Renu

Dr. Naveen
Jain, Dr.
Kumar,
Amrinder
Vani Kanojia
Kaur 125
ARTHAVAAN
10.71322/[Link].1.09

Towards Greener Future: Analysing the scenario of

electric vehicles in Indian and Global Markets
Dr. Naveen Kumar
Assistant Professor
University School of Management, Gautam Buddha University,
Greater Noida, Uttar Pradesh.
Email: naveen@[Link], ORCID:0000-0002-7396-0235
&
Vani Kanojia
Assistant Professor
Zakir Husain Delhi College, University of Delhi.
Email: kanojia.vani1@[Link], ORCID: 0000-0003-2616-6335

Abstract: 1. Introduction

Embracing electric vehicles (EVs) is increasingly Pollution is defined as the introduction of detrimental
recognized as a pathway to greater sustainability, substances or forms of energy into the environment,
thanks to their potential to lower carbon emissions leading to negative impacts on both living organisms
and reduce dependence on fossil fuels. Although and natural ecosystems. These pollutants may be
the literature highlights considerable progress and present in the air, water, soil, or manifest as noise and
benefits of EV adoption, a comprehensive evaluation of thermal pollution, thereby reducing environmental
research trends and factors surrounding this transition quality and posing risks to human health and well-
is still needed. The present review addresses this gap being ((Nathanson, 2024; Shetty et al., 2023). The
by systematically analyzing recent developments in worldwide community endures pollution produced
EV adoption. This review brings together a range of by transportation throughout their operational use.
determinants influencing the uptake of Evs, clarifying Thousands of tons of greenhouse gases are released
their interconnectedness and relevance for sustainable into the atmosphere due to these end-use pollutants.
mobility. Content analysis of policies and prior The transport sector is integral to global economic
literature has been reviewed to compare the policy and social development, facilitating the movement
implications in India and abroad with special reference of goods and individuals. Nevertheless, it remains
to pollution in cities and electric vehicles as sustainable one of the most energy-intensive sectors, responsible
alternatives for green [Link] study identifies the key for nearly 30% of total final energy consumption and
barriers and drivers to adopt electric vehicles in future. approximately 24% of global CO₂ emissions from fuel
The review’s conclusions provide insightful viewpoints combustion (IEA, 2023)Historically, transportation
for researchers, manufacturers, and politicians, giving has predominantly relied on fossil fuels, specifically
them practical information to support the national and gasoline and diesel, which power most road vehicles,
international (including India’s) transition to greener, ships, and aircraft. These fuels are finite resources that
more sustainable transportation systems the future. significantly contribute to air pollution, greenhouse
gas emissions, and climate change(Sorrell, 2014) .
Keywords: Electric vehicles; pollution; sustainable
The ongoing dependence on oil-based fuels poses
transport

ARTHAVAAN: A Double-Blind, Peer-Reviewed, Refereed Journal in Commerce and Management | ISSN 2455-0353
[Link] | Vol 8 | Issue 1 | December 2025
 Towards Greener Future: Analysing the scenario of electric vehicles in
126
Indian and Global Markets

considerable challenges, including energy insecurity, In contrast, developing countries display varied trends
price volatility, and growing concerns about urban air in EV adoption. For instance, in India, the market share
quality, particularly in rapidly developing urban areas. for electric four-wheelers (E4Ws) remains below 1%,
indicating a nascent stage in EV deployment (Rajper
Invented in the late 1800s, electric vehicles were well-
et al., 2020). However, there is significant growth in
liked and in high demand until 1918 (Harikrishnan
the electric two-wheeler (E2W) market, particularly in
et al., 2023). In 1908, conventional vehicles were
Asian countries like China and Vietnam. In 2018, China
launched, and by 1910, the use of electric vehicles
saw sales of 30 million E2Ws, with a total stock reaching
had decreased. In 1915, Electric automobiles were the
250 million units, underscoring the widespread adoption
last to hit the market. As a result, the market share of
of electric two-wheelers. Other Asian countries, such as
electric automobiles fell by 1900–1915, and they were
India, are also experiencing gradual growth in the E2W
no longer offered. The decrease in the manufacture
market, signalling a shift towards electric mobility in
of electric vehicles was caused by advancements in
the region.
combustion engines, both with and without spark plugs,
and the accessibility of fuel for automobiles. Up until 2. Review of Literature
1970, no efforts were made to enhance or alter electric
Previous studies have explored consumer perceptions
vehicles (Chan, 2002; Harikrishnan et al., 2023).
of EV adoption, influenced by environmental
Global policymakers are therefore concentrating on consciousness, economic concerns, technological
shifting from conventional cars, particularly internal readiness, range anxiety, and perceived risk. Most prior
combustion engine (ICE) autos, to electric vehicles in studies use the TPB model, examining factors like
order to eradicate all direct end-use emissions (VIrTA intention, environmental concern, impact of cognitive
Blogs, 2025). China, Europe, and the USA made up states, perception and incentives in various countries
about 95% of electric vehicle sales in 2024. As a result (Adnan et al., 2018; Haustein & Jensen, 2018; Huang
of legislative alterations and the expiration of several & Ge, 2019; Kastner et al., 2021; Langbroek et al.,
purchase incentives, particularly in Germany and 2019; R. Liu et al., 2021; Mohamed, Ferguson, et
France, Europe’s market share remained unchanged al., 2018; Mohamed, Higgins, et al., 2018; Shakeel,
at 20% in 2024. The more stringent European CO2 2022; Simsekoglu & Nayum, 2019; Yasir et al.,
pollution regulations are expected to elevate the 2022),identified perceived risk, cost, and operational
continent’s electric vehicle sales share to 25% by 2025. barriers to EV adoption in Canada.

According to the International Energy Agency (IEA, Herberz et al., (2020) integrated psychological,
2025)Global EV Outlook reports, in recent years, the demographic, and behavioral aspects to understand
adoption of electric vehicles in developed countries EV adoption. (Featherman et al., 2021),highlighted
has been remarkable, with a market share reaching perceived risks and benefits. Huang et al. (2021) revealed
29% and over 750,000 EVs sold worldwide. Norway that city residents and younger consumers favored EVs,
continues to lead in EV deployment, boasting the suggesting place-based policies. Benzidia et al., (2021),
highest market share among all countries. In 2021, (Rezvani et al., 2018),found value propositions key for
electric vehicles accounted for more than 64.5% of HVs, while channels and customer relationships drive
new car sales in Norway. The Netherlands and Sweden EV satisfaction also studied consumer motivations for
follow, with 25% and 19% market shares respectively. adopting electric vehicles, focusing on gain, normative,
In other developed nations such as China, France, and and hedonic motivations. (Saraf & Shastri, 2022)
the United Kingdom, EVs make up about 15-20% of analyzed factors influencing adoption rates and impact
new vehicle sales, reflecting steady growth in adoption. on GHG, infrastructure, and policy support. (Bhosale

ARTHAVAAN: A Double-Blind, Peer-Reviewed, Refereed Journal in Commerce and Management | ISSN 2455-0353
[Link] | Vol 8 | Issue 1 | December 2025
Dr. Naveen Kumar, Vani Kanojia 127

et al., 2019)identified barriers and motivators for EV vehicles (EVs). Consequence awareness and
adoption in India. Aqmarina et al., (2024)compared responsibility were found to correlate with personal
perceptions between electric motorcycle users and non- norms in a study conducted in Pakistan using Norm-
users in Jakarta, Indonesia. Activation (NAM) theory (Ashraf Javid et al., 2021).
Marketing plays a crucial role in shaping consumer
(Berneiser et al., 2021)focused on both techno-economic
demand for products, including EVs. Oliver & Rosen,
attributes including price, range, and infrastructure,
(2010)proposed marketing strategies that could
and socio-psychological factors for instance norms,
motivate customers by segmenting them based on
and collective efficacy that influence EV adoption. The
their environmental values and self-efficacy. (Setiawan
research explores whether individual characteristics,
et al., 2022), using the System Dynamics model
such as technological risk attitude and environmental
(2022) examined the effectiveness of various policy
awareness, played a role in EV preference. (Dinesh &
interventions on the intention to buy EVs in Indonesia.
Mitra, 2023), examined how personality traits influence
(Clinton & Steinberg, 2019), examined the effects
consumers’ perception of the adoption of sustainable
of financial incentives, for instance, rebates and tax
transportation and also explored which personality
credits, on the adoption of BEV’s.
characteristics drive or hinder EV adoption, for
instance, environmental consciousness, risk aversion, While psychological factors are key to EV adoption, TPB
and openness to innovation. The study suggested overlooks operational factors. Extended frameworks
initiatives like strengthening trust and brand perception, include risk, cost, charging stations, and battery
and enhanced adoption of New Energy Vehicle, advancements. Models like diffusion of innovations
especially for consumers aligned with green values and UTAUT are used but lack comprehensiveness
influenced because of Environmental Corporate Social for policy impacts. A holistic framework integrating
Responsibility (Y. Zhang et al., 2024). psychological, social, operational, and policy factors is
needed.
(Hagman & Stier, 2022), explored that despite rising
market shares, the EVs market remains limited. Key 3. Methodology
barriers include high costs and limited charging
The objective of this study is to analyse the global
infrastructure. The study suggested incentives to boost
markets of electric vehicles and compare it with the
EV sales, emphasizing the need for policies that align
Indian counterparts for drawing the application-based
sales practices with EV adoption goals. (Naumov et al.,
lessons to frame policies to build green cities. The study
2023) proposed that consumers replace the old inefficient
is based on the secondary reports and policy drafts of
fossil-fuelled vehicles with new environment-friendly
various governments from India and abroad. Content
vehicles. (S. Liu et al., 2024), investigated by using a
analysis of the policy papers and reports has been done
bi-level model that balances infrastructure and battery
in order to critically evaluate the current policies and
expenses. The result demonstrates that wireless charging
challenges to electric vehicles adoption in the country.
can save expenses and ease range anxiety, supporting
Firstly, relevant secondary documents like policy
sustainable mobility objectives. (Yeh & Wang, 2023)
papers and reports were selected which are available
study using a machine learning model analysed factors
in public domain. Then, the policy papers and reports
like economic, and environmental and also suggested
were read multiple times for familiarity. A thematic
tools for crafting targeted incentives and infrastructure
framework was developed to synthesize the literature
investments by policymakers to promote EV adoption.
and the policy implications from the documents. The
(Irfan & Ahmad, 2021)examined how consumer two themes, namely, drivers and barriers to electric
personality traits influence the adoption of electric vehicle adoption are presented in the end focusing more

ARTHAVAAN: A Double-Blind, Peer-Reviewed, Refereed Journal in Commerce and Management | ISSN 2455-0353
[Link] | Vol 8 | Issue 1 | December 2025
 Towards Greener Future: Analysing the scenario of electric vehicles in
128
Indian and Global Markets

on the critical challenges that the Indian market will market-driven growth models(BNEF, 2025; VIrTA
be facing as obstacles in achieving their sustainable Blogs, 2025).
objectives in future.
Emerging markets, particularly in Southeast Asia
3.1. Analysing Global market of Electric Vehicles (Vietnam, Thailand, Indonesia) and Latin America
(Brazil, Colombia, Costa Rica), are experiencing rapid
In 2025, over 20 million electric cars are projected to
growth in electric vehicle (EV) sales, in some cases
be sold worldwide, accounting for more than 25% of all
surpassing adoption rates in more affluent nations.
new car sales globally. This marks a 25% increase from
For instance, Thailand’s EV market share has reached
2024, emphasizing the industry’s strong growth (VIrTA
approximately 13%, while Brazil has more than doubled
Blogs, 2025). Norway has solidified its position as
its EV sales, achieving over a 6% market share by 2025
the global leader in electric vehicle (EV) adoption.
(VIrTA Blogs, 2025).Despite this momentum, Africa
By mid-2025, more than 96% of all new cars sold in
lags with an under-1% EV market share, though
the country are fully electric, with monthly figures on
countries like Egypt and Morocco have seen sales more
several occasions exceeding 97%. The market share of
than double year-on-year.
EVs among new passenger car registrations surpassed
90% in 2024 and continues to rise, moving Norway Electric two-wheelers (E2Ws), including scooters,
closer to its objective of achieving exclusive sales of mopeds, and motorcycles, represent a small but
zero-emission vehicles from 2025 onward (EVXL rapidly growing share of the mobility market in
Blog, 2025).The core markets continue to be China, developed countries. In cities with traffic congestion
Europe, and the USA, accounting for around 95% of all and environmental regulations (e.g., many European
EV sales in 2024, with China leading by a wide margin. nations), E2Ws are promoted for their ability to reduce
emissions and manage urban traffic. Governments
China accounts for approximately two-thirds of
offer subsidies, dedicated lanes, urban zero-emission
worldwide electric car sales and is the sole nation
zones, and infrastructure investments to encourage
where electric vehicles are, on average, less expensive
adoption. Norway is also investing over NOK 1 billion
than traditional automobiles. Despite the worldwide
in cycling infrastructure (2022-2025), supporting
surge in electric vehicle sales, BNEF has revised its
e-bike use—especially in Oslo’s “car-free zones.” This
long-term and short-term projections for passenger
makes Electric bikes more viable for urban commutes
electric vehicle adoption downward for the first time,
and in challenging terrain (Linkedin Blog, 2025).The
mostly attributable to legislative modifications in the
e-bike market is expanding at over 24% CAGR and is
United States (BNEF, 2025).China is projected to
expected to reach NOK 50-70 million by 2025, driven
contribute more than 60% of global EV sales in 2025,
by premium brands, speed pedelecs, local interest in
driven by strong policies, low prices, and advanced
sustainability, and government support (Di Market,
manufacturing. Europe is expected to reach a 25% EV
2025)
sales share by 2025, driven by stricter emission rules
and some government subsidies. China leads in electric two-wheelers, driving trends
in battery swapping and affordability. Major cities
USA EV market share growth has slowed with changing
including Beijing, Shanghai, and Guangzhou
incentives, but is still projected to reach 11% in 2025
demonstrate particularly high levels of electric two-
(IEA, 2025).Many developing countries have nascent
wheeler (E2W) adoption, driven by urban congestion,
yet growing government support through subsidies, tax
stringent emissions regulations, and supportive
breaks, and import reductions. In contrast, developed
government measures such as subsidies and licensing
markets are transitioning from heavy subsidies to more
restrictions for gasoline-powered motorcycles.

ARTHAVAAN: A Double-Blind, Peer-Reviewed, Refereed Journal in Commerce and Management | ISSN 2455-0353
[Link] | Vol 8 | Issue 1 | December 2025
Dr. Naveen Kumar, Vani Kanojia 129

E2Ws are widely utilised for delivery services, daily and the enhancement of charging infrastructure. The
commuting, and logistics operations E2W industry is expanding as an economical substitute
for fuel-powered vehicles, particularly in urban areas
Vietnam and Indonesia are intensifying market
like São Paulo and Buenos Aires.
competition through the introduction of lower-cost
E2W models (BNEF, 2025). Vietnam leads Southeast In Africa and the Middle East countries, for instance,
Asia with an E2W market share approaching 8-10% Nigeria and Kenya, E2W adoption is below 1% at
and is seeing rapid transition due to high two- the nascent stage but is still growing with the help of
wheeler dependency for daily mobility and favourable companies like Ampersand and EcoBici. In the Middle
government policies. Thailand is seen as a regional leader East, the UAE is leading with government incentives.
for infrastructure investment and proactive government
3.2. Analysing the Electric Vehicles market scenario
incentives, accelerating E2W adoption. Indonesia has
in India
the largest potential market due to sheer volume, but
the adoption rate is lower than in Thailand or Vietnam. India holds the title of the world’s most populous
However, sales are rising quickly in urban centers due country after surpassing China, with a population of
to congestion and concerns about fuel prices (VIrTA 1,453,087,106, accounting for approximately 17.78%
Blogs, 2025). of the global population. As the population of a nation
grows, so does the demand for vehicles. This demand is
In North America, Japan, and Australia, the share is less
further driven by increasing urbanization and rising per
than 5% (Meticulous Research Blog, 2025). In South
capita income in developing countries. The increase in
Asian Nations, for instance, Europe’s E2W sales are
automobile usage leads to elevated local air pollution,
surging with a forecasted market size of around $25.7
carbon emissions, and traffic congestion (Rao et al.,
billion in 2025 and are expected to nearly double by
2013; Woodcock et al., 2009). The escalating emissions
2033 (Market Data Forecast, 2025). Approximately
of greenhouse gases (GHGs) present significant
16-28% of new two-wheeler sales in countries such
challenges, including global warming, climate change,
as the Netherlands, France, and Germany are electric.
and deteriorating air quality(Degirmenci & Breitner,
Urbanization, strict emissions standards, and financial
2017). Recognizing these challenges, there is a growing
incentives are major drivers. E2Ws are popular for
Global emphasis on renewable energy as a crucial
personal, urban commuting and last-mile logistics,
strategy to mitigate the impacts of global warming.(Jie
propelled by city-level emission zones and infrastructure
et al., 2021), Electric vehicle is a type of sustainable
projects (RESEARCH AND MARKETS, 2025).
goods that mitigate air pollution by generating zero
The US E2W market is relatively modest yet rapidly greenhouse gas emissions (Berneiser et al., 2021).
expanding, with anticipated sales surpassing 400,000 Electric vehicles have garnered increasing interest from
units in 2024. Urban growth is most rapid, particularly governments, businesses, and researchers due to their
in California, which constitutes approximately 40% reduced greenhouse gas emissions, lower reliance on
of U.S. E2W sales. Still below 5% of the overall two- petroleum, and greater energy efficiency.
wheeler market, gradually rising as infrastructure and
India is the third-largest emitter of carbon dioxide
awareness improve (Future Market Insights Inc, 2025;
(CO2) in the world, after China and the United States.
imarc, 2025).
According to reports of CCPI, 2023 emissions in India
Latin American countries like Brazil dominate the increased by 190 million tones due to strong GDP
area, having sold over 90,000 E2Ws in 2023, with growth and reduced hydroelectricity production. It
development facilitated by tax incentives, subsidies, rated third among countries with the poorest air quality,

ARTHAVAAN: A Double-Blind, Peer-Reviewed, Refereed Journal in Commerce and Management | ISSN 2455-0353
[Link] | Vol 8 | Issue 1 | December 2025
 Towards Greener Future: Analysing the scenario of electric vehicles in
130
Indian and Global Markets

and 13 of its North Indian towns are among the 15 over the last decade(IEA, 2023). Policies such as the
most polluted in the world. Transportation assumes a Battery Swapping Policy and the Production Linked
nefarious significance in this context. Worldwide, it Incentive (PLI) Scheme are designed to enhance the
accounts for around 305.3 MtCO2e, constituting 0.64 financial viability of EVs by reducing battery costs
percent of total greenhouse gas emissions, however in (Shanmugavel & Micheal, 2022).
India, this sector represents the most rapidly expanding
These efforts are part of India’s broader objective to
source of carbon emissions (Chandel, 2023).Several
reach net-zero emissions by 2070, a target set at COP26
initiatives are being taken by the Government of India.
and supported by national policies and international
EVs have already started to penetrate several cities in
commitments (World Economic Forum, 2023). Despite
India in the form of battery rickshaws, electric bikes,
these strides, India continues to face challenges,
and scooters which attracted customers. Jayasingh
including dependence on coal and the need for more
et al., (2021), 80% and above sales of automobiles in
extensive EV infrastructure development (CGEF, 2023)
India come from two-wheelers showing the domination
of the automobile market by two-wheelers. India’s progression towards electric vehicles (EVs)
started in the 1990s, predominantly including compact
In India, despite the government’s commitment to the
electric scooters and three-wheelers aimed at mitigating
Paris Agreement to reduce greenhouse gas emissions to
urban pollution. The introduction of the Reva by the
30-35% of 2005 levels by 2030 and to decrease reliance
Maini Group in 1996 signified the nation’s initial
on fossil fuels(Shanmugavel & Micheal, 2022).
significant venture into electric vehicles for personal
According to a recent report from the International
transportation. Initial momentum was constrained by
Energy Agency(IEA, 2023), the Ministry of Petroleum
elevated pricing, inadequate battery technology, and
and Natural Gas, and the Ministry of Power. The usage
insufficient charging infrastructure, leading to sluggish
share of 2015 is approximately 85% but the share of
early acceptance. A major turning point occurred due to
fossil fuels in India’s energy mix has slightly decreased,
sustained governmental action and policy endorsement.
though they still dominate the energy. India is currently
In the early 2010s, the Ministry of New and Renewable
the fourth-largest emitter of greenhouse gases (GHGs),
Energy (MNRE) implemented a subsidy program for
contributing about 7% of the global total annually
electric vehicle manufacture. True acceleration started
(Center on Global Energy Policy, 2023). Additionally, it
with the initiation of the National Electric Mobility
faces significant air quality challenges, with numerous
Mission Plan (NEMMP) in 2013, which established
North Indian cities among the most polluted worldwide.
ambitious objectives for electric vehicle manufacture,
The transportation sector plays a substantial role in these
enhancement of air quality, and reduction of oil reliance
environmental issues, as it is India’s fastest-growing
by (chargeMOD, 2024).
source of carbon emissions (IEA, 2023).
Rapid technical advancements, notably the widespread
To mitigate these impacts, the Indian government
use of lithium-ion batteries, resulted in subsequent
has initiated several measures, including promoting
years of increased range and decreased prices. New
electric vehicles (EVs). EVs are becoming increasingly
entrants to the market, including electric automobile
popular, particularly in the two-wheeler segment, which
manufacturers from India like Mahindra Electric
dominates India’s automobile market. Recently, EVs
(eVerito, e2o), Tata Motors (Tigor EV, Nexon EV),
have accounted for around 5% of total vehicle sales,
and Hyundai Kona Electric and MG ZS EV, have
with considerable adoption in the three-wheeler market
increased the variety and quality of electric vehicles
,Furthermore, India has significantly expanded its
available. In India, electric alternatives to the two- and
renewable energy capacity, achieving a 400% increase
three-wheelers that are used for personal transportation

ARTHAVAAN: A Double-Blind, Peer-Reviewed, Refereed Journal in Commerce and Management | ISSN 2455-0353
[Link] | Vol 8 | Issue 1 | December 2025
Dr. Naveen Kumar, Vani Kanojia 131

experienced a boom in popularity. For city dwellers and support. Programs for battery manufacturing (Advanced
delivery people, names like Ather Energy, Ola Electric, Chemistry Cell Battery Programme) and charging
and Hero Electric quickly became recognition symbols. infrastructure (EV Mitra Scheme) by . (Invest India,
2022; TATAPOWER, 2025)
Through a well-organized suite of programs and
subsidies, the Indian government has played a 4. Findings and Discussion
pivotal role in promoting the use of electric vehicles
To establish a thriving electric vehicle (EV) market in
starting with schemes National Electric Mobility
India, stable policies and incentives are essential. As
Mission Plan (NEMMP) – 2013, which set the
shown in Figure 1, India currently lags other western
roadmap for EV transition by 2020, targeting reduced
nations in its contribution to the global EV market.
oil imports and improved air quality. Focused on
Despite this, India’s automobile sector is the fifth
building an indigenous EV ecosystem and supporting
largest in the world and is projected to become the third
manufacturers(chargeMOD, 2025).
largest by 2030. Moreover, India is the world’s leading
FAME India Scheme (FasterAdoption and Manufacturing producer of two- and three-wheelers, the second-largest
of Hybrid & Electric Vehicles) as FAME-I (2015– manufacturer of buses, and the top producer of vehicles
2019): Financial incentives for EV purchases, enhancing like tractors (Invest India, 2022.)These factors present
demand, and initial infrastructure. Allocated ₹895 a significant opportunity for India to explore and
crore. FAME-II (2019–2024): Much larger allocation capitalize on the future potential of the EV sector.
(₹11,500 crore), targeted buses, public transport,
Figure 1: Global Passenger EV sales
charging stations, and incentivized manufacturing.
Aimed for 1.6 lakh e-three wheelers, 7,262 e-buses,
30,461 e-passenger cars, and 15 lakh e-two wheelers
(Niti Aayog, 2025). PM E-DRIVE (2024–2026)
Replaces the previous initiatives and increases support
for both public and private EVs (including EMPS-2024).
The budget of this initiative is ₹10,900 crore, which will
fund charging infrastructure, about 2.5 million E2Ws,
more than 300,000 E3Ws, trucks, ambulances, and
buses. Emphasizing vehicles with advanced batteries
and local manufacturing (Ministry of Heavy Industries,
2025; Ministry of Heavy Industries:PIB, 2025)
Source: Author’s representation from the report by BNEF
Scheme to Promote Manufacturing of Electric Passenger (2023)
Cars in India (SPMEPCI, 2024) has been designed to
attract global and domestic manufacturers, offering According to the (BNEF, 2023), data showed the EV
duty concessions and mandating local value addition. adoption gap between wealthy and developing nations
Minimum investment requirement of ₹4,150 crore for like India. China still dominates the global EV market, but
approved applicants, designed to make India a global sales are rising quickly elsewhere too. Electric vehicles
EV manufacturing hub ([Link]; [Link]). are no longer only a wealthy country phenomenon. But
Regional and Sectoral Policies like State governments Developing economies like Thailand, India, Turkey,
(like Delhi, Maharashtra, and Tamil Nadu) have Brazil, and others are all still experiencing record sales
complementary EV policies offering extra subsidies, as more low-cost electric models and at a very nascent
registration fee waivers, and charging infrastructure stage. Developed markets like China, Europe, US are the

ARTHAVAAN: A Double-Blind, Peer-Reviewed, Refereed Journal in Commerce and Management | ISSN 2455-0353
[Link] | Vol 8 | Issue 1 | December 2025
 Towards Greener Future: Analysing the scenario of electric vehicles in
132
Indian and Global Markets

largest contributors to global EV sales. According to the significantly boost adoption (Sonar et al., 2023).The total
sources, China, Europe, and the US collectively account cost of ownership, including battery costs, determines
for around 89% of global EV sales. India’s share is much the economic viability of EVs for consumers.
smaller, and it’s expected to be around 0.2% of global EV
Technological Criteria: Improvements in battery
sales in 2023, based on its current market size compared to
capacity, charging time, driving range, and vehicle
global sales​(Green Wheels India, 2023). The remaining
price are critical for market acceptance. The technology
share (approximately 10.8%) includes all other countries
acceptance model (TAM) suggests that increased EV
not categorized as developed markets or India.
knowledge and awareness drive consumer adoption
Figure 2 represents the percentage of market share of (S(Sonar et al., 2023).
electric vehicles in India compared to developed which
Policy and Regulatory Support: Policy incentives and
were estimated based on the global distribution of electric
regulatory actions (emissions regulations, infrastructure
vehicle (EV) sales in 2025.
development) serve as strong motivators for EV uptake.
Figure 2: EV Market Share in 2025 Urban-centric policies and targeted infrastructure
expansion make EV adoption easier in densely
populated regions(McKinsey& Company, 2023)

Consumer Perception, Preferences, and Awareness:

Perceived benefits such as lower engine noise, modern
features, and environmental friendliness impact
consumer intention to buy EVs (Bansal & Ansari,
2025; Sonar et al., 2023). Consumers in urban regions,
multicar households, and those with previous EV
experience are more likely to adopt EVs(McKinsey&
Company, 2023).

Infrastructure Availability: The presence of robust

public and private charging infrastructure increases EV
Source: Author’s representation from the report by IEA
attractiveness(McKinsey& Company, 2023). Lack of
(2025)
infrastructure is a notable barrier, especially in rural and
4.1. Drivers of EV Adoption less developed areas (Sonar et al., 2023).

Environmental and Sustainability Concerns: Electric Socioeconomic and Demographic Factors: Income
vehicles are primarily used to reduce greenhouse levels, education, and regional differences influence
gas emissions and contribute to combating climate adoption rates (McKinsey, 2025). Younger, urban, and
change(McKinsey& Company, 2023; Sonar et al., environmentally conscious consumers show greater
2023). Consumers are increasingly favouring vehicles propensity to purchase EVs(Zheng et al., 2022)
that lower their carbon footprint, with sustainability
Barriers to Adoption
now ranking among the top factors shaping their
purchase choices (Sonar et al., 2023). The aforementioned literature indicates that despite
the initiation of the FAME Scheme in India, several
Economic Incentives and Cost Factors: Government
constraints continue to impede the adoption of electric
subsidies, tax incentives, rebates, and lower operational
cars, several of which have been highlighted in this
costs (like reduced fuel and maintenance expenses)
study (refer to figure 3).

ARTHAVAAN: A Double-Blind, Peer-Reviewed, Refereed Journal in Commerce and Management | ISSN 2455-0353
[Link] | Vol 8 | Issue 1 | December 2025
Dr. Naveen Kumar, Vani Kanojia 133

Lack of infrastructure: India is unable to provide investments by manufacturers will achieve the profit
charging stations for electric automobiles. Jain et maximization goal while boosting the sales subsidies,
al., (2022),also suggest that it is the government’s and enhancing performance and experience (Feng et
responsibility to improve supporting infrastructure in al., 2020).
India by installing as many charging stations as possible
and working on a policy framework more deeply Figure 3: Determinants of Electric Vehicles Usage
considering the psychological factors of adoption of
EVs in the country.(Xia et al., 2022), recommended that
infrastructure development is required more in third/
fourth tier cities whereas in first/second tier subsidy
deduction may impact purchaser intention negatively.
Lack of infrastructure and awareness about alternatives
to conventional vehicles, price, and driving range are
major causes of the low rate of EV adoption (Fry et al.,
2018), Public and private charging options are limited.
Most charging happens at homes or workplaces where
available, but urban density and unreliable electricity
supply can restrict this. There is a shortage of skilled
technicians and engineers versed in EV technology, with
a pressing need for workforce training.

Lack of manufacturers: In India, manufacturers

are still not ready to take the risk in manufacturing
Source: Authors’ representation
electric vehicles because of many reasons. Households
consider personal norms like environmental concerns Lack of awareness: Many consumers remain unaware
and subjective norms whereas organizations preferred of the economic and ecological benefits of EVs,
injunctive norms while making purchase decisions for slowing demandIn India, there is a lack of initiative to
e-cars (Kastner et al., 2021)This prompts government educate the general people and manufacturers about the
benefits and utilization of electric [Link]
regulations are required to mandate that organizations
risk of accident and lack of knowledge about EVs
either adopt EVs or promote EVs specially making
have an indirect negative impact on the intention to
it compulsory for car manufacturers to produce a
use EVs (Simsekoglu & Nayum, 2019).Knowledge
certain number of fleets of green vehicles.(Galati et
and awareness tend to create positive attitudes and
al., (2023) , found that consumers prefer to invest in perceived benefits of EVs (Adu-Gyamfi et al., 2022).
those agri-food delivery farmers/businesses where Encarnação et al., (2018)argue that government
environmentally conscious behaviors are exhibited regulations are necessary but not enough to boost EV
like using EVs for delivery. Hence, there is a link adoption and thus synergize the public-civil relations
between consumers’ willingness to pay premium prices awareness of environmental benefits should be
for brands engaging in socially responsible behaviors. promoted. (Langbroek et al., 2019), gave an innovative
Companies and citizens should be willing to invest in and unconventional approach to increase the adoption
EVs for long-term incentives rather than seeing it as an of EVs by familiarizing drivers with electric vehicles
additional expenditure(Encarnação et al., 2018). R&D by making them available on a rental basis so that cause

ARTHAVAAN: A Double-Blind, Peer-Reviewed, Refereed Journal in Commerce and Management | ISSN 2455-0353
[Link] | Vol 8 | Issue 1 | December 2025
 Towards Greener Future: Analysing the scenario of electric vehicles in
134
Indian and Global Markets

of inhibitions can be removed as the drivers could for Indian markets. What differentiates Indian markets
experience that EVs have no such limitations like safety from the others is that there is a huge population in
issues or distance range etc. (Du et al., (2018), suggest two categories, one is young and tech-savvy while
taking advantage of creating positive social influence to the other is mature and conscious of social status.
cover the awareness-behavior gap. Similarly, there are urban areas with problems of traffic
congestion and pollution and opposite to it there are
Lack of subsidy scheme: The purchase price of EVs remains
underdeveloped cities with infrastructural issues and
a significant barrier. Without widespread local manufacturing
lower income groups. Marketing strategies for all the
or subsidized vehicles, EVs are often much more expensive
groups require different perspectives and thus this
than gasoline models. Some countries lack robust national
study contributes to discover various strategies that
strategies, incentives, or consistent regulations to support
will work for each category differently. The adoption
the EV sector. EV attractiveness is induced by the financial
of electric vehicles should also be explored further in the
incentives associated with the purchase (Setiawan et al., 2022).
context of sustainable marketing.
India has initiated FAME-I and FAME-II to offer subsidies
to consumers; nevertheless, the government has not attracted 6. Conclusion
customers to the same extent as other nations, such as Norway,
EV adoption is a result of social and personal factors
which has implemented VAT [Link] prices
prompting the owners to shift to new lifestyle patterns.
may support the transition from conventional vehicles to EVs
(Whittle & Whitmarsh, 2022). According to the
by reducing electricity prices and license plate fees for EVs may
literature, there is no single best solution to accentuate
provide indirect subsidies for EV owners(Zhu et al., 2022).(Xu
the acceptance of EV rather an apt policy mix needs to
et al., 2019) suggest non-financial benefits for BEV drivers
be created keeping in mind the demographics, culture,
such as preferential treatment by the government in parking
and personality traits of the potential customers. (W.
and roads and financial incentives such as loan limit extension,
Zhang & Dou, 2021),question the complete focus on
and favorable insurance schemes for EV buyers.
subsidizing as a one-time easy solution to boost EV
5. Limitations and Scope of Research adoption as against lowering the charging costs by
selecting the strategic location of charging stations
The research identifies the gaps in the existing literature
which can be beneficial to both the EV drivers and
on the adoption of electric vehicles. Looking at the
service providers in terms of convenience and profit
current scenario, despite the alarming rates of pollution
maximization respectively. Wang et al. (2019) gave
and congestion India lags behind the countries like
suggestions on various policy mixes other than subsidy
Japan and China. While framing policy drafts, care
schemes recommending various types of policies like
should be taken as Indian markets are culturally
exemptions on parking fees, toll taxes, mandates,
different from the western countries and also have a
rescission of driving, and other kinds of restrictions that
unique demographic pattern compared to the other
will promote EV adoption. (Zhou et al., 2021) support the
Asian countries. Hence, policy transfer cannot be
introduction of test drives to give experience drivers to
outrightly done from one society to another without
promote EVs. Implementation of technology assistance
identifying the power differential of the community
programs (TAP) can lead to a more competitive market
or city (Ashmore et al., 2018). Through this study, the
and significantly increase social welfare. Consumers
authors direct the attention toward the need to study
can also benefit from the reduced prices of EVs (Jie
the customer adoption of electric vehicles throughout
et al., 2021). From the success of the VAMO scheme
the world. With the help of existing literature, the
introduced in Brazil, it can be recommended that
Fame Scheme of India has been examined to give
for urban areas e-car sharing is also a sustainable
practical recommendations for creating a policy mix

ARTHAVAAN: A Double-Blind, Peer-Reviewed, Refereed Journal in Commerce and Management | ISSN 2455-0353
[Link] | Vol 8 | Issue 1 | December 2025
Dr. Naveen Kumar, Vani Kanojia 135

transport option if supported by the government Aqmarina, N. S., Nurcahyo, R., & Sumaedi, S. (2024).
(Luna et al., 2020). The study also emphasizes the Accelerating Electric Motorcycle Adoption: Comparison
need for collaborative efforts between government, Between Users and Non-Users Perspectives In Jakarta,
organizations, manufacturers, and consumers to achieve Indonesia. TEM Journal, 13(2), 1633–1644.
successful EV adoption and transition to a sustainable
Ashmore, D. P., Pojani, D., Thoreau, R., Christie, N., &
transportation system. Policymakers must consider
Tyler, N. A. (2018). The symbolism of ‘eco cars’ across
these implications to formulate effective strategies
national cultures: Potential implications for policy
that promote sustainable and widespread adoption
formulation and transfer. Transportation Research Part
of electric vehicles. Ultimately, success necessitates
D: Transport and Environment, 63, 560–575. https://
the integration of judicious governmental initiatives,
[Link]/10.1016/[Link].2018.06.024
effective organizational governance, assistance from
manufacturers, and self-awareness among end-users. Ashraf Javid, M., Ali, N., Abdullah, M., Campisi, T.,
& Shah, S. A. H. (2021). Travelers’ Adoption Behavior
7. Future Research
towards Electric Vehicles in Lahore, Pakistan: An
Future study on electric vehicles (EVs) in Extension of Norm Activation Model (NAM) Theory.
India and internationally offers opportunities Journal of Advanced Transportation, 2021(1), 7189411.
to address theoretical gaps in technology, [Link]
consumer psychology, and sustainability.
Bansal, R., & Ansari, Y. (2025). The role of drivers
​Comparative lifecycle assessments of EVs versus ICE
for sustainable development in the electric vehicle
vehicles in India under different grid decarbonisation
adoption: A two-staged structural equation modelling-
scenarios can be taken for instances battery
artificial neural network technique. Resources,
production and endoflife management. Future
Conservation & Recycling Advances, 26, 200255.
comparative study may employ difference-in-
[Link]
differences analysis of state electric vehicle laws
in India against worldwide benchmarks, assessing Benzidia, S., Luca, R. M., & Boiko, S. (2021). Disruptive
effects on sales, emissions, and equality and consumers innovation, business models, and encroachment
perceptions. Comparative policy effectiveness for green strategies: Buyer’s perspective on electric and hybrid
vs. non-green segments investigate whether incentives vehicle technology. Technological Forecasting and
work better for environmentally conscious consumers. Social Change, 165, 120520. [Link]
TECHFORE.2020.120520
8. References
Berneiser, J., Senkpiel, C., Steingrube, A., &
Adnan, N., Md Nordin, S., Hadi Amini, M., & Langove,
Gölz, S. (2021). The role of norms and collective
N. (2018). What make consumer sign up to PHEVs?
efficacy for the importance of techno-economic
Predicting Malaysian consumer behavior in adoption
vehicle attributes in Germany. Journal of Consumer
of PHEVs. Transportation Research Part A: Policy
Behaviour, 20(5), 1113–1128. [Link]
and Practice, 113, 259–278. [Link]
CB.1919;PAGE:STRING:ARTICLE/CHAPTER
TRA.2018.04.007
Bhosale, A. P., Gholap, A., Mastud, S. A., & Bhosale, D.
Adu-Gyamfi, G., Song, H., Nketiah, E., Obuobi, B.,
G. (2019). A research on market status and purchasing
Adjei, M., & Cudjoe, D. (2022). Determinants of
decision influencing parameters for electric vehicles:
adoption intention of battery swap technology for
Indian context. International Journal of Recent
electric vehicles. Energy, 251, 123862. [Link]
Technology and Engineering, 8(2S11), 2700–2706.
org/10.1016/[Link].2022.123862

ARTHAVAAN: A Double-Blind, Peer-Reviewed, Refereed Journal in Commerce and Management | ISSN 2455-0353
[Link] | Vol 8 | Issue 1 | December 2025
 Towards Greener Future: Analysing the scenario of electric vehicles in
136
Indian and Global Markets

[Link] more important than price and range? Transportation

publication/368882616_A_Research_on_Market_ Research Part D: Transport and Environment, 51, 250–
Status_and_Purchasing_Decision_Influencing_ 260. [Link]
Parameters_for_Electric_Vehicles_Indian_Context/
Di Market. (2025, December 20). Norway E-bike
links/63ff5113b1704f343f919c3c/A-Research-on-
Market 2025-2033 Overview: Trends, Competitor
Market-Status-and-Purchasing-Decision-Influencing-
Dynamics, and Opportunities. [Link]
[Link]
[Link]/reports/norway-e-bike-
BNEF. (2025, June 18). Global Electric Vehicle Sales market-15316?tab=segments
Set for Record-Breaking Year, Even as US Market
Dinesh, S., & Mitra, S. (2023). Consumers’ Adoption of
Slows Sharply, BloombergNEF Finds | BloombergNEF.
Electric Vehicles for Sustainability: Exploring the Role
[Link]
of Personality Traits. Foresight and STI Governance,
electric-vehicle-sales-set-for-record-breaking-year-
17(2), 69–80. [Link]
even-as-us-market-slows-sharply-bloombergnef-finds/
2597.2023.2.69.80
CGEF. (2023). Center on Global Energy Policy at
Du, H., Liu, D., Sovacool, B. K., Wang, Y., Ma, S., &
Columbia University . [Link]
Li, R. Y. M. (2018). Who buys New Energy Vehicles
[Link]/
in China? Assessing social-psychological predictors
Chan, C. C. (2002). The state of the art of electric and of purchasing awareness, intention, and policy.
hybrid vehicles. Proceedings of the IEEE, 90(2), 247– Transportation Research Part F: Traffic Psychology
275. [Link] and Behaviour, 58, 56–69. [Link]
TRF.2018.05.008
Chandel, A. (2023). Unearthing the Factors Behind
Adoption of Electric Cars : An Indian Perspective. Encarnação, S., Santos, F. P., Santos, F. C., Blass, V.,
Indian Journal of Marketing, 53(9), 46–61. [Link] Pacheco, J. M., & Portugali, J. (2018). Paths to the
org/10.17010/IJOM/2023/V53/I9/173141 adoption of electric vehicles: An evolutionary game
theoretical approach. Transportation Research Part B:
chargeMOD. (2024, September 23). The History of
Methodological, 113, 24–33. [Link]
EVs in India: 9 Key Milestones Shaping the Future
TRB.2018.05.002
of Electric Vehicles | chargeMOD. [Link]
com/blog/The-History-of-EVs-in-India1727096717iz7 EVXL Blog. (2025, March 5). Norway’s Electric
Vehicle Boom: 97% Of New Cars In April Are EVs, Tesla
chargeMOD. (2025). Union Budget 2025: The EV
Model Y Leads The Charge. [Link]
Revolution Just Got a Turbo Boost! | chargeMOD.
norways-electric-vehicle-boom-tesla-model-y/
[Link]
charging-chargemod1738409903KtZ Featherman, M., Jia, S. (Jasper), Califf, C. B., & Hajli, N.
(2021). The impact of new technologies on consumers
Clinton, B. C., & Steinberg, D. C. (2019). Providing
beliefs: Reducing the perceived risks of electric
the Spark: Impact of financial incentives on battery
vehicle adoption. Technological Forecasting and
electric vehicle adoption. Journal of Environmental
Social Change, 169, 120847. [Link]
Economics and Management, 98, 102255. [Link]
TECHFORE.2021.120847
org/10.1016/[Link].2019.102255
Feng, X., Huang, B., & Li, Y. (2020). R&D investment
Degirmenci, K., & Breitner, M. H. (2017). Consumer
in new energy vehicles with purchase subsidy based on
purchase intentions for electric vehicles: Is green
technology adoption life cycle and customers’ choice

ARTHAVAAN: A Double-Blind, Peer-Reviewed, Refereed Journal in Commerce and Management | ISSN 2455-0353
[Link] | Vol 8 | Issue 1 | December 2025
Dr. Naveen Kumar, Vani Kanojia 137

behaviour. IET Intelligent Transport Systems, 14(11), WGROUP:STRING:PUBLICATION

1371–1377. [Link]
Herberz, M., Hahnel, U. J. J., & Brosch, T. (2020). The
9;REQUESTEDJOURNAL:JOURNAL:17519578;CS
importance of consumer motives for green mobility:
UBTYPE:STRING:SPECIAL;PAGE:STRING:ARTIC
A multi-modal perspective. Transportation Research
LE/CHAPTER
Part A: Policy and Practice, 139, 102–118. [Link]
Fry, A., Ryley, T., & Thring, R. (2018). The Influence of org/10.1016/[Link].2020.06.021
Knowledge and Persuasion on the Decision to Adopt or
Huang, X., & Ge, J. (2019). Electric vehicle development
Reject Alternative Fuel Vehicles. Sustainability 2018,
in Beijing: An analysis of consumer purchase intention.
Vol. 10, 10(9). [Link]
Journal of Cleaner Production, 216, 361–372. https://
Future Market Insights Inc. (2025). Electric Two [Link]/10.1016/[Link].2019.01.231
Wheelers MRO Market Size & Forecast 2025-2035.
IEA. (2023). World Energy Outlook 2023 – Analysis
[Link]
- IEA. [Link]
two-wheelers-mro-market
outlook-2023
Galati, A., Migliore, G., Thrassou, A., Schifani,
IEA. (2025). World Energy Outlook 2025 –
G., Rizzo, G., Adamashvili, N., & Crescimanno,
Analysis .[Link]
M. (2023). Consumers’ Willingness to Pay for
outlook-2025
Agri-Food Products Delivered with Electric
Vehicles in the Short Supply Chains. FIIB Business imarc. (2025). Electric Vehicle Manufacturing Plant
Review, 12(2), 193–207. [Link] org/ Project Report 2025. [Link]
10.1177/23197145221112743;WEBSITE:WEBSITE: electric-vehicle-manufacturing-plant-project-report
SAGE; JOURNAL :JOURNAL:
Invest India. (n.d.). Investment Opportunities in Electric
FIBA;WGROUP:STRING:PUBLICATION
Mobility . Retrieved December 26, 2025, from https://
Hagman, J., & Stier, J. J. (2022). Selling electric [Link]/sector/electric-mobility
vehicles: Experiences from vehicle salespeople in
Irfan, M., & Ahmad, M. (2021). Relating consumers’
Sweden. Research in Transportation Business &
information and willingness to buy electric vehicles:
Management, 45, 100882. [Link]
Does personality matter? Transportation Research Part
RTBM.2022.100882
D: Transport and Environment, 100, 103049. https://
Harikrishnan, R., Sivagami, P., Pushpavalli, M., [Link]/10.1016/[Link].2021.103049
Rajesh, G., Abirami, P., & Ram, M. (2023). Evolution
Jain, N. K., Bhaskar, K., & Jain, S. (2022). What drives
of Electric Vehicle-A Review. Proceedings - 5th
adoption intention of electric vehicles in India? An
International Conference on Smart Systems and
integrated UTAUT model with environmental concerns,
Inventive Technology, ICSSIT 2023, 322–330. https://
perceived risk and government support. Elsevier, 42.
[Link]/10.1109/ICSSIT55814.2023.10061001
[Link]
Haustein, S., & Jensen, A. F. (2018). Factors of electric
Jayasingh, S., Girija, T., & Arunkumar, S. (2021).
vehicle adoption: A comparison of conventional
Factors Influencing Consumers’ Purchase Intention
and electric car users based on an extended theory
towards Electric Two-Wheelers. Sustainability 2021,
of planned behavior. International Journal of
Vol. 13, 13(22). [Link]
Sustainable Transportation, 12(7), 484–496.
[Link] 10.1080/15568318.2017.1398790; Jie, Y., Liu, C. Z., & Choo, K. K. R. (2021). A Game-

ARTHAVAAN: A Double-Blind, Peer-Reviewed, Refereed Journal in Commerce and Management | ISSN 2455-0353
[Link] | Vol 8 | Issue 1 | December 2025
 Towards Greener Future: Analysing the scenario of electric vehicles in
138
Indian and Global Markets

Theory-Based Contract Mechanism to Facilitate McKinsey& Company. (2023, September 14).

Technology Spillover in Emerging Electric Vehicle Consumers are driving the transition to electric cars in
Markets. In Y. Jie, Z. C. Liu, & K.-K. R. Choo (Eds.), IEEE India | McKinsey. [Link]
Transactions on Engineering Management (Vol. 71, pp. automotive-and-assembly/our-insights/consumers-are-
76–89). Institute of Electrical and Electronics Engineers driving-the-transition-to-electric-cars-in-india
Inc. [Link]
Ministry of Heavy Industries, G. (2025). Scheme
Kastner, I., Becker, A., Bobeth, S., Matthies, E., Kastner, to Promote Manufacturing of Electric Passenger
I., Becker, A., Bobeth, S., & Matthies, E. (2021). Are Cars in India | Ministry of Heavy Industries.
Professionals Rationals? How Organizations and [Link]
Households Make E-Car Investments. Sustainability manufacturing-electric-passenger-cars-india-0
2021, Vol. 13, 13(5), 1–19. [Link]
Ministry of Heavy Industries:PIB. (2025). Press
SU13052496
Release:INITIATIVE TO IMPROVE EV SECTOR.
Langbroek, J. H. M., Cebecauer, M., Malmsten, J., h t t p s : / / w w w. p i b . g o v. i n / P r e s s R e l e a s e P a g e .
Franklin, J. P., Susilo, Y. O., & Georén, P. (2019). Electric aspx?PRID=2152525&reg=3&lang=2
vehicle rental and electric vehicle adoption. Research
Mohamed, M., Ferguson, M., & Kanaroglou, P. (2018).
in Transportation Economics, 73, 72–82. [Link]
What hinders adoption of the electric bus in Canadian
org/10.1016/[Link].2019.02.002
transit? Perspectives of transit providers. Transportation
Linkedin Blog. (2025, June 31). Norway Electric Bike Research Part D: Transport and Environment, 64, 134–
Mid Motors Market: A Comprehensive Analysis of 149. [Link]
Drivers, Trends, and Regional Outlook | LinkedIn.
Mohamed, M., Higgins, C. D., Ferguson, M., &
[Link]
Réquia, W. J. (2018). The influence of vehicle body
mid-motors-market-comprehensive-iv6wf/
type in shaping behavioural intention to acquire electric
Liu, R., Ding, Z., Wang, Y., Jiang, X., Jiang, X., Sun, W., vehicles: A multi-group structural equation approach.
Wang, D., Mou, Y., & Liu, M. (2021). The relationship Transportation Research Part A: Policy and Practice,
between symbolic meanings and adoption intention of 116, 54–72. [Link]
electric vehicles in China: The moderating effects of
Nathanson, J. (2024). A. Solid-waste management.
consumer self-identity and face consciousness. Journal
Encyclopedia... - Google Scholar. In E Britannica. https://
of Cleaner Production, 288, 125116. [Link]
[Link]/scholar?q=Nathanson%2C%20
org/10.1016/[Link].2020.125116
Jerry%20A.%20Solid-waste%20management.%20
Liu, S., Wang, D. Z. W., Tian, Q., & Lin, Y. H. Encyclopedia%20Britannica%2C%2029%20Jul.%20
(2024). Optimal configuration of dynamic wireless 2024%2C%20https%3A%2F%[Link].
charging facilities considering electric vehicle battery com%2Ftechnology%2Fsolid-waste-management.%20
capacity. Transportation Research Part E: Logistics Accessed%208%20August%202024.
and Transportation Review, 181, 103376. [Link]
Naumov, S., Keith, D. R., & Sterman, J. D. (2023).
org/10.1016/[Link].2023.103376
Accelerating vehicle fleet turnover to achieve
Market Data Forecast. (2025). Europe Electric Two- sustainable mobility goals. Journal of Operations
Wheeler Market Size,Trends & Share, 2033. https:// Management, 69(1), 36–66. [Link]
[Link]/market-reports/europe- JOOM.1173;WGROUP:STRING:PUBLICATION
electric-two-wheeler-market

ARTHAVAAN: A Double-Blind, Peer-Reviewed, Refereed Journal in Commerce and Management | ISSN 2455-0353
[Link] | Vol 8 | Issue 1 | December 2025
Dr. Naveen Kumar, Vani Kanojia 139

Oliver, J., & Rosen, D. (2010). Applying the Supply Chain, 3, 100029. [Link]
environmental propensity framework: A segmented CLSCN.2022.100029
approach to hybrid electric vehicle marketing
Shetty, S. S., D, D., S, H., Sonkusare, S., Naik, P. B.,
strategies. Journal of Marketing Theory and Practice,
Kumari N, S., & Madhyastha, H. (2023). Environmental
18(4), 377–393. [Link]
pollutants and their effects on human health. Heliyon,
6679180405;PAGE:STRING:ARTICLE/CHAPTER
9(9), e19496. [Link]
Rajper, S. Z., Albrecht, J., Rajper, S. Z., & Albrecht, J. e19496
(2020). Prospects of Electric Vehicles in the Developing
Simsekoglu, Ö., & Nayum, A. (2019). Predictors
Countries: A Literature Review. Sustainability 2020,
of intention to buy a battery electric vehicle among
Vol. 12, 12(5). [Link]
conventional car drivers. Transportation Research Part
RESEARCH AND MARKETS. (2025). Europe Two- F: Traffic Psychology and Behaviour, 60, 1–10. https://
Wheeler Market Size, Competitors & Forecast. https:// [Link]/10.1016/[Link].2018.10.001
[Link]/report/europe-two-
Sonar, H., Belal, H. M., Foropon, C., Manatkar, R.,
wheeler-market
& Sonwaney, V. (2023). Examining the causal factors
Rezvani, Z., Jansson, J., & Bengtsson, M. (2018). of the electric vehicle adoption: a pathway to tackle
Consumer motivations for sustainable consumption: The climate change in resource-constrained environment.
interaction of gain, normative and hedonic motivations Annals of Operations Research 2023 355:1, 355(1),
on electric vehicle adoption. Business Strategy and the 59–85. [Link]
Environment, 27(8), 1272–1283. [Link]
Sorrell, S. R. (2014). Reducing Energy Demand: An
BSE. 2074; REQUESTED JOURNAL: JOURNAL:
Overview of Issues, Challenges and Approaches.
10990836;WGROUP:STRING:PUBLICATION
SSRN Electronic Journal. [Link]
Saraf, N., & Shastri, Y. (2022). System dynamics-based SSRN.2743108
assessment of novel transport options adoption in India.
TATAPOWER. (2025). Delhi EV Policy - Delhi
Clean Technologies and Environmental Policy 2022
Government Electric Vehicle Subsidy and EV Scheme.
25:3, 25(3), 799–823. [Link]
[Link]
022-02398-8
overview
Setiawan, A. D., Zahari, T. N., Purba, F. J., Moeis, A.
VIrTA Blogs. (2025). The Global Electric Vehicle
O., & Hidayatno, A. (2022). Investigating policies on
Market In 2025. [Link]
increasing the adoption of electric vehicles in Indonesia.
electric-vehicle-market
Journal of Cleaner Production, 380, 135097. https://
[Link]/10.1016/[Link].2022.135097 Whittle, C., & Whitmarsh, L. (2022). Choosing the
Electric Car. In Transport and Sustainability (Vol. 15).
Shakeel, U. (2022). Electric vehicle development in
Emerald Publishing. [Link]
Pakistan: Predicting consumer purchase intention.
994120220000015008
Cleaner and Responsible Consumption, 5, 100065.
[Link] Xia, Z., Wu, D., Zhang, L., Xia, Z., Wu, D., & Zhang,
L. (2022). Economic, Functional, and Social Factors
Shanmugavel, N., & Micheal, M. (2022). Exploring the
Influencing Electric Vehicles’ Adoption: An Empirical
marketing related stimuli and personal innovativeness
Study Based on the Diffusion of Innovation Theory.
on the purchase intention of electric vehicles through
Sustainability 2022, Vol. 14, 14(10). [Link]
Technology Acceptance Model. Cleaner Logistics and

ARTHAVAAN: A Double-Blind, Peer-Reviewed, Refereed Journal in Commerce and Management | ISSN 2455-0353
[Link] | Vol 8 | Issue 1 | December 2025
 Towards Greener Future: Analysing the scenario of electric vehicles in
140
Indian and Global Markets

org/10.3390/SU14106283 Zhang, Y., Wang, X., & Zhi, B. (2024). Strategic

investment in electric vehicle charging service: Fast
Xu, Y., Zhang, W., Bao, H., Zhang, S., & Xiang, Y.
charging or battery swapping. International Journal
(2019). A SEM–Neural Network Approach to Predict
of Production Economics, 268, 109136. [Link]
Customers’ Intention to Purchase Battery Electric
org/10.1016/[Link].2023.109136
Vehicles in China’s Zhejiang Province. Sustainability
2019, Vol. 11, 11(11). [Link] Zheng, S., Liu, H., Guan, W., Yang, Y., Li, J., Fahad,
SU11113164 S., Li, B., Zheng, S., Liu, H., Guan, W., Yang, Y., Li,
J., Fahad, S., & Li, B. (2022). Identifying Intention-
Yasir, A., Hu, X., Ahmad, M., Alvarado, R., Anser, M.
Based Factors Influencing Consumers’ Willingness to
K., Işık, C., Choo, A., Ausaf, A., & Khan, I. A. (2022).
Pay for Electric Vehicles: A Sustainable Consumption
Factors Affecting Electric Bike Adoption: Seeking an
Paradigm. Sustainability 2022, Vol. 14, 14(24). https://
Energy-Efficient Solution for the Post-COVID Era.
[Link]/10.3390/SU142416831
Frontiers in Energy Research, 9, 817107. [Link]
org/10.3389/FENRG.2021.817107/BIBTEX Zhou, M., Long, P., Kong, N., Zhao, L., Jia, F., &
Campy, K. S. (2021). Characterizing the motivational
Yeh, J. Y., & Wang, Y. T. (2023). A Prediction
mechanism behind taxi driver’s adoption of electric
Model for Electric Vehicle Sales Using Machine
vehicles for living: Insights from China. Transportation
Learning Approaches. Journal of Global Information
Research Part A: Policy and Practice, 144, 134–152.
Management (JGIM) , 31(1), 1–21. [Link]
[Link]
org/10.4018/JGIM.327277
Zhu, L., Wang, J., Farnoosh, A., & Pan, X. (2022).
Zhang, W., & Dou, Y. (2021). Coping with Spatial
A game-theory analysis of electric vehicle adoption
Mismatch: Subsidy Design for Electric Vehicle
in Beijing under license plate control policy.
and Charging Markets. Https://[Link]/10.1287/
Energy, 244, 122628. [Link]
Msom.2021.1017, 24(3), 1595–1610. [Link]
ENERGY.2021.122628
org/10.1287/MSOM.2021.1017

ARTHAVAAN: A Double-Blind, Peer-Reviewed, Refereed Journal in Commerce and Management | ISSN 2455-0353
[Link] | Vol 8 | Issue 1 | December 2025