Abstract:

Market segmentation is becoming a critical tool for emerging markets to research and deploy transportation technology such as electric vehicles (EVs) for widespread adoption. As a low-emission and low-cost car, EV adoption is likely to skyrocket in the near future, sparking a slew of new academic research projects. The main aim of this study is to explore and identify distinct sets of potential buyer segments for EVs based on psychographic, behavioral, and socio-economic characterization by employing an integrated research framework of ‘perceived benefits-attitude-intention’. The study applied robust analytical procedures including cluster analysis, multiple discriminant analysis and Chi-square test to operationalize and validate segments from the data collected of 563 respondents using a cross-sectional online survey. According to the data, three distinct types of young consumers have been discovered and labelled as 'Conservatives,' 'Indifferents,' and 'Enthusiasts,' all of whom are thought to be EV customers. The implications are suggested, which may provide some useful direction for scholars and policymakers interested in encouraging the adoption of electric vehicles in the context of the burgeoning sustainable transportation sector.