Embracing new energy vehicles: An empirical examination of female consumer perspectives

Abstract

New energy vehicles have emerged as a significant alternative in the ongoing effort to address the energy crisis. However, most consumers are still cautious about new energy vehicles, especially female consumers, whose increasing purchasing power has not been generally translated into recognition of new energy vehicles. How to increase female consumers' willingness to purchase new energy vehicles has become a focus of attention in the field of new energy management. This study integrates existing academic results and comprehensively explores the determinants of female consumers' willingness to purchase new energy vehicles by integrating the Unified Theory of Acceptance and Use of Technology, the Perceived Value Theory, and the Trust Theory. Specifically, this study uses structural equation modeling to analyze questionnaire data from 610 female consumers in Beijing. It was found that all five factors of the Unified Theory (performance expectation, effort expectation, social influence, facilitating condition, and hedonic motivation) significantly affect female consumers' purchase intentions for new energy vehicles. Meanwhile, female consumers' perceived value and trust act as effective mediators in purchase decisions, motivating them to choose new energy vehicles. This study contributes to the theoretical literature on new energy vehicles through a theory-driven methodology. In addition, this study delves into the factors influencing female consumers' propensity to purchase new energy vehicles, which helps us better understand female consumers' decision-making process for vehicle purchases. Finally, this study also extends the theoretical and empirical research on the marketing of new energy vehicles and provides valuable information for automakers and marketers.