Influential Factors in determining Electric Vehicle Charging Sales in kWh

Abstract: This study investigates the underlying factors driving OKQ8’s electric vehicle charging sales in kWh and aims to understand their customers better by identifying the factors that impact sales in the electric vehicle charging market. The study focuses on transactions from 17 OKQ8 stations in Sweden and Denmark, from July 1st, 2022, to February 28th, 2023, categorized into five distinct subgroups based on similar attributes. The report uses a multiple linear regression model in the programming language R and macroeconomic principles to identify the variables that lead to additional sales of electric vehicle charging.  The final regression model includes the variables Sales, Station, Month, Weekday, and Time, with an Adjusted R2 of over 68% for all five groups. The study reveals that price does not have a significant impact on the sales of charging. Moreover, the analysis highlights the significance of variables related to time, month, day of the week, and individual charging stations, which demonstrate varying impacts on charging sales across different groups.  The study provides valuable insights into the influence of price and consumer behavior on electric vehicle charging sales, emphasizing the importance of adopting strategic approaches to encourage a wider adoption of electric vehicles, enhance charging infrastructure, and consider government support such as subsidies or tax incentives. The study has some limitations, including a lack of data for March to May and only covering a single year, limiting the ability to identify recurring patterns. Nonetheless, the study’s findings provide insights into the factors affecting OKQ8’s sales of electrical vehicle charging and ongoing research is necessary to validate and expand upon these findings, considering the constantly evolving electric vehicle market.