Factors Affecting the Consumers’ Purchase Intention and Willingness-to-Pay More for Electric-Vehicle Technology

Abstract

This study conducted an in-depth analysis of the factors affecting consumers’ intention to purchase and willingness to pay more for an electric vehicle (EV) in the developing-country context, extending the theory of planned behavior with two new variables: environmental concern and willingness to pay (WTP) a premium. Survey data were collected from 358 responses and were analyzed using partial least squares structural equation modeling. Multi-group analysis was conducted, and the moderating role of gender was examined. The findings showed the significant effects of the theory-of-planned-behavior variables and environmental concern on EV technology purchase intention. The present study provides theoretical contributions and policy guidelines concerning high (vs. low)-sensitivity consumer attitudes toward EV technology that marketers and automobile manufacturers can make use of when designing and strategizing their pricing strategies.