EVs Adoption in Alternative Business Models (ABMs): Psychological Perspective and Empirical Analysis of Indian Customers

Abstract

Electric Vehicles (EVs) are prominent for achieving sustainable mobility in the future. By drawing on extant literature, we propose a conceptual framework and develop hypotheses based on Novelty seeking (NS), Perceived Behavior Control (PBC), Openness to new Experience (ONE), Risk appetite (RA), and Adoption Intention (AI) of consumers in ABMs. The analysis of data reveals that both NS and PBC are positively related to the ONE which, in turn, impacts the AI of EVs in ABMs in a significantly positive manner. The study also proves that RA moderates the relationship between ONE and AI in such a manner that a higher level of RA makes the relationship between ONE and AI stronger. We contribute to the literature on sustainable mobility by exploring the role of psychological factors in determining AI of Indian customers towards EVs in ABMs and the study has important implications for researchers, practitioners, and policymakers.