Consumer preference elicitation is critical to devise effective policies for the diffusion of electric vehicles  in India. For this purpose, we use stated preferences of over 1000 Indian consumers and present the first estimates of the additional purchase price that Indian consumers are willing to pay to improve the electric vehicle attributes(e.g., driving range) . We adopt a hybrid choice modelling framework to simultaneously model the willingness to pay and the effect of consumers' latent attitudes (e. g., hedonic and symbolic values) on their likelihood to adopt electric vehicles. We also account for reference dependence by considering a conventional vehicle as the reference alternative and illustrate that the resulting willingness to pay estimates are more realistic . Based on our results , Indian consumers are willing to pay  additional USD 10-34 in  purchase price to reduce the fast charging time by 1 minute, USD 7-40 to add a kilometre to the driving range of electric vehicle at 200 kilometres, and USD 104-692 to save USD 1 per 100 kilometres in operating cost. These estimates and the effect of attitudes on the likelihood to adopt electric vehicles provide insights about electric vehicle design, marketing strategies, and pro-electric-vehicle policies (e.g., specialised lanes and reserved parking for electric vehicles ) to expedite the adoption of electric vehicles in India.
Consumer preference elicitation is critical to devise effective policies for the diffusion of electric vehicles (EVs) in India. This study contributes to the EV demand literature in the Indian context by (a) analysing the EV attributes and attitudinal factors of Indian car buyers that determine consumers' preferences for EVs, (b) estimating Indian consumers' willingness to pay (WTP) to buy EVs with improved attributes, and c) quantifying how the reference dependence affects the WTP estimates . We adopt a hybrid choice modelling approach for the above analysis. The results indicate that accounting for reference dependence provides more realistic WTP estimates than the standard utility estimation approach. Our results suggest that Indian consumers are willing to pay an additional USD 10-34 in the purchase price to reduce the fast charging time by 1 minute, USD 7-40 to add a kilometre to the driving range of EVs at 200 kilometres, and USD 104-692 to save USD 1 per 100 kilometres in operating cost. These estimates and the effect of attitudes on the likelihood to adopt EVs provide insights about EV design, marketing strategies, and pro-EV policies (e.g., specialised lanes and reserved parking for EVs ) to expedite the adoption of EVs in India.
A
(EVs)
R
For this purpose, we use stated preferences of over 1000 Indian consumers and present the first estimates of the additional purchase price that Indian consumers are willing to pay to improve the electric vehicle attributes(e.g., driving range)
This study contributes to the EV demand literature in the Indian context by (a) analysing the EV attributes and attitudinal factors of Indian car buyers that determine consumers' preferences for EVs, (b) estimating Indian consumers' willingness to pay (WTP) to buy EVs with improved attributes, and c) quantifying how the reference dependence affects the WTP estimates
R
framework to simultaneously model the willingness to pay and the effect of consumers' latent attitudes (e. g., hedonic and symbolic values) on their likelihood to adopt electric vehicles. We also account
approach for the above analysis. The results indicate that accounting
R
by considering a conventional vehicle as the reference alternative and illustrate that the resulting willingness to pay estimates are more realistic . Based on our results ,
provides more realistic WTP estimates than the standard utility estimation approach. Our results suggest that
A
an
A
the
R
electric vehicle
EVs
R
electric vehicles
EVs
R
electric vehicle
EV
R
pro-electric-vehicle
pro-EV
R
electric vehicles
EVs
R
electric vehicles
EVs