Do Unprecedented Gasoline Prices Affect the Consumer Switching to New Energy Vehicles? An Integrated Social Cognitive Theory Model

Abstract

From 2020 to 2022, the price of gasoline in China rose sharply, which may cause consumers to adopt new energy vehicles. However, the government subsidies in the yearly retreat for 2023 were completely abolished, which could hinder consumers’ switching behavior. The combination of these factors may affect consumer decision-making, making accurate analysis of consumer willingness to switch to new energy vehicles crucial for the development of this industry. The current study aims to investigate consumers’ vehicle switching intentions affected by multiple factors such as fuel prices, and we attempt to analyze these by combining personal and environmental factors from social cognitive theory. Data were collected through an online platform survey using developed reliable scales. The 464 responses were then synthesized using structural equation modeling and Bayesian networks, and the results showed that approximately 51% of consumers had high-level switching intentions to new energy vehicles; attitude, self-efficacy, environmental consciousness, and infrastructure barriers had the strongest effect on consumers’ vehicle switching intentions. This study assists in identifying the psychological demands of consumers switching to new energy vehicles and provides ideas for vehicle manufacturers and governments in terms of marketing strategies and policy formulation at crucial stages when new energy vehicles are in accelerated development.