Abstract:

Electric vehicles (EVs) are gaining global interest due to their environmental benefits, such as fuel savings and reduced pollution. However, their market consumption is still relatively low, especially in developing countries. The importance of EVs in the future is high, and understanding why they aren't being sold as much as expected is crucial. This paper tries to find out the multiple reasons why these vehicles aren’t in high demand, and why their counterparts, gasoline-fuelled vehicles are more in demand in the market. This paper discusses, after reviewing multiple other papers, why the consumption of EVs is low. Why their market demand is not where it should be and also multiple other facets. Finally, the paper finds that factors like higher costs and low-government incentives among multiple others are some factors leading to a low market demand for the EVs. Also, the paper discusses the future scope of these EVs and how we can increase their consumption in the market.