Willingness to Pay for Autonomous Vehicles: An Adaptive Choice-Based Conjoint Analysis Approach

Abstract

The study of autonomous vehicles (AVs) has become a hot topic in recent years. Understanding consumers’ interests and priorities relating to AVs has motived researchers to conduct market analysis studies. This study aims to analyze the willingness to pay (WTP) of adult residents in the U.S. for AVs. Implementing adaptive choice-based conjoint analysis (ACBC), which is a special market analysis technique, and using comprehensible and realistic attributes in the survey, are the main innovations of this study. The results of this study show that vehicle fuel type is the most important attribute for respondents in their next vehicle, and after that level of automation of the vehicle was the second most important factor. Respondents distinctively preferred fully automated vehicles over partially automated vehicles. Moreover, respondents indicated positive intentions to use exemption or maximum discounts on taxes and registration fees and any possible incentives and amenities that help their mobility. The findings of this study could be utilized by transportation authorities, transportation economists, advanced transport system investment agencies, and collaborators in emerging transportation systems.