Interpretive Structural Modeling Approach for Development of Electric Vehicle Market in India

Abstract

The automobile industry is at its maximum growth since few years because of revolutionary changes in Information Technology and greater living standards created by the citizens of India. The booming market obviously puts a lot of pressure on the available stagnant resources like crude oil, natural gas, fossil fuels etc. The supply and demand are crossing the breakeven point and the situation can be worsened if an alternative doesn’t replace the existing crisis. The Electric Vehicle (EV) is one of the alternative solutions to overcome the crises. But EV market is at a nascent stage in India when compared with other developed and emerging countries. There are many factors which affect the growth of electric vehicle market in India. The present paper discusses most critical factors for the promotion and development of EV market in India with the help of an Interpretive Structural Model (ISM).