Preparedness and adoption for Alternative fuel cars by Indians

Abstract

Climate change is a biggest threat to the globe. The policymakers worldwide are encouraging the usage of electric and CNG vehicles at the faster pace. India is the third largest emitter of CO2 in the world. As per the report published by The Economic Times, more than 40% of the car buyers are looking for other means of fuel than petrol and diesel. As per the 2022 Global Automotive Consumer Study by Deloitte, the demand for electric vehicles remains low in the market, as more consumers prefer options like hybrids and CNG. The global market for alternate fuel is estimated to surpass $892.57 billion mark by 2026 growing at an estimated CAGR of more than 12.9% during the forecast period 2021 to 2026. 

The research paper mainly concentrates on the factors that influence the decision of the consumers to adopt for alternative fuel vehicles in India. It also highlights the preparedness of the consumers for the adoption of these vehicles. The study will be useful for the policy makers and for the car manufacturers as it gives them the direction to understand the psychology of the consumers.