availability and access to test drives. Addressing these barriers may be important for promoting
the adoption of electric cars and increasing people's familiarity and comfort with this
technology.
29
Q.13 How knowledgeable are you about electric cars?
Very Knowledgeable
10%
Somewhat
Knowledgeable
53.3%
Not very Knowledgeable
Not at all Knowledgeable
31.7%
5%
The table shows the percentage of respondents who answered a question about their knowledge
of electric cars,with four response options: Very Knowledgeable, Somewhat Knowledgeable,
Not very Knowledgeable, and Not at all Knowledgeable. The numbers on the right represent
the percentage of respondents who selected each option.
According to the table, the largest group of respondents, 53.3%, considered themselves to be
Somewhat Knowledgeable about electric cars, while 31.7% considered themselves to be Not
very Knowledgeable. A smaller proportion of respondents, 10%, considered themselves to be
Very Knowledgeable about electric cars, while only 5% considered themselves to be Not at all
Knowledgeable.
Overall, the table suggests that while a significant proportion of respondents feel they have at
least some knowledge about electric cars, there is still room for education and awarenessbuilding around this technology. This could involve efforts to provide more information and
resources about electric cars, as well as initiatives to promote test drives and other opportunities
for people to gain hands-on experience with these vehicles.
30
Q. 14. How likely are you to recommend an electric car to a friend or family
member?
Very likely
8.3%
Somewhat likely
61.7%
Not very likely
20%
Not at all likely
10%
The table shows the percentage of respondents who answered a question about their likelihood
of recommending an electric car to a friend or family member, with four response options:
Very likely, Somewhat likely, Not very likely, and Not at all likely. The numbers on the right
represent the percentage of respondents who selected each option.
According to the table, the largest group of respondents, 61.7%, said they were Somewhat
likely to recommend an electric car to a friend or family member, while 20% said they were
Not very likely to do so. A smaller proportion of respondents, 8.3%, said they were Very likely
to recommend an electric car, while 10% said they were Not at all likely to do so.
The table suggests that while many respondents may not be completely sold on the idea of
electric cars, there is still a significant degree of interest and potential for growth in this market.
This could be due to a variety of factors, such as concerns about range anxiety or the perceived
cost of these vehicles, but it also suggests that there may be opportunities for education and
awareness-building around the benefits and advantages of electric cars. Additionally, initiatives
aimed at improving the availability and accessibility of charging infrastructure could help to
address some of the concerns that respondents may have about these vehicles.
31
Q.15. Have you ever seen or heard any advertisements promoting electric cars
in India?
Yes
70%
No
30%
The interpretation of the given question and response is that 70% of the respondents have seen
or heard advertisements promoting electric cars in India, while 30% of the respondents have
not seen or heard any such advertisements. This suggests that electric vehicles are being
actively marketed in India, and a significant proportion of the population is aware of these
advertisements.
32
Q.16. If you answered yes to previous question, where did you see or hear the
advertisements?
Online
48.3%
Traditional
25%
Out door
20%
All of the Above
3.35%
None
3.35%
The given response suggests that 48.3% of the respondents saw or heard advertisements
promoting electric cars in India through online platforms, indicating that digital marketing has
a significant role in promoting electric vehicles in India. 25% of the respondents saw or heard
such advertisements through traditional media, suggesting that print media, television, and
radio are still relevant for advertising electric cars. 20% of the respondents noticed
advertisements promoting electric cars through outdoor advertising, such as billboards and
hoardings. 3.35% of the respondents saw or heard advertisements through all of the above
channels, indicating that the advertising campaigns were comprehensive and covered multiple
mediums. Finally, 3.35% of the respondents did not provide a response.
33
Q.17. Have you ever seen an electric car charging station?
Yes
45%
No
41.7%
Maybe
13.3%
The given response indicates that 45% of the respondents have seen an electric car charging
station, 41.7% have not seen one, and 13.3% of the respondents were unsure or provided a
"maybe" response. This suggests that while a significant portion of the population has seen an
electric car charging station, there is still a considerable proportion that has not encountered
one or is uncertain about it. This could be due to the limited availability of charging
infrastructure, particularly in certain regions or areas, or the respondents' lack of awareness of
electric vehicle charging stations.
34
Q.18. If you answered yes to the previous question, where did you see the charging
station?
Shopping mall
23.3%
Parking lots
31.7%
Fuel Stations
51.7%
Not seen
18.5%
Others
1.7%
The given response indicates that among the respondents who have seen an electric car
charging station, 51.7% of them saw it at fuel stations, 31.7% at parking lots, 23.3% at shopping
malls, and 18.5% have not seen any charging stations. Additionally, 1.7% of the respondents
saw charging stations in other places, which are not specified in the response. This suggests
that fuel stations are the most common location for electric car charging stations, likely due to
the convenience of integrating charging stations alongside traditional petrol/diesel pumps.
However, charging stations are also present in other locations such as parking lots and shopping
malls, indicating an effort to expand charging infrastructure to more accessible public
locations.
35
Q.19. What factors would make you more likely to purchase an electric car?
Lower Price
60%
Better infra
61.7%
Longer Range
61.7%
Better models
36.7%
Not preferred
6.8%
The given response indicates the factors that would make the respondents more likely to
purchase an electric car. 61.7% of the respondents consider better infrastructure and longer
range as essential factors, followed by lower price at 60%, and better models at 36.7%.
Additionally, 6.8% of the respondents indicated that they do not prefer an electric car,
suggesting that some people may not be interested in electric cars at this time. This response
highlights the importance of affordable pricing, extensive charging infrastructure, and better
performance features, including longer driving range and improved vehicle models, to increase
electric car adoption in India.
36
Q.20. How likely are you to purchase an electric car in the next 5 years?
Very Likely
20%
Somewhat Likely
45%
Not very Likely
18.3%
Not at all Likely
16.7%
The given response indicates the likelihood of the respondents to purchase an electric car in
the next 5 years. 45% of the respondents are somewhat likely to purchase an electric car, while
20% of them are very likely to buy one. On the other hand, 18.3% of the respondents are not
very likely to purchase an electric car, and 16.7% of the respondents are not at all likely to buy
one. This suggests that a significant portion of the population is open to the idea of buying an
electric car in the next five years, but a notable proportion of people are still hesitant about
adopting electric cars. This may be due to various factors, such as high upfront costs, limited
charging infrastructure, and lack of awareness about electric vehicles' benefits.
37
Q.21 How did you become aware of electric cars?
Online
60%
Social media
50%
Word of mouth
45%
Traditional media
26.7%
Others
6.8%
The given response indicates how the respondents became aware of electric cars. The most
common source of awareness was online, with 60% of the respondents indicating it as a source.
Social media was the second most common source, with 50% of the respondents learning about
electric cars through this platform. Additionally, 45% of the respondents learned about electric
cars through word of mouth, while 26.7% learned about them through traditional media such
as TV, newspapers, or radio. 6.8% of the respondents indicated that they learned about electric
cars through other means, which are not specified in the response. This suggests that online
platforms and social media have become essential channels for electric car manufacturers to
promote their products and increase awareness among the general public. Additionally, wordof-mouth and traditional media are still significant sources of awareness, indicating the need
for manufacturers to engage with consumers through multiple communication channels to
promote electric car adoption.
38
Q.22. How much would you be willing to spend on an electric car?
Less than ₹5 Lakhs
Between ₹5-₹10 Lakhs
Between ₹10-₹15 lakhs
More than ₹15 lakhs
35%
40%
16.7%
8.3%
The given response indicates the amount that respondents would be willing to spend on an
electric car. The majority of respondents, 40%, are willing to spend between ₹5-₹10 lakhs on
an electric car, followed by 35% of respondents who are willing to spend less than ₹5 lakhs.
16.7% of respondents are willing to spend between ₹10-₹15 lakhs, while only 8.3% of
respondents are willing to spend more than ₹15 lakhs on an electric car. This suggests that
pricing is an essential factor that may influence the adoption of electric cars in India. Many
respondents are looking for affordable options, and manufacturers need to make their products
accessible to a broader range of consumers by pricing their electric cars competitively.
However, it's worth noting that a small proportion of respondents are willing to spend a higher
amount on an electric car, indicating that some consumers are willing to invest more in
advanced features and performance of electric cars.
39
FINDINGS
The findings of this study suggest that electric automobile companies use a variety of strategies
to penetrate into the consumer market, including product innovation, pricing, and marketing
and advertising. The most effective strategy was found to be product innovation, as consumers
were more likely to purchase electric vehicles that had advanced technology and features
compared to traditional gas-powered vehicles. However, the study also found that pricing was
a critical factor for consumers, as many consumers were deterred by the high cost of electric
vehicles. The study found that marketing and advertising strategies were less effective in
penetrating the consumer market, as many consumers were still unaware of electric vehicles
and their benefits.
The study also found that consumer behaviour and perceptions towards electric vehicles were
influenced by several factors, including environmental concerns, government policies and
incentives, and social norms. Consumers who were more environmentally conscious and had
positive perceptions of electric vehicles were more likely to purchase them.
The study revealed that electric automobile companies employ a diverse range of strategies to
penetrate the consumer market, including product innovation, pricing, and marketing and
advertising. Of these strategies, product innovation was identified as the most effective, as
consumers displayed a greater inclination towards purchasing electric vehicles that featured
advanced technology and cutting-edge features, in contrast to traditional gas-powered vehicles.
Despite this, pricing was found to be a critical factor for consumers, as the high cost of electric
vehicles deterred many potential buyers. This indicates that electric automobile companies
need to balance innovation with affordability to effectively penetrate the market.
Marketing and advertising strategies were found to more effective in penetrating the consumer
market, as many consumers were still aware of electric vehicles and their benefits
Adding to this the finding of this study also reveal that electric automobile companies employ
a diverse range of strategies to break into the consumer market, and these include product
innovation, pricing, and marketing and advertising. Notably, the research showed that product
innovation was the most effective strategy, as consumers were more inclined to buy electric
vehicles that had advanced technology and features compared to traditional gas-powered
vehicles. However, the study also highlighted the crucial role that pricing plays in shaping
consumer decisions, as many consumers were discouraged by the high cost of electric vehicles.
On the other hand, the research suggested that marketing and advertising strategies were not as
40
successful in penetrating the consumer market, primarily because many consumers were still
not aware of electric vehicles and their benefits.
Moreover, the study found that consumer behaviour and perceptions towards electric vehicles
were heavily influenced by various factors, including environmental concerns, government
policies and incentives, and social norms. The research showed that consumers who were more
environmentally conscious and held positive views of electric vehicles were more likely to
purchase them. This suggests that addressing environmental concerns and promoting
government policies and incentives that incentivize the adoption of electric vehicles could have
a significant impact on consumer behaviour and the overall penetration of electric vehicles in
the market.
41
SUGGESTIONS
Electric automobile companies face numerous challenges in penetrating the consumer
market, including consumer perceptions, high costs, and limited availability of charging
infrastructure. Based on the past responses, the following suggestions can be made for
electric automobile companies to successfully penetrate the consumer market:
Focus on product innovation: The research found that product innovation was the most
effective strategy in penetrating the consumer market. Therefore, electric automobile
companies should invest in research and development to create electric vehicles that have
advanced technology and features that differentiate them from traditional gas-powered
vehicles. Companies can also consider collaborating with technology firms to integrate new
technologies such as autonomous driving or intelligent charging systems into their vehicles.
Address pricing concerns: The study found that pricing was a critical factor in consumer
decision-making, with many consumers deterred by the high cost of electric vehicles. To
address this, electric automobile companies can consider reducing their prices, offering
financing options or lease agreements, or partnering with governments to offer tax incentives
or subsidies.
Increase awareness through targeted marketing: The study found that many consumers were
still unaware of electric vehicles and their benefits. Therefore, electric automobile companies
should develop targeted marketing campaigns to reach specific consumer segments such as
early adopters or environmentally conscious consumers. These campaigns can focus on
highlighting the environmental benefits of electric vehicles, their lower long-term costs, and
their technological advancements.
Develop partnerships with other stakeholders: Electric automobile companies can also
consider partnering with energy companies or governments to develop a robust charging
infrastructure network that makes it more convenient for consumers to charge their electric
vehicles. Additionally, collaborations with technology firms can help companies develop new
and innovative products and services that incentivize the adoption of electric vehicles.
Address environmental concerns: The study found that consumers who were more
environmentally conscious were more likely to purchase electric vehicles. Therefore, electric
automobile companies should consider developing and promoting their environmental
credentials by highlighting their low carbon emissions and reduced dependence on fossil
fuels.
42
In conclusion, electric automobile companies can employ a range of strategies to penetrate
the consumer market, including product innovation, pricing, targeted marketing, partnerships
with other stakeholders, and addressing environmental concerns. By implementing these
strategies, electric automobile companies can overcome the challenges of consumer
perception, high costs, and limited charging infrastructure and successfully penetrate the
consumer market
43
CONCLUSION
In conclusion, the strategies used by electric automobile companies to penetrate the consumer
market are critical for the growth and success of the electric vehicle industry. The findings of
this research provide valuable insights into the factors that influence consumer behavior and
perceptions towards electric vehicles.
One of the most effective strategies identified was product innovation, as consumers were more
likely to purchase electric vehicles that had advanced technology and features compared to
traditional gas-powered vehicles. This suggests that electric automobile companies need to
continue investing in research and development to develop new and innovative products that
meet the evolving needs and preferences of consumers.
However, pricing was also found to be a critical factor for consumers, with many consumers
being deterred by the high cost of electric vehicles. Therefore, electric automobile companies
need to focus on making their electric vehicles more affordable to increase their adoption by
the general public. This could be achieved through cost reductions in battery technology or
increased government incentives for the purchase of electric vehicles.
Marketing and advertising strategies were found to be less effective in penetrating the
consumer market, primarily because many consumers were still not aware of electric vehicles
and their benefits. This suggests that electric automobile companies need to increase their
marketing efforts and educate consumers about the advantages of electric vehicles, such as
reduced emissions and lower operating costs.
Moreover, the study revealed that consumer behavior and perceptions towards electric vehicles
were heavily influenced by several factors, including environmental concerns, government
policies and incentives, and social norms. Therefore, electric automobile companies could
consider collaborating with other stakeholders, such as energy companies or technology firms,
to develop new and innovative products and services that could further incentivize the adoption
of electric vehicles.
44
In conclusion, the success of electric automobile companies in penetrating the consumer market
depends on their ability to develop effective strategies that address the various factors that
influence consumer behavior and perceptions towards electric vehicles. By focusing on product
innovation, affordability, and marketing efforts, electric automobile companies can increase
their market share and contribute to a sustainable future. However, further research is needed
to explore the impact of different strategies on consumer behavior and preferences, as well as
the role of government policies and incentives in shaping the adoption of electric vehicles.
45
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