{"title":"Analysis of consumer preferences for new electric vehicle technologies: Can future vehicle steering system steer consumer's purchase intention?","authors":"Woojae Kim, Youngsang Cho","doi":"10.1016/j.techsoc.2024.102632","DOIUrl":null,"url":null,"abstract":"<div><p>As the mainstream of vehicle industry is moving from internal combustion engine vehicles to electric vehicles (EVs), a multi-perspective analysis of consumer preference for the new EV technology is required. Therefore, this study proposes a new framework for consumer preference analysis—a two-stage choice experiment—and conducts an empirical analysis of the four-wheel independent steering system (4-WISS). In the first stage, we analyzed consumer preference for the availability of 4-WISS in EVs. In the second stage, we investigated consumer preference for the specific technology of 4-WISS in EVs. Stated preference data were collected through a choice experiment survey, and a mixed logit model was used to quantitatively analyze consumer preference and willingness-to-pay. Results show that consumers are willing to pay KRW 19,045,098.6 (USD 13,513.9) to use 4-WISS in high-end EVs. Furthermore, consumers who are female, older, and have more knowledge of autonomous vehicles prefer 4-WISS more. We found that consumers prefer the parallel movement among 4-WISS modes, the touch display for selecting 4-WISS, the steering wheel for operating 4-WISS mode, and dashboard for displaying information. We finally discuss the new business model in the vehicle industry and suggest automakers to establish an effective strategy for the initial market for EVs with 4-WISS.</p></div>","PeriodicalId":47979,"journal":{"name":"Technology in Society","volume":null,"pages":null},"PeriodicalIF":10.1000,"publicationDate":"2024-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Technology in Society","FirstCategoryId":"90","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0160791X24001805","RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"SOCIAL ISSUES","Score":null,"Total":0}
引用次数: 0
Abstract
As the mainstream of vehicle industry is moving from internal combustion engine vehicles to electric vehicles (EVs), a multi-perspective analysis of consumer preference for the new EV technology is required. Therefore, this study proposes a new framework for consumer preference analysis—a two-stage choice experiment—and conducts an empirical analysis of the four-wheel independent steering system (4-WISS). In the first stage, we analyzed consumer preference for the availability of 4-WISS in EVs. In the second stage, we investigated consumer preference for the specific technology of 4-WISS in EVs. Stated preference data were collected through a choice experiment survey, and a mixed logit model was used to quantitatively analyze consumer preference and willingness-to-pay. Results show that consumers are willing to pay KRW 19,045,098.6 (USD 13,513.9) to use 4-WISS in high-end EVs. Furthermore, consumers who are female, older, and have more knowledge of autonomous vehicles prefer 4-WISS more. We found that consumers prefer the parallel movement among 4-WISS modes, the touch display for selecting 4-WISS, the steering wheel for operating 4-WISS mode, and dashboard for displaying information. We finally discuss the new business model in the vehicle industry and suggest automakers to establish an effective strategy for the initial market for EVs with 4-WISS.
期刊介绍:
Technology in Society is a global journal dedicated to fostering discourse at the crossroads of technological change and the social, economic, business, and philosophical transformation of our world. The journal aims to provide scholarly contributions that empower decision-makers to thoughtfully and intentionally navigate the decisions shaping this dynamic landscape. A common thread across these fields is the role of technology in society, influencing economic, political, and cultural dynamics. Scholarly work in Technology in Society delves into the social forces shaping technological decisions and the societal choices regarding technology use. This encompasses scholarly and theoretical approaches (history and philosophy of science and technology, technology forecasting, economic growth, and policy, ethics), applied approaches (business innovation, technology management, legal and engineering), and developmental perspectives (technology transfer, technology assessment, and economic development). Detailed information about the journal's aims and scope on specific topics can be found in Technology in Society Briefings, accessible via our Special Issues and Article Collections.