What influences sales market of new energy vehicles in China? Empirical study based on survey of consumers’ purchase reasons

Abstract

In recent years, new energy vehicles (NEVs), which are considered to be one of the most important ways of solving global warming and energy crisis, have seen rapid development. Owing to the far-reaching policy implemented by Chinese government, the sales volume (SV) of NEVs has seen an exponential growth, and China has become the world's largest consumer of NEVs. The objective of this study was to determine the focus of Chinese consumers with regard to NEVs and to understand how their interests influence the SV. We used data mining combined with deep-learning technologies to investigate a large number of purchase reasons and found that the primary motivating factors were the vehicle, demographic characteristics, and national policy. Additionally, to determine how these factors affect the market, we used correlation analysis to examine the relationship between the SV and the factors. The results indicated that national policies, infrastructure, demographic factors, and safety awareness are closely related to the SV. The findings of this study suggest valuable strategies for government departments, allowing them to publish relevant policies, and manufacturers, allowing them to target specific consumer groups. This approach addresses the environmental concerns by promoting the utilization of NEVs rather than traditional fuel vehicles.