The Impact of Socio-Economic Factors on the Sales of Electric Vehicles: A Panel Data Analysis

The aim of this study is to investigate whether there is an effect of socio-economic factors on the sales of electric vehicles from a macro perspective. Therefore, electric vehicle sales figures of 12 countries between 2012 and 2015 and the per capita income, population density, education level, urbanization rates, oil prices, electric vehicle market share and renewable energy production variables were used. As a result of the work done with Unbalanced Panel Data Analysis, it has been determined that sales of electric vehicles significantly impact the educational level of the country, urbanization, renewable energy production and oil prices. Moreover, it was determined that the variable out of statistically significant variables is the urbanization which has the highest impact level impact on electric vehicle sales