Key Factors Influencing Consumers’ Purchase of Electric Vehicles

Abstract

Although the rapid progress of the global economy and technology has advanced human civilization, it has also caused tremendous damage to the global ecological environment. Therefore, humans are thinking seriously about the environment and its sustainable development. One of the solutions to environmental problems is new energy vehicles. Since the promulgation of the “Energy Saving and New Energy Vehicle Industry Development Plan (2012–2020)” by the General Office of the State Council, the Chinese government has determined a strategy of pure electric driving technology. The electric vehicle market in China has expanded rapidly, making China the largest electric vehicle market in the world. Hence, research on the situation of electric vehicles in China is highly necessary and of reference value for other countries to develop electric vehicles. As a result, it is a critical issue to develop low-carbon, energy-saving, and intelligent electric vehicles to reduce the environmental impact. This paper establishes a theoretical framework based on the theory of planned behavior (TPB), technology acceptance model (TAM) and innovation diffusion theory (IDT), and explores the key factors influencing consumers’ purchase of electric vehicles. The results show that: The application of the key factor model constructed in this study to consumers’ behavioral intention regarding electric vehicle purchase is acceptable. According to the structural equation modeling (SEM) analysis results, (1) In terms of behavioral intention: Consumers’ control over the resources required to purchase electric vehicles has the highest influence on their behavioral intention, while consultation opinions from consumers’ surroundings also significantly affect their behavioral intention to purchase electric vehicles. In addition, consumers’ environmental awareness and acceptance of technology products will also influence their behavioral intention. (2) In terms of attitude toward behavior: When consumers believe that electric vehicles are more beneficial at the individual, environment or national level, or they believe that the usage of electric vehicles is simpler and more convenient, they will show a more positive attitude towards the purchase of electric vehicles. Consumers consider electric vehicles as forward-looking technology products with similar driving operation and usage cost compared to traditional vehicles. (3) In terms of regulations: The opinions of consumers’ family members, friends, colleagues or supervisors do not significantly affect the attitude or behavior of consumers regarding electric vehicle purchase. The key factors influencing consumers’ purchase of electric vehicles are not only applicable to the design and development of electric vehicles that better suit consumer demands, but also serve as a theoretical basis for the popularization of electric vehicles, and provide a reference for consumers’ choice and purchase. Therefore, the government and relevant manufacturers need to consider increasing the publicity of electric vehicles and launch more attractive battery and charging schemes to attract consumers and promote the sustainable development of the automobile industry.