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Economic, Functional, and Social Factors Influencing Electric Vehicles’ Adoption: An Empirical Study Based on the Diffusion of Innovation Theory

Author

Listed:
  • Zhengwei Xia

    (School of Information Management, Wuhan University, Wuhan 430072, China
    Information Center, Wuhan University, Wuhan 430072, China
    These authors contributed equally to this work.)

  • Dongming Wu

    (Economics and Management School, Wuhan University, Wuhan 430072, China
    These authors contributed equally to this work.)

  • Langlang Zhang

    (Economics and Management School, Wuhan University, Wuhan 430072, China)

Abstract

Although electric vehicles (EVs) have been heavily promoted as an effective solution to sustainable problems such as environmental pollution and resource constraints, the market penetration of EVs remains below expectations. By viewing EVs as innovative products that are different from traditional fuel vehicles, this study proposes a research model based on the diffusion of innovation theory, in which a series of factors influencing the adoption of EVs are identified. We collected 375 valid responses through an offline survey, and the structural equation modeling technique was used to empirically test the proposed model. The empirical results indicate that consumer adoption of EVs can be effectively predicted by three important innovation characteristics, namely perceived compatibility, perceived complexity, and perceived relative advantage. Furthermore, the results also suggest that factors in the economic aspect (monetary subsidy and risk of a price reduction), functional aspect (intelligent function and risk of sustainability), and social aspect (status symbol and risk of reputation), exert significant impacts on the adoption of EVs by influencing consumers’ perceptions of innovation characteristics. Theoretically, this study contributes to the literature by providing an appropriate theoretical perspective for understanding consumer adoption of EVs and identifying numerous significant antecedents of such behavior. Practically, the findings of this study can be applied to promote the market penetration of EVs.

Suggested Citation

  • Zhengwei Xia & Dongming Wu & Langlang Zhang, 2022. "Economic, Functional, and Social Factors Influencing Electric Vehicles’ Adoption: An Empirical Study Based on the Diffusion of Innovation Theory," Sustainability, MDPI, vol. 14(10), pages 1-22, May.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:10:p:6283-:d:820870
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    Cited by:

    1. Idiano D’Adamo & Massimo Gastaldi & Jacopo Piccioni & Paolo Rosa, 2023. "The Role of Automotive Flexibility in Supporting the Diffusion of Sustainable Mobility Initiatives: A Stakeholder Attitudes Assessment," Global Journal of Flexible Systems Management, Springer;Global Institute of Flexible Systems Management, vol. 24(3), pages 459-481, September.
    2. Roberta Riverso & Carmela Altamura & Francesco La Barbera, 2023. "Consumer Intention to Buy Electric Cars: Integrating Uncertainty in the Theory of Planned Behavior," Sustainability, MDPI, vol. 15(11), pages 1-13, May.
    3. Konstantina Anastasiadou & Nikolaos Gavanas, 2022. "State-of-the-Art Review of the Key Factors Affecting Electric Vehicle Adoption by Consumers," Energies, MDPI, vol. 15(24), pages 1-23, December.
    4. Abdulaziz Almutairi, 2022. "Impact Assessment of Diverse EV Charging Infrastructures on Overall Service Reliability," Sustainability, MDPI, vol. 14(20), pages 1-16, October.

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