Consumer preferences and willingness to pay for electric vehicles in China
In light of the growing environmental concerns and the urgent need to reduce carbon emissions, the adoption of electric vehicles (EVs) plays a pivotal role in transforming the automotive industry towards sustainability. In China, the promotion of EVs dates back to 2009, and EVs have lower consumer a...
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| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
HARD Publishing Company
2024
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| Online Access: | http://psasir.upm.edu.my/id/eprint/113621/1/113621.pdf http://psasir.upm.edu.my/id/eprint/113621/ https://www.pjoes.com/Consumer-Preferences-and-Willingness-nto-Pay-for-Electric-Vehicles-in-China,184151,0,2.html |
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| Summary: | In light of the growing environmental concerns and the urgent need to reduce carbon emissions, the adoption of electric vehicles (EVs) plays a pivotal role in transforming the automotive industry towards sustainability. In China, the promotion of EVs dates back to 2009, and EVs have lower consumer acceptance than conventional fuel vehicles. The large financial subsidies that are frequently employed to encourage the proliferation of EVs are not long-term viable. As a result, it suggests that research into the inherent qualities and features of EVs itself has to be refocused. This study examines consumer preferences and willingness to pay (WTP) for EVs’ attributes using the choice experiment (CE) method in Shandong, China. The assessed attributes were driving range, seats, battery warranty period, charging time, and price. Finally, the data from 330 valid responses was examined using conditional logit (CL) and mixed logit models (MXL). The results reveal that the most preferred attribute was an extension of the battery warranty duration, which led to a WTP ranging from CNY626,352 to CNY1,141,580 (US$98,485 to US$170,385) among the different models. Furthermore, the outcomes indicate distinct consumer preferences based on gender, age, education, and income. These findings have significant implications for policymakers in developing the EV industry. |
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