A Study on the Financial and Performance Benefits of Electric Vehicles: An Analysis of Fuel Cost, Maintenance, Charging Efficiency, and Consumer Satisfaction.

Abstract

The rapid growth of electric vehicles (EVs) has transformed the urban transportation sector by providing economically sustainable and environmentally friendly mobility solutions. The present study examines the financial and performance benefits of electric vehicles among consumers in Bangalore city. The research focuses on key aspects such as fuel cost savings, maintenance benefits, charging infrastructure, charging cost, mileage and performance, consumer satisfaction, and challenges faced by EV users. A descriptive research design was adopted for the study, and primary data was collected from 200 respondents using a structured questionnaire through convenience sampling. Statistical tools such as percentage analysis, mean and standard deviation, chi-square test, and correlation analysis were employed to interpret the collected data.
The findings reveal that EV adoption is significantly higher among young working professionals and middle-income groups in Bangalore. The study identifies fuel cost savings and reduced maintenance expenses as the primary factors influencing EV adoption. Most respondents expressed positive satisfaction regarding vehicle performance, operational efficiency, and long-term cost effectiveness. However, challenges such as inadequate charging infrastructure, long charging duration, battery replacement concerns, and high company servicing costs due to the absence of local substitutes continue to affect user experience. The chi-square and correlation analyses confirm a significant relationship between EV usage and financial as well as performance benefits. The study concludes that electric vehicles have strong potential to support sustainable urban transportation in Bangalore, provided improvements are made in charging infrastructure, servicing accessibility, and technological advancements.