The Challenges faced by EV Industry in India: An Analysis of Consumer Perception

 

Pranav Sharma1, Pradeep Kumar Singh2, Akash Verma3

1University of Allahabad, Prayagraj.

2Assistant Professor, University of Allahabad, Prayagraj.

3Research Scholar, Department of Economics, University of Allahabad, Prayagraj.

*Corresponding Author E-mail: pranav250000@gmail.com

 

ABSTRACT:

India is the one of the largest markets for electric vehicles in the world. Despite Indian Electric Vehicles (EV) industry has been grown at a significant pace in last few years, it would not be able to meet the upcoming demands. In Indian, EV industry is facing many demand and supply related problems, the demand side problems include; range anxiety, affordability, safety concerns, availability of charging and service centers while supply side problems include; lack of investment, huge initial cost of production, expensive research and development, lack of States' collaboration with private sector for promotion and production etc. The perceived monetary benefits, perceived risks, environment friendly nature of it, availability of service centers and charging points are the factors which influence the demand of electric vehicle in India significantly.

 

KEYWORDS: EV Industry, Analysis, Consumer Perception.

 

 


INTRODUCTION:

In United Nations Framework for Climate Change 2021, India has taken stringent pledges such as India’s total non- fossil energy generation would be five hundred GW by 2030. India also pledged to reduce Carbon emission intensity by 45% till 2030. Apart from it, India is also moving towards net zero carbon emissions by 2070. Following the Paris agreement development of electric vehicle is inevitable. India being a crude oil importer it is very important to shift from the fossil-based mobility to green mobility such as electric vehicle.

 

Recent events such as Ukraine Russia war causing surge in crude oil prices, the uncertainty of crude oil pushing the world towards finding more alternatives, in India the sale of electronic vehicle has been increased by three shifts in

 

2021-22 (April-March), signaling that India is rapidly moving towards renewable energy sources. Though in India EV industry is in nascent stage. The global automotive industry is undergoing a paradigm shift at present in trying to switch to alternatives such as battery vehicles, and hydrogen vehicles etc. At present, China is the largest market of electric vehicles followed by Europe and the USA while Norway is global leader in terms of market share.

 

In 2013, India unveiled the 'National Electric Mobility Mission Plan (NEMMP) 2020' to make a major shift to electric vehicles and to address the issues of national energy security, vehicular pollution and growth of domestic manufacturing capabilities. The adoption electric mobility will not reduce import bill but also reduce air pollution which is growing concerns in India. following the Paris agreement India is adopting nature friendly transportation in which electric vehicle adoption is going to be a significant change, in 2019 government of India launched FAME (faster adaptation of motor electric vehicle) scheme in which government has allocated 10 thousand crore for its adoption and domestic production in which a bundle of economic initiative has been facilitated by government such as reduction in GST on electric vehicle from 12 to 5% and additional income tax  rebate of 1.5 lakhs on purchase of EV’S (Electric vehicle). Though India is one of the largest markets for electric vehicles, but the nature of EV market is slightly different for Europe and USA as it was driven by three wheelers. On the other hand, in Chinese, Europe and USA EV’s market driven by two and four-wheeler. In Norway one in three vehicles (33.1%) registered is plug-in electric vehicle, China and US account for more than half of electric cars in the world and UK and France are targeting towards 100% electric cars by 2040. In comparison to these countries, India is far behind as it has lowest penetration of electric vehicles.

 

In 2021-21, 4.29 lakh electric vehicles were sold, compared to 2020-21 and 2019-20 in which 1.34 lakh and 1.68 lakh electric vehicles were sold respectively. It is expected that India’s EV Market will touch $150 billion by 2030. Currently we the fifth largest automotive industry in the world with EV Market, we will be third largest by 2030.The data of FADA showed that electric two-wheeler vehicles were sold in largest numbers equal to 2.31 lakh units.

 

The top brands of sold two wheelers are Hero, Okinawa, Ampere and Ather. Passenger electric vehicles also experienced a 257% growth in sales in Tata motors, (Tigor and Nexon), MG Motor, Mahindra and Mahindra EV are top selling brands. During 20-21, 1.78 lack three-wheeler EV were sold compared to 2020-21 in which 88,391 vehicles were sold. Top brands of three wheelers are YC Electric Vehicles, Saera Electric Auto Pvt Ltd and Mahindra Reva electric vehicles. The EV industry going to expand by CAGR of 43.13 percent from 2019-2030 as per Research and market’s India Electric Vehicle Ecosystem Market Outlook 2030. The charging Infrastructure installation will also expand at a CGAR of 42.38 percent.

 

In the 5th meeting of NITI Aayog Governing council which took place in June 2019, NITI Aayog had proposed that only electric vehicles will be sold in India from the year 2030. In it defined electric vehicle as vehicle that operates on an electric motor, instead of an internal-combustion engine that generates power by burning a mix of fuel and gases. Therefore, such as vehicle is seen as a possible replacement for current generation automobile, in order to address the issue of rising pollution, global warming, depleting natural resources, etc. Though the concept of electric vehicles has been around for a long time, it has drawn a considerable amount of interest in the past decade amid a rising carbon footprint and other environmental impacts of fuel-based vehicle

 

LITERATURE REVIEW:

Somayaji Y., Mutthu N.K., Rajan H., Ampolu S., Manickam N. (2017) in their paper, Challenges of Electric Vehicles from Lab to Road. 2017 IEEE Transportation Electrification Conference (ITEC-India), have discussed the problems of range anxiety, low level of income, weak charging infrastructure, safety concerns and import dependency for inputs specially lithium-ion batteries, are major problems in development of EV industry in India.

 

B. K. Talukdar and B. C. Deka, in their journal “An approach to reliability, availability and maintainability analysis of a Plus-In Electric Vehicle” discussed that in India supply chain mechanism is weak regarding supply of electric vehicle because; low level of research and development on EV, metals which are used in lithium-ion batteries not found in India at large and complex norms for foreign Investment in EV industry. 

 

Many studies have been conducted regarding electric vehicles, in The Norm Activation Model and the Theory of Planned Behavior, it was found that electric vehicle adoption is impacted by income, perceived value, personal norms, consumer’s attitude and one’s affinity to technology.

 

Kumar, R., Jha, A., Damodaran, A., Bangwal, D., and Dwivedi, A. (2020) in his study, highlighted that high cost of electric vehicles and low level of income of Indian customers major hurdle in the way of electric vehicle promotion in India. They also highlighted that if govt share space with private or promote EV directly in public transportation it will help in boosting the use of EV in the India.

 

Noel, L., Zarazua de Rubens, G., Kester J., and Sovacool, B. K. (2020) conducted a study in Nordic countries, revealed that despite technological developments, hurdles like range anxiety, availability of charging points and high cost of production are limiting the EV market. It was also found that educational qualification and experience were also major determinants of demand of EV in Nordic countries.

 

Khurana, A., Kumar, V. V. R., and Sidhpuria, M.  (2019) have found in their study that monetary benefits do not impact the buying decision of consumer at larger extent while perceived environmental benefits and social influence impact it partially.

 

Pedrosa, G., and Nobre, H. (2019), conducted a study on consumer perception regarding electric vehicles, they found that three main determinants of demand of an electric vehicle, they are, sophisticated range of technologies, availability of charging station and availability of second conventional automobile.

 

Masurali.A, and Surya P., (2018), have discussed that monetary benefits, availability of service centers and charging points, and perceived risks have substantial on intent of purchasing an electric vehicle.

 

RESEARCH GAP:

Many studies have been conducted regarding consumer perception and determinants of demand of electric vehicles but no specific study has taken accessibility and availability of charging points and service centers as determinants of consumer buying behavior. In addition, we exploring impact of education qualification and experience on buying behavior in India, especially in Delhi.

 

OBJECTIVE:

·       This paper aims to analysis the determinants of demand of an electric vehicle in India.

·       It also highlights current challenges faced by consumers and sellers regarding electric vehicles in India.

 

Research Questions:

Whether the cost of substitute (fossil vehicles), charging points availability, monetary benefits, perceived risk, and environment benefits are major determinants of an electric vehicle or not?   

 

Hypothesis Formulation:

HYPOTHESES:

H0: There is no significant impact of the price of substitutes (fossil vehicles) on buying decision of consumer.

H1: There is significant impact of the price of substitutes(fossil vehicle) on buying decision of consumer.

H0: There is no significant impact of the availability of charging points on buying decision of consumer

H2: There is significant impact of the availability of charging points on buying decision of   consumer

H0: There is no significant impact of the monetary benefits on buying decision of consumer

H3: There is significant impact of the monetary benefits on buying decision of consumer.

H0: There is no significant impact of the perceived risks on buying decision of consumer.

H4: There is significant impact of the perceived risks on buying decision of consumer.

H0: There is no significant impact of the perceived environmental benefits on buying decision of consumer.

H5: There is significant impact of the perceived environmental benefits on buying decision of consumer.

 

RESEARCH METHODOLOGY:

The information and data for the research study is based on primary data collected through questionnaire and the study is descriptive and analytical in nature. Secondary data sources such as govt. reports, newspaper articles, research papers etc., are also considered in the study.

 

Analysis:

India being a developing country has some financial and technological constraints. We can classify the problems of EV industry into two, first demand related problems and second supply related problems.

 

Demand Related problems;

Safety concerns, the primary fear of consumer is safety of their lives as nature of battery to explode during an accident-causing fire and explosion are terrible. The Lithium-Ion battery which mostly used battery in electric vehicles, which itself subject to explode if the battery is damaged. As per report of Grant Thornton Bharat-FICCI poll, there will be need of 4 lakh charging stations by 2026 to fulfil the demand of 20 lakh electric vehicles in India. But currently we have very low level of charging infrastructure, mostly the EV selling companies provides charging infrastructure at home.

 

Less dedicated parking and charging points, In India people don’t have dedicated parking’s and people park their vehicles in open spaces. Even in Big cities there are very less commercial parking, at home people don’t have dedicated parking to place proper set of charging infrastructure.

 

Less numbers of Service centers, for fossil vehicles larger numbers of skilled and semi-skilled labour force are available with organized and unorganized service centers across the country but same is not true for electric vehicles as very few professional services centers are available in India. The need of servicing, maintenance and repair of electric vehicles are growing rapidly with increasing number of electric vehicles on roads but less availability of services centers organized or unorganized led reduction in demand of electric vehicles as it creates negative perception in minds of consumer.

 

Lack of standardization, India is adopting different charger connector types such as CCS/CCS type2, Bharat AC-001, Tesla charger, and GB/T.  Most of electric vehicles in India support CCS/CSS type charger and some of them support Bharat or Tesla charger. This adoption of different charger connector types creates asymmetry among supply charging stations, ultimately slows the pace of infrastructure development.

Range Anxiety, the capacity of an electric vehicles to cover distance with one time charge. Consumers have fear regarding vehicle’s battery that whether they will reach distance with single battery charging or not. In addition to it, in case battery charging is lost, will they get any charging points or battery sweeping policy nearby or not.

 

Less affordable, the average starting price of electric vehicle for consumer is around 13 lakhs. On the other hand, the average starting price of fossil vehicles for consumer is around 4.5 lakhs. Since India is the developing country, the demand of passenger vehicles mostly come from middle class, for them purchase of electric vehicles is a costly a fire despite they are environment lover.

 

Less availability of trusted brand, only few trusted brands such as TATA, Tesla, MG etc., are supplying very limited variants of electric vehicles in India. In case of electric vehicles there is no many options as fossil vehicle have.

 

Supply side problems;

High import dependency, Local production of inputs for EVs is at just about 35% of total input production. The production will be severely affected in terms of production costs. The cost of a battery accounts for 40-50 percent of total cost of an electric vehicle.  Lithium, nickel, cobalt, and manganese are used in most of the batteries of electric vehicles. These all metals are scare in India hence they are more expensive which results high cost. India’s import bill of lithium-ion batteries in 2018-19 was $1.23 billion.

High Initial Investment and investment bottlenecks, for developing country like India, huge initial cost for production of industry is seen as main bottleneck according to an independent study by CEEW Centre for Energy Finance estimates the EV market in India to be a $206-billion opportunity by 2030, provided India maintains steady progress to meet its ambitious 2030 target. This will require a cumulative investment of over $180 billion in vehicle production and charging infrastructure.

 

High manufacturing and Research and Development expenses led the low production capacity in developing country like India where capital is scarce. Since the size of operation and production is not as much to get benefits of economies of scale. Though with the larger scale of production, fixed costs will decrease and will lead to lower cost.

 

Lack of govt initiatives, despite many initiatives such as FAME-1 and FAME-2, the Indian electric vehicle (EV) market currently has one of the lowest penetration rates in the world. There are several reasons, benefits of schemes are reaching to producers, there is no national framework policy for EV production and promotion, most state govts still not open tenders for EV and criteria that 50 percent inputs should be produced domestically under FAME scheme, is slowing down production process.


 

 

Number

Sum

Mean

Std. Deviation

Variance

 

 

Statistic

Statistic

Statistic

Std. Error

Statistic

Std. Error

Will you consider the price of fossil vehicle while purchasing an electric vehicle?

105

192.00

1.8286

0.03696

0.37869

0.236

Are you willing to purchase it because it has monetary benefits like low expense on fuel?

105

155.00

1.4762

0.04897

0.50183

0.236

Are you worried about a smaller number of charging points and service centers?

105

163.00

1.5524

0.04876

0.49963

0.236

Are you worried about risks it poses?

105

165.00

1.5714

0.04853

0.49725

0.236

Are you willing to buy an electric vehicle because it is environment friendly?

105

167.000

1.59048

0.048220

0.494104

0.236

Valid N (listwise)

105

 

 

 

 

 


Descriptive Statistics:

Since collected are qualitative and responses are expressed in yes and no format, certain values to assigned to responses (yes-1 and No-2).

 

We have collected responses of 105 potential buyer in India regarding purchase of an electric vehicle, which includes 61 percent of male respondents and 39 percent of female respondents. we had classified the respondents under four categories;

1.     Less than 20 years, (frequency-5)

2.     Between 20-30 years, (frequency-80)

3.     Between 30-40 years, (frequency-14)

4.     Above forty -years, (frequency-7)

 

Thus, the highest frequency belongs to second category (20-30 years) and the lowest belong to respondents above forty years. We had also categorized the respondents according to their educational qualification such matric passed, 12th standard passed, graduate and respondents having higher degree than graduation. Mostly respondents were graduate (frequency- 72), followed by respondents having higher degree than graduation(frequency-21), 12th standard passed(frequency-7) and matric passed(frequency-5). Further the respondents were classified into three income groups;

1.     Less than 50,000 rupees per month (frequency -25)

2.     Between 50,000-100000 rupees per month (frequency-50)

3.     Above 100000 rupees per months (frequency-30)

 

So, as per collected data, large portion of potential buyers are young, graduate and earning more than 50,000 per month.

Frequency Tables

 

Table-1. Will you consider the price of fossil vehicle while purchasing an electric vehicle?

Valid

Frequency

Percentage

Valid Percentage

Yes

18

17.1

17.1

No

87

82.9

82.9

Total

105

100.0

100.0

 

One-Sample Kolmogorov-Smirnov Normal Test Summary

Total Number

105

Most Extreme Differences

Absolute

.503

Positive

.325

Negative

-.503

Test Statistic

.503

Asymptotic Sig. (2-sided test)a

<.001

 

a.Lilliefors Corrected:

In response to first question, most of the potential buyer do not consider the price substitute but a significant portion of potential buyers responded that they will consider the price of substitute such as price of fossil vehicle.

Table-2. Are you willing to purchase it because it has monetary benefits like low expense on fuel?

Valid

Frequency

Percent

Valid Percent

yes

55

52.4

52.4

No

50

47.6

47.6

Total

105

100.0

100.0

 

One-Sample Kolmogorov-Smirnov Normal Test Summary

Total Number

 

105

Most Extreme Differences

Absolute

.352

Positive

.352

Negative

-.328

Test Statistic

 

.352

Asymptotic Sig. (2-sided test)a

 

<.001

 

a. Lilliefors Corrected:

In response to second question, most of the potential buyer will consider the monetary benefits while purchasing an electric vehicle. But for a significant portion of potential buyers (47.2) monetary benefits does not matters.

 

Table-3.  Are you worried about less number of charging points and service centers?

Valid

Frequency

Percent

Valid Percent

Yes

47

44.8

44.8

No

58

55.2

55.2

Total

105

100.0

100.0

 

One-Sample Kolmogorov-Smirnov Normal Test Summary

Total N

105

Most Extreme Differences

Absolute

0.367

Positive

0.313

Negative

-0.367

Test Statistic

0.367

Asymptotic Sig.(2-sided test)a

<.001

 

a.Lilliefors Corrected:

In response to third question, it has found that 44.8 percent buyers are worried about availability charging points and service centers while 55.2 percent buyers don’t consider this fact.

 

Table-4.  Are you worried about risks it poses?

Valid

Frequency

Percent

Valid Percent

Yes

45

42.9

42.9

No

60

57.1

57.1

Total

105

100.0

100.0

 

One-Sample Kolmogorov-Smirnov Normal Test Summary

Total Number

 

105

Most Extreme Differences

Absolute

0.377

Positive

0.303

Negative

-0.377

Test Statistic

0.377

Asymptotic Sig.(2-sided test)a

<.001

 

 

 

 

a Lilliefors Corrected:

In response to fourth question, it has found that 57.1 percent buyers do not consider the perceived risks in electric vehicle while 42.9 percent potential buyers consider the perceived risks of an electric vehicle.

 

Table-5.  Are you willing to buy an electric vehicle because it is environment friendly?

Valid

Frequency

Percent

Valid Percent

yes

43

41.0

41.0

No

62

59.0

59.0

Total

105

100.0

100.0

 

One-Sample Kolmogorov-Smirnov Normal Test Summary

Total Number

105

Most Extreme Differences

Absolute

0.387

Positive

0.293

Negative

-0.387

Test Statistic

0.387

Asymptotic Sig.(2-sided test)a

<0.001

 

In response to fifth question, only 43 percent the potential buyer agreed that they are willing to buy an electric vehicle because of its environment friendly nature.

 

We have applied One-Sample Kolmogorov-Smirnov test, found that in all five hypothesis (H1, H2, H3, H4 and H5) the Null hypothesis is rejected as all factors (price of substitute, perceived monetary benefits, perceived risks, and availability of charging points and service centers) have significant impact of buying decision of consumer in India. 

 

FINDING OF THE STUDY:

·       In India demand side problems regarding expansion and development electric vehicle are safety concerns, range anxiety, less numbers of dedicated charging points and service centers, less affordable and limited choice.

·       Supply side problems of EV industry in India are import dependency for inputs, lack of investment, huge initial cost in production, low level of research and development.

·       In India consumer buying decisions regarding an electric vehicle are influenced by price of substitute, availability and accessibility of charging points and service centers, perceived risks and perceived monetary benefits etc.

·       In comparison to Europe the environmental benefits of an electric vehicle less matters. While monetary benefits matter more for consumers in India.

·       The low price of substitutes such fossil vehicles and perceived significantly affect the demand an electric vehicle in India.

·       Though India has less charging infrastructure than Europe and USA but the demand intensity for charging station is less than Europe and USA, it is having alternatives as charging station such as home charging facilities.

 

CONCLUSION:

The development of electric vehicles Industry since last one decade has been a tremendous game changer, providing an alternative shift from conventional fuel dependence to renewable energy source as well as providing a sustainable ecosystem for greener earth. Electric Vehicles not only provided an alternative option to replace high carbon footprint fuel, but also have given the opportunity to work on newer technology which was stagnant since the introduction of fuel engine from Industrial revolution. One of the major benefits of using electric vehicles since its inception is cost effectiveness, and being environment friendly. But In India’s context the technology has reached little late, and Industry is still catching up to make the EV Industry economically viable for the consumers. One of the main hurdles faced by the Indian manufacturers working on EV vehicles is the availability of cheap lithium ion battery systems and charging Infrastructure for faster charging. Although the timely government steps and incentives have helped the industry to match the pace with developed countries but on the other hand consumers perception is changing slower as they wary more about safety and economic cost. This ongoing decade of 2020 - 2030 the government has set the targeted approach to have market share of 30% EVs by 2030, also policy changes are introduced for consumer awareness, and for incentivizing the manufactures to establish the balance between both supply and demand side of the EV Industry. However the success of these steps will largely depend upon the policy implementation and consumer willingness to switch to EVs, If India could achieve this path breaking change, it could be able to fulfil its international agreements promises, and could also able to provide a cleaner environment for its Citizens.

 

SUGGESTION:

On the basis of the above study following suggestions can be made;

·       Through awareness develop a positive perception regarding electric vehicles in consumers’ minds.

·       Govt should promote dedicated commercial and private parking so that charging infrastructure can be attached with it. It will be very difficult to install charging facilities at petrol pumps because with growing numbers of electric vehicles, small spaces of petrol pumps will not be sufficient as charging a battery of an electric vehicle take time.

·       Through govt, incentives promote domestic lithium-ion battery cell production plants.

·       There should be standardized charger connector types so that symmetry led to rapid development of EV charging stations in easy way.

·       Vocational and professional courses should be introduced in training centre and educational institutions so that required skilled and semi-skilled labour force can be supplied as per expected demand of EV industry in near future.

·       Installation of changing stations as per growing needs and distribution should be such as charging station is in place to charge the correct vehicle at the right time. Adoption of electric vehicles will help India meeting its Sustainable development Goals (SDGs).

·       We need a national policy frame of for India Facilitating, accessible and affordable electronic vehicle for all.

 

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Received on 12.09.2022         Modified on 28.09.2022

Accepted on 14.10.2022      ©AandV Publications All right reserved

Res.  J. Humanities and Social Sciences. 2022;13(3):162-168.

DOI: 10.52711/2321-5828.2022.00027