Currently, there are already 45 electric cars sold in Iceland, which makes this small
society the leading market of EVs per capita. This situation is not only due to the number of
inhabitants, but also regarding the low cost of electricity generated on the basis of renewable
energy resources. Moreover, not exploited high level of low polluting energy resources is to
be an evident aspect that will help fulfilling needs of future electric transportation market.
As a matter of fact, two thirds of the population sample already thought of purchasing an EV
instead of currently owned car. This offers a good market opportunity to most of the car
manufacturers that already launched commercially available EV cars onto the automotive
industry.
The conducted survey proved that Icelandic population is very positive about EV
implementation. Indeed, this society is much more enthusiastic in comparison to other
countries worldwide. Icelanders have already high knowledge about EV and include this
technology as real alternative in their car buying process decision. If a company or
government is to take into account the most important advantages and barriers from the
respondents perspective, it would increase the effectiveness of the future campaign. Those
most significant advantages are as follows: lower price of electricity versus oil, greenhouse
gases reduction and use of domestic renewable energy resources. However, the most
significant barriers are the price, the charging time and the driving distance. In fact, the use of
those barriers might help marketers to better apprehend the behavior of potential customers.
Additionally, by using the most important advantages, marketers will be able to bound and
maintain the relationship with customers.
Most of the respondents agreed to pay more for EV than for ICE, because they see the chance
of cost and emission reduction. The future campaign should present possible transportation
cost reduction in using an EV and then, potential buyers would be capable of spending more.
Those are effectively main reasons why it is necessary to target the mass market instead of
small group of early adopters because it seems to be a more profitable decision for car
manufacturers.
Actual financial situation of Iceland mitigates government initiatives to support electric
market development. However, because of the higher price of imported petroleum and oil that
occurred after the banks‟ collapsed in 2008, car users have started to look for cheaper
alternative. In that case, electric vehicles seem to be the perfect solution that will enable the
reduction of individuals‟ transportation expenses. Besides, it will help to support the country‟s
economy by decreasing cash flow outside the country. Consequently, it might create “green
jobs” all over Iceland and decrease unemployment caused by the crisis.
To conclude, this research proves that Iceland is an attractive place to start implementation of
EV not only because of technical and environmental advantages, but also thanks to inclined
population mindset.