Driving Toward a Green Future: A System Dynamics Modeling of Electric Vehicle Market Share in Taiwan

Taiwan has gradually increased its electric vehicle (EV) market share over the past few years. The increasing availability of affordable EV models has also contributed to the rising market share of EVs in Taiwan. This study provides a system dynamics model for evaluating the impact of various factors on the electric vehicle market share in Taiwan. The model incorporates key variables such as consumer preferences, financial acceptability, charging infrastructure and accessibility, EV performance, and customer acceptance to simulate the dynamic behavior of the EV market. Moreover, the model utilizes historical data and the government's target plan to calibrate and validate a model that accurately captures the current state of Taiwan's electric vehicle (EV) market share. Results indicate that charging stations and financial issues impact EV adoption significantly. Overall, this study demonstrates the usefulness of system dynamics modeling in evaluating policy interventions and identifying critical drivers for promoting the transition to a greener transportation system.