Performing Market Segmentation on different Electric Vehicles datasets by different data visualization techniques to gain insights and find underlying patternsThe electric vehicle (EV) industry has witnessed remarkable growth and transformation over the past decade. Driven by advancements in technology, environmental concerns, and shifting consumer preferences, electric vehicles have emerged as a pivotal force in the global automotive market. This market abstract provides a concise overview of the key trends, drivers, challenges, and future prospects of the EV industry.
Automobiles that run on electric motors rather than internal combustion engines (ICEs), which depend on fossil fuels, are known as electric vehicles (EVs). They store electricity and supply it to the electric motor that drives the car using rechargeable batteries or other energy storage technologies. Compared to conventional ICE vehicles, EVs have a number of advantages, making them a more and more common choice among consumers and a crucial part of sustainable transportation solutions. The transportation sector in India has expanded and grown significantly in recent years.
The difference between domestic crude oil consumption and domestic crude oil output is widening. India imports enough oil to meet about 70% of its annual demand. Therefore, there is a pressing need for research on the factors that contribute to and provide obstacles to the creation of environmentally friendly transportation options. A practical, sustainable, and ecologically beneficial means of transportation is represented by electric vehicles (EVs). Electric vehicle market penetration is growing globally, but it still faces significant challenges, including high prices, limited driving range, lack of charging infrastructure, and consumer awareness.
1.Limited Driving Range : When compared to conventional vehicles, the driving range of the majority of EVs is currently quite small. This means that long-distance travel and use by individuals without access to a charging station at their residence or place of employment may not be appropriate for EVs. For many consumers, range anxiety poses a substantial hurdle.
2.High costs: For many potential purchasers, the cost of electric cars (EVs) is a major deterrent because they are typically more expensive than conventional automobiles. The battery pack, which may represent up to half of the vehicle's cost, is mostly to blame for the high price. Even while EVs may be less expensive to run in the long term, many buyers still find the initial expense to be prohibitive.
3.Consumer Education: Many people are unaware of the advantages of electric vehicles and may have preconceived notions about them. Because they are unfamiliar with the technology or because they are worried about the range or the availability of charging infrastructure, some consumers could be hesitant to transition to EVs. The EV market is facing substantial growth challenges due to a lack of customer awareness.
4.Shortage of Charging Infrastructure: The EV market faces a substantial obstacle due to a shortage of charging infrastructure. Public charging stations are sometimes absent or put in awkward places, and many people do not have access to charging stations at home or at work. People find it challenging to rely on EVs for their regular transportation needs as a result.