Determinants of Electric Vehicle Sales in G20 Countries: A Marketing Management Perspective

Mochamad Dewandra; Usep Suhud; Christian Wiradendi Wolor

Authors

Mochamad Dewandra Universitas Negeri Jakarta, Faculty of Economics, Department of Master of Management, Jakarta, Indonesia Author
Usep Suhud Universitas Negeri Jakarta, Faculty of Economics, Department of Master of Management, Jakarta, Indonesia Author
Christian Wiradendi Wolor Universitas Negeri Jakarta, Faculty of Economics, Department of Master of Management, Jakarta, Indonesia Author

Keywords:

Electric Vehicle Sales, Gross Domestic Product, Consumer Confidence Index, Business Confidence Index, G20 Countries

Abstract

This study analyzes the macroeconomic, institutional, and market confidence determinants of electric vehicle (EV) sales across 17 G20 countries during the 2020–2024 period. Drawing on Marketing Environment Theory and the Environmental Kuznets Curve framework, panel data regression using the Random Effects Model (REM)—selected via Chow, Hausman, and Lagrange Multiplier tests—was conducted. The empirical results indicate that Gross Domestic Product (GDP) and the Business Confidence Index (BCI) exert a negative and statistically significant effect on EV sales, whereas the Consumer Confidence Index (CCI) displays a positive and significant effect. Government Effectiveness (GE) does not exhibit a statistically significant impact in the full model. Overall, the model demonstrates high validity with a Prob > F value of 0.000. These findings highlight that EV adoption is driven not only by raw economic expansion but also by market confidence dynamics and ecosystem readiness. Strategic recommendations emphasize charging infrastructure development, targeted B2B/B2C marketing, and consistent policy integration to accelerate sustainable EV transition.

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