The Dynamics of Consumer Preference in Electric and Fuel Vehicle Industries

Department of Statistics, London School of Economics and Political Science, WC2A 3PH, London, United Kingdom

^* Corresponding author: q.guo16@lse.ac.uk

Abstract

The new energy vehicle market is growing rapidly, with continuous technological innovation and increased policy support. This study investigates the influence of market education on consumer preferences between electric vehicles (EVs) and internal combustion engine (ICE) vehicles. It investigates the impact of market education, which includes advertising, professional forums, and social media platforms, on consumer decision-making. The research reveals that market education significantly enhances consumer understanding of EV technology, builds brand trust, and stimulates purchase intentions. Celebrity endorsements and social media campaigns have been particularly effective in the short term, while professional forums have deepened consumer trust in EV technology. Market education has also played a critical role in highlighting the long-term cost-effectiveness of EVs, helping to overcome the hurdle of high initial costs. The study concludes by suggesting that automobile manufacturers and policymakers leverage market education to address consumer concerns about EVs and foster the development of the EV market.