Consumer preferences and willingness to pay for advanced vehicle technology options and fuel types

Jungwoo Shin, Chandra R. Bhat, Daehyun You, Venu M. Garikapati, Ram Pendyala

Research output: Contribution to journalArticle

36 Citations (Scopus)

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 languageEnglish (US)
Pages (from-to)511-524
Number of pages14
JournalTransportation Research Part C: Emerging Technologies
Volume60
DOIs
StatePublished - Nov 1 2015
Externally publishedYes

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willingness to pay
Alternative fuels
automotive industry
Parking
Automotive industry
South Korea
Consumer preferences
Willingness-to-pay
Internet
traffic
scenario
Planning
planning
experiment
market
Experiments

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 journalArticle

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