Abstract
The automotive industry is witnessing a revolution with the advent of advanced vehicular technologies, smart vehicle options, and fuel alternatives. However, there is very limited research on consumer preferences for such advanced vehicular technologies. The deployment and penetration of advanced vehicular technologies in the marketplace, and planning for possible market adoption scenarios, calls for the collection and analysis of consumer preference data related to these emerging technologies. This study aims to address this need, offering a detailed analysis of consumer preference for alternative fuel types and technology options using data collected in stated choice experiments conducted on a sample of consumers from six metropolitan cities in South Korea. The results indicate that there is considerable heterogeneity in consumer preferences for various smart technology options such as wireless internet, vehicle connectivity, and voice command features, but relatively less heterogeneity in the preference for smart vehicle applications such as real-time traveler information on parking and traffic conditions.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 511-524 |
| Number of pages | 14 |
| Journal | Transportation Research Part C: Emerging Technologies |
| Volume | 60 |
| DOIs | |
| State | Published - Nov 1 2015 |
| Externally published | Yes |
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Keywords
- Advanced vehicular technology
- Consumer preference
- Multinomial probit
- Multiple discrete-continuous probit
- Smart vehicle
- Willingness to pay
ASJC Scopus subject areas
- Computer Science Applications
- Management Science and Operations Research
- Automotive Engineering
- Transportation
Cite this
Consumer preferences and willingness to pay for advanced vehicle technology options and fuel types. / Shin, Jungwoo; Bhat, Chandra R.; You, Daehyun; Garikapati, Venu M.; Pendyala, Ram.
In: Transportation Research Part C: Emerging Technologies, Vol. 60, 01.11.2015, p. 511-524.Research output: Contribution to journal › Article
}
TY - JOUR
T1 - Consumer preferences and willingness to pay for advanced vehicle technology options and fuel types
AU - Shin, Jungwoo
AU - Bhat, Chandra R.
AU - You, Daehyun
AU - Garikapati, Venu M.
AU - Pendyala, Ram
PY - 2015/11/1
Y1 - 2015/11/1
N2 - The automotive industry is witnessing a revolution with the advent of advanced vehicular technologies, smart vehicle options, and fuel alternatives. However, there is very limited research on consumer preferences for such advanced vehicular technologies. The deployment and penetration of advanced vehicular technologies in the marketplace, and planning for possible market adoption scenarios, calls for the collection and analysis of consumer preference data related to these emerging technologies. This study aims to address this need, offering a detailed analysis of consumer preference for alternative fuel types and technology options using data collected in stated choice experiments conducted on a sample of consumers from six metropolitan cities in South Korea. The results indicate that there is considerable heterogeneity in consumer preferences for various smart technology options such as wireless internet, vehicle connectivity, and voice command features, but relatively less heterogeneity in the preference for smart vehicle applications such as real-time traveler information on parking and traffic conditions.
AB - The automotive industry is witnessing a revolution with the advent of advanced vehicular technologies, smart vehicle options, and fuel alternatives. However, there is very limited research on consumer preferences for such advanced vehicular technologies. The deployment and penetration of advanced vehicular technologies in the marketplace, and planning for possible market adoption scenarios, calls for the collection and analysis of consumer preference data related to these emerging technologies. This study aims to address this need, offering a detailed analysis of consumer preference for alternative fuel types and technology options using data collected in stated choice experiments conducted on a sample of consumers from six metropolitan cities in South Korea. The results indicate that there is considerable heterogeneity in consumer preferences for various smart technology options such as wireless internet, vehicle connectivity, and voice command features, but relatively less heterogeneity in the preference for smart vehicle applications such as real-time traveler information on parking and traffic conditions.
KW - Advanced vehicular technology
KW - Consumer preference
KW - Multinomial probit
KW - Multiple discrete-continuous probit
KW - Smart vehicle
KW - Willingness to pay
UR - http://www.scopus.com/inward/record.url?scp=84945894335&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=84945894335&partnerID=8YFLogxK
U2 - 10.1016/j.trc.2015.10.003
DO - 10.1016/j.trc.2015.10.003
M3 - Article
AN - SCOPUS:84945894335
VL - 60
SP - 511
EP - 524
JO - Transportation Research Part C: Emerging Technologies
JF - Transportation Research Part C: Emerging Technologies
SN - 0968-090X
ER -