Journal of Management Research and Analysis 2022;9(3):144–149 Content available at: https://www.ipinnovative.com/open-access-journals Journal of Management Research and Analysis Journal homepage: https://www.jmra.in/ Original Research Article Customers’ Perception about electric vehicles Souvik Adhikary 1 , Naman Jalan 1 , Nilesh Anute 1, * 1 Dept. of Management, ASM’S IBMR, Pune, Maharashtra, India ARTICLE INFO Article history: Received 22-06-2022 Accepted 12-07-2022 Available online 30-08-2022 Keywords: Electric vehicles Customers perception Customers awareness Factors ABSTRACT The main goal of this study is to analyze the consumer perception of electric vehicles in India. It has been observed since 2015 that EV companies have taken a major step toward economic and environmental factors while producing their vehicles. In the current dynamic scenario, consumers are constantly looking for better eco-friendly products along with cost-efficiency to it. This study takes a quantitative approach (survey) to know the perception of the consumers to accept electric vehicles as a legitimate substitute for petrol/diesel vehicles. This research throws light on the positive and negative factors which affect the consumer’s perception when approaching electric vehicles in India. This is an Open Access (OA) journal, and articles are distributed under the terms of the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 License, which allows others to remix, tweak, and build upon the work non-commercially, as long as appropriate credit is given and the new creations are licensed under the identical terms. For reprints contact: reprint@ipinnovative.com 1. Introduction Globally Electric vehicles are growing at a rapid pace with a compounded annualized growth rate (CAGR) of 21.7 percent, by 2030 it is supposed to grow from 8.1 million units to 39.21 million units. The enormous growth has been influenced by several factors like efficiency, pollution, and environmental concerns. All over the planet governments have started to encourage EV industries by providing subsidies as the consumer continuously demands eco- friendly vehicles rather than petroleum or diesel vehicles. Coming to the scenario, in India, the future of Electric Vehicles is still standing at a critical point. Whenever there is a hike in oil prices or a change in climate electric vehicles are the first solution to be discussed and approached. Indian companies entering the EV industry take a lot of risk and efforts to normalize the EV segment, but it has not happened yet. More than 15 years have surpassed but the EV industry has not hit the potential that was predicted. Today when we look at the roads, a small proportion of electric vehicles are spotted compared to traditional vehicles. Now in 2022, the * Corresponding author. E-mail address: nileshanute@gmail.com (N. Anute). EV industry has all the tools to hit its highest potential and finally take off. As the Government of India has been providing various schemes and benefits for EV manufacturers, collaborations between companies and the government have been beneficial in increasing EV production and market in India. Top CEOs of India’s automobile industries praised the government’s new “vehicle scrappage policy” introduced in Union Budget, 2021-22. As per budget 2023, for Fast Adoption and Manufacturing of Hybrid and Electric vehicles (FAME) has been projected at Rs. 2,908 crores which are three and a half times more than the budget year of 2022 (FAME) amounting to Rs. 827 crores. Viewing the positive and the negative impacts, the consumer’s perception of electric vehicles in India has drastically changed. Innovation has taken a quantum leap which encourages the consumer to think more about affordability, eco-friendliness, and excellent service for an e-vehicle. Constant promotion from the government has resulted in a better mindset and knowledge about e- vehicles in the minds of the consumers. This entertains EV companies like Tata Motors, Hyundai, Mahindra, and many https://doi.org/10.18231/j.jmra.2022.027 2394-2762/© 2022 Innovative Publication, All rights reserved. 144