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Staying on convention or leapfrogging to eco-innovation?: Identifying early adopters of hydrogen-powered vehicles

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  • Moon, HyungBin
  • Park, Stephen Youngjun
  • Woo, JongRoul

Abstract

Hydrogen-powered vehicles or fuel cell electric vehicles (FCEV) are recognized as one of the leading innovations within sustainable technologies. However, to the best of our knowledge, only few studies have been conducted regarding the consumer's perspective of the product. This study focuses on analyzing the consumer's criteria and level behind their behavior regarding these vehicles to identify consumer segments that can be potential innovators and early adopters of FCEV. The K-means clustering method was employed to identify different consumer segments based on their chosen criteria. Next, consumer characteristics and their preferences were analyzed using a multinomial logit model to derive important marketing and policy implications. The result of the analysis indicates that 44.9% of the consumers consider FCEV as a potential alternative. These consumers consist of “Innovative luxury consumer group (6.2%),” “Advanced eco-friendly consumer group (12.6%),” and “Economy-oriented eco-friendly consumer group (26.1%).” Among the three groups, the “innovative and luxurious consumer group,” who considered all traditional gasoline and diesel vehicles with FCEV, had the highest potential to leapfrog to FCEV. These findings can accelerate the diffusion of FCEVs if marketing strategies and policy plans are formulated according to suitable consumer segments.

Suggested Citation

  • Moon, HyungBin & Park, Stephen Youngjun & Woo, JongRoul, 2021. "Staying on convention or leapfrogging to eco-innovation?: Identifying early adopters of hydrogen-powered vehicles," Technological Forecasting and Social Change, Elsevier, vol. 171(C).
    • Handle: RePEc:eee:tefoso:v:171:y:2021:i:c:s0040162521004273
    DOI: 10.1016/j.techfore.2021.120995
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    3. Madhavan Parthasarathy & Walfried Lassar, 2023. "The adoption and disadoption of electric vehicles by innovators," Marketing Letters, Springer, vol. 34(4), pages 549-573, December.
    4. Moon, Sungho & Kim, Kyungah & Seung, Hyunchan & Kim, Junghun, 2022. "Strategic analysis on effects of technologies, government policies, and consumer perceptions on diffusion of hydrogen fuel cell vehicles," Energy Economics, Elsevier, vol. 115(C).
    5. Rubio, Francisco & Llopis-Albert, Carlos & Besa, Antonio José, 2023. "Optimal allocation of energy sources in hydrogen production for sustainable deployment of electric vehicles," Technological Forecasting and Social Change, Elsevier, vol. 188(C).
    6. Wojciech Ewider, 2021. "Development of modern payment methods in Poland as an example of technological leapfrogging," Zeszyty Naukowe Małopolskiej Wyższej Szkoły Ekonomicznej w Tarnowie / The Malopolska School of Economics in Tarnow Research Papers Collection, Malopolska School of Economics in Tarnow, vol. 50(2), pages 79-91, June.
    7. Son, Woojin & Lee, Seungyeon & Woo, JongRoul, 2023. "Community acceptance of hydrogen power plant projects: The case of South Korea," Renewable and Sustainable Energy Reviews, Elsevier, vol. 187(C).
    8. Park, Changeun & Lim, Sesil & Shin, Jungwoo & Lee, Chul-Yong, 2022. "How much hydrogen should be supplied in the transportation market? Focusing on hydrogen fuel cell vehicle demand in South Korea," Technological Forecasting and Social Change, Elsevier, vol. 181(C).

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