Buy, lease, or share? : Consumer preferences for innovative business models in the market for electric vehicles

Huang, Youlin and Qian, Lixian and Soopramanien, Didier and Tyfield, David (2021) Buy, lease, or share? : Consumer preferences for innovative business models in the market for electric vehicles. Technological Forecasting and Social Change, 166: 120639. ISSN 0040-1625

[thumbnail of PURE Accepted Manuscript TFSC_EV Business model 0121]

Text (PURE Accepted Manuscript TFSC_EV Business model 0121)
PURE_Accepted_Manuscript_TFSC_EV_Business_model_0121.pdf - Accepted Version
Available under License Creative Commons Attribution-NonCommercial-NoDerivs.
Download (1MB)

Abstract

Although business models are critical to the successful market penetration and diffusion of sustainable innovations, little is known about consumer preferences for adopting electric vehicles (EVs) under innovative business models. Drawing on existing conceptualisations of business models, we study consumers’ preferences for three innovative EV business models: (i) battery-leasing, (ii) EV-leasing, and (iii) Business-to-Customer (B2C) EV-sharing, in addition to the conventional EV-buying model. By conducting a nationwide stated preference (SP) experiment in China, we show that consumers perceive battery-leasing and EV-buying models to be close substitutes, while EV-leasing and EV-sharing models are perceived as independent. Important monetary attributes are the operational cost saving in the battery-leasing model and the leasing cost in the EV-leasing model. Critical service and policy attributes include home charging capability, vehicle licensing policy, and the density of battery-swapping stations for the battery-leasing model. We also find that female consumers, those who are well-educated, and those who have a pro-EV attitude are most likely to adopt EVs in innovative business models. Our work has significant value for companies and government in terms of better designing and supporting the innovative business models for EV adoption.

Item Type:

Journal Article

Journal or Publication Title:

Technological Forecasting and Social Change

Additional Information:

This is the author’s version of a work that was accepted for publication in Technological Forecasting and Social Change. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Technological Forecasting and Social Change, 166, 2021 DOI: 10.1016/j.techfore.2021.120639

Uncontrolled Keywords:

/dk/atira/pure/subjectarea/asjc/1400/1403

Subjects:

?? innovative business modelsinnovation adoptionconsumer preferenceselectric vehiclesbusiness and international managementapplied psychologymanagement of technology and innovation ??

Departments:

Faculty of Science and Technology > Lancaster Environment Centre

ID Code:

151030

Deposited By:

ep_importer_pure

Deposited On:

26 Jan 2021 16:40

Refereed?:

Yes

Published?:

Published

Last Modified:

31 Oct 2024 01:14

URI:

https://eprints.lancs.ac.uk/id/eprint/151030