Factors Affecting Electric Vehicles Purchase Decisions of Customers: Literature Review

Electric vehicles (EVs) offer a promising path towards sustainable transportation, addressing climate change and air pollution concerns, and are gaining popularity globally. India's Electric Vehicle (EV) sector is experiencing rapid growth, fuelled by government incentives, rising environmental concerns, and technological advancements. With initiatives like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, India aims to significantly increase EV adoption, revolutionizing its transportation landscape towards sustainability and innovation. In 2023, the global electric vehicle market was valued at US$ 255.54 billion. It is forecasted to reach approximately US$ 2,108.80 billion by 2033, growing at a significant CAGR of 23.42% from 2024 to 2033. According to Fortune Business Insights, the Indian EV market is forecasted to expand from US$ 3.21 billion in 2022 to US$ 113.99 billion by 2029, with a 66.52% CAGR. The Indian EV battery market is projected to surge from US$ 16.77 billion in 2023 to a remarkable US$ 27.70 billion by 2028. Maharashtra targets 10% share of EVs in all new vehicle registrations by Dec 2025. Karnataka has set a goal to electrify 100% of three and four-wheeler cargo vehicles by December 2030. On a state-wide level, Goa leads the country in EV penetration, with 14.20% of all new vehicles sold this year being electric, followed by Tripura and Chandigarh. Delhi also stands out with a 10.72% penetration. In this research paper, researcher has referred 95 national and international research papers and then twenty-three (23) articles processed for literature review. Such processed literature review is presented in the form of research paper write-up.