Impact of Fire Risk on Consumer Buying Behavior towards Electric Vehicles

Abstract

Electric and hybrid vehicles are becoming more and more popular. As gas and fuel prices become higher and higher consumers are definitely interested in Electric vehicles (EVs) as a sustainable mode of transportation due to their cheaper technology. However, accessibility, convenience, and price remain significant concerns for potential buyers. The first electric vehicle was a three-wheeler that was launched in India in 1996. Electric vehicle sales in India have reached a historic milestone this year, crossing the 2 million mark for the first time. Consequently, the penetration of EVs in India’s overall vehicle market has increased to approximately 8%, up from 6.8% observed during the previous year to carry forward the momentum of EV adoption. Electric vehicles have come a long way since their first introduction, but this rapid growth has presented certain challenges, especially regarding fire safety. Although any fuel based car or truck has certain inherent safety issues, EVs have some specific fire safety problems related to their electric mechanism. From 2010 to June 2023, 393 electric vehicles out of 30 million caught fire worldwide. As electric vehicle numbers grow, the fire risk will also increase. Hence it's crucial for consumers to understand the fire risk associated with buying these EVs while contributing to a sustainable transportation future. One of the primary objectives of this article is to identify the fire risk of EV, its causes and impact on buying behavior of consumers. This article will also help manufacturers in addressing the fire risk and challenges of EV market proactively.