An Empirical Assessment of Modified Technology Acceptance Model for Adoption of Hybrid Cars by Millennial in India

Abstract

Rising levels of pollution have compelled the adoption of alternative environment-friendly green technologies. The trend is visible in India's automobile sector, with increased penetration of hybrid and electric cars since the last decade. The shift from conventional internal combustion engine cars to hybrid cars is a step closer to reducing emissions and achieving a sustainable approach. A substantial segment of the prospective buyers for this latest technology is the Millennials, with considerable exposure to the latest technology across various domains. This research aims to understand the adoption of hybrid cars by Indian Millennials using the Technology Acceptance Model (TAM). The educated Millennials stand to reckon a lot on their self-research for decisions involving car purchases followed by online reviews, family, and peer influence. Socio-demographic factors like income, marital status, family size, etc., play a significant role in hybrid car adoption. A survey has been carried out through a structured questionnaire method, and valid responses from 230 respondents have been taken as a data analysis sample. Based on the empirical and statistical analysis, it has been observed that Millennials have a preference towards purchasing hybrid cars, but infrastructure availability has to be addressed to enhance operational efficiency. Academicians and automobile manufacturers can use these insights to undertake further research in this domain.