Development of Optimal Investment Strategies for Electric Vehicle Charging Stations with a Novel Decision-Making Technique

Mustafa Feyzi Yardım; Serhat Yüksel; Hasan Dinçer

doi:10.31181/jopi31202534

Authors

Mustafa Feyzi Yardım The School of Business, İstanbul Medipol University, İstanbul, Turkey Author https://orcid.org/0000-0002-6648-6264
Serhat Yüksel The School of Business, İstanbul Medipol University, İstanbul, Turkey Author https://orcid.org/0000-0002-9858-1266
Hasan Dinçer The School of Business, İstanbul Medipol University, İstanbul, Turkey Author https://orcid.org/0000-0002-8072-031X

DOI:

https://doi.org/10.31181/jopi31202534

Keywords:

Electric vehicle, Charging, Investment, Decision-making

Abstract

Electric vehicles (EV) have become widespread especially in recent years. However, the infrastructure required for charging these vehicles is inadequate and the necessary investment strategies need to be determined for the effective establishment of this infrastructure. Electric vehicle charging stations are a fundamental component of sustainable transportation systems. However, in parallel with the increasing EV demand, determining appropriate investment strategies to support the installation of these stations is a critical need. This study aims to reveal optimal investment strategies for the efficient establishment of electric vehicle charging stations. This study aims to identify the optimal investment strategies for the effective establishment of EV charging stations. Hence, it addresses the growing demand for sustainable and environmentally friendly transportation solutions. With the increasing adoption of electric vehicles, the development of an efficient EV charging infrastructure becomes critical. Thus, it is intended to determine the most suitable strategies for building efficient charging station infrastructures. The motivation for this research arises from the necessity to strengthen the existing charging infrastructure in response to the rising number of electric vehicles and the need for sustainable transport solutions. Electric vehicle charging stations are vital components of sustainable mobility, making it essential to evaluate the investment strategies that will enable their successful establishment and operation. To achieve the study’s goal, a detailed analysis has been conducted using the decision-making trial and evaluation laboratory (DEMATEL) technique. The findings from this analysis emphasize that technological improvement is the most crucial factor in enhancing the performance of EV charging infrastructure projects. Technological advancements such as faster charging technologies, greater energy efficiency, and better user interfaces are paramount to ensuring the success of these projects. In addition to technological improvements, financial performance and legal effectiveness also play significant roles in the efficient establishment of EV charging stations. These factors directly impact the feasibility and long-term sustainability of the projects. On the other hand, customer expectations, although important, are found to have the least weight in this regard. In conclusion, this study underscores the importance of focusing on technological advancements, alongside financial and legal factors, to effectively drive the establishment of these stations.

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