Perceived value and adoption intention for electric vehicles in Korea: Moderating effects of environmental traits and government supports

Abstract

In response to concerns about rapid climate change and air pollution, electric vehicles (EVs) have been diffusing rapidly in some countries since the early 2010s. Many researchers have investigated the value attributes affecting consumers’ attitudes to and behaviors around EVs. Little effort has been made, however, to identify the interacting factors in the relationship between perceived value and adoption. To fill this research gap, we examine the moderating effects of environmental traits and government supports on adoption intention. Using survey data collected from 285 drivers in Korea, we identify the significant impacts of perceived value as a predictor of consumers’ intention to adopt EVs. Operational economic benefit and charging risk are revealed as the main motivators of and barriers to EV diffusion, respectively. We also find that environmental concern and financial incentives significantly enhance the effects of perceived value on adoption intention. The implications of these findings for the success of EV market diffusion are discussed.