The Evolution of Electric Vehicle Market Dynamics

Abstract

The global EV market is rapidly expanding due to technological advancements, environmental concerns, and changing consumer preferences. This chapter examines consumer behavior, focusing on factors like environmental awareness, economic considerations, and technological affinity. Consumers prioritize sustainability, with economic factors like cost, government incentives, and fuel savings driving EV adoption. Technological advancements enhance battery efficiency and charging infrastructure. The chapter explores demographic differences in EV adoption, highlighting younger, tech-savvy consumers, and urban dwellers' higher adoption rates, while also examining the impact of social norms and peer behavior. The chapter explores marketing strategies for the EV market, focusing on environmental benefits, cost savings, and digital platforms, while also discussing future challenges and opportunities.