Marketing and Consumer Dynamics Based Analsis of Key Determinants for Electric and Hybrid Vehicle Adoption

Abstract

In the recent years, the adoptability of Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs) is highly increased among the customers. However, there are various factors which influenced their perception. Keeping these facts in mind, present research article, examines the key influencing aspects for the adoption of EVs and HEVs, especially marketing strategies, customer satisfaction, loyalty, and adoption factors. For this purpose, data was collected from 324 manufacturers, with 163 responses kept after the cleaning of data. Reliability analysis indicated higher value of Cronbach's Alpha scores for all constructs as 0.846 for marketing strategies, 0.834 for customer satisfaction, 0.844 for customer loyalty, and 0.837 for adoption factors. Thereafter, Principal Component Analysis (PCA) is used, which revealed significant variance explained by the first component for each construct. Moreover, ANOVA results also emphasized significant statistical group differences, with F-values varies from 13.113 to 39.726 across metrics. In conclusion, well-targeted marketing strategies, robust satisfaction drivers, and loyalty-building efforts have been observed to be important in driving adoption.