Users’ Perceived Value of Electric Vehicles in China: A Latent Class Model-Based Analysis

Abstract

Future promotional strategies for electric vehicles (EVs) need to be tailored to the initial users’ perceptions regarding these vehicles. This study aims to evaluate EV users’ perceived value in terms of the following five key dimensions: economic, environmental, social, emotional, and technological value. Recognizing the diversity of users’ perceived value, a latent class model is employed to categorize respondents, integrating predictive and outcome variables for a comprehensive analysis. The results indicate that 62% of users fall into a high endorsement group, indicating the widespread acceptance of the multidimensional value brought by EVs. Another 21% fall into a moderate endorsement group, signifying the partial approval of select EV values (e.g., emotional and social). Conversely, 17% are categorized as low endorsement users, expressing a low level of acceptance in terms of all the dimensions of EV value. Demographic characteristics such as family size and income significantly influence these user classifications, and there are marked differences in perceptions of certain vehicle attributes.