Factors Affecting the Willingness to Pay for Electric Vehicle Conversion (EVC)

Main Article Content

Suthathip Suanmali
Kritsakon Kiewsongsakool


An electric vehicle conversion (EVC) is a car modification that converts an existing non-electric vehicle to be a low-cost electric vehicle. However, EVC is still in the development phase, and a plan to commercialize EVC has not been developed. The objective of this research is to determine the willingness to pay to convert a regular gasoline vehicle to an EV and to investigate significant factors affecting the willingness to pay for EVC. A questionnaire survey was developed and distributed randomly to 406 people in Bangkok who have a driver license. The descriptive results show that approximately 69.00% of the respondents are willing to convert a regular gasoline vehicle to an EV. The average price that they are willing to pay for EVC is about 160,931 Baht. The multiple regression analysis was employed with the level of significance of 0.05. The results indicated that the significant factors that affect a customer's willingness to pay are monthly income, education, household size, maintenance cost, age of the owned car, driving distance per day, and environmental awareness. The results of this study are expected to serve as a guideline for policy makers in order to further support the future productions of EVC. Some recommendations were discussed.


Download data is not yet available.

Article Details

Research Articles


Alhulail, I., & Takeuchi, K. (2014). Effects of tax incentive on sales of eco-friendly vehicles: Evidence from Japan. Kobe, Japan: Graduate School of Economics, Kobe University.

Bienias, K., Kowalska-Pyzalska, A., & Ramsey, D. (2020). What do people think about electric vehicles? An initial study of the opinions of car purchasers in Poland. Energy Reports, 6, 267-273.

Boxall, P. C., Adamowicz, W. L., Swait, J., Williams, M., & Louviere, J. (1996). A comparison of stated preference methods for environmental valuation. Ecological Economics, 18(3), 243–253.

Carson, R., & Hanemann, M. (2005). Chapter 17 contingent valuation. Handbook of Environmental Economics, 2, 821-936.

Chatterjee, S., & Hadi, A. S. (2006). Regression analysis by example (6th ed.). New Jersey: John Wiley &

Sons, Inc.

Checkraka. (2020a). MG EP EV year 2020. Retrieved August 8, 2021, from https://www.checkraka.com/ car/mg/ep/1454420/

Checkraka. (2020b). MG ZS 1.5 C+ year 2020. Retrieved August 8, 2021, from https://www.checkraka.com/car/mg/zs/1453644/

Chokmaviroj, S. (2019). Electric vehicle conversion. Retrieved August 10, 2021, from https://www4.egat.co.th/research/index.php?option=com_content&view=article&id=


City Population. (2020). Thailand: Bangkok metropolitan region. Retrieved August 10, 2021, from https://www.citypopulation.de/en/thailand/bangkokmetropolitan/

Crossman, A. (2020). Understanding purposive sampling. Retrieved August 10, 2021, from https://www.thoughtco.com/purposive-sampling-3026727

Dell’ Olio, L., Ibeas, A., de Oña, J., & de Oña, R. (2017). Public transportation quality of service

(1st ed.). Amsterdam: Elsevier.

Dimatulac, T., Maoh, H., Khan, S., & Ferguson, M. (2018). Modeling the demand for electric mobility in the Canadian rental vehicle market. Transportation Research Part D: Transport and Environment, 65, 138-150.

Electricity Generating Authority of Thailand. (2019). Closer dream to EV cars for Thai people with no more than 200,000 Baht. Retrieved June 3, 2019, from https://www.egat.co.th/index.php? option=com_content&view=article&id=2999:2019030-art01&catid=49:


Electricity Generating Authority of Thailand. (n.d.) Electric vehicle. Retrieved June 3, 2019, from https://www.egat.co.th/en/index.php?option=com_content&view=article&id=425:would-it-becool-if-thais-could-modify-old-vehicles-to-be-electric-vehicles-bythemselves&catid=23&Itemid=203

Erdem, C., Şentürk, İ., & Şimşek, T. (2010). Identifying the factors affecting the willingness to pay for fuel-efficient vehicles in Turkey: A case of hybrids. Energy Policy, 38(6), 3038–3043.

Ferguson, M. R., Mohamed, M., Higgins, C. D., Abotalebi, E., & Kanaroglou, P. (2018). How open are Canadian households to electric vehicles? A national latent class choice analysis with willingness-to-pay and metropolitan characterization. Transportation Research Part D: Transport and Environment, 58, 208-224.

Giansoldati, M., Danielis, R., Rotaris, L., & Scorrano, M. (2018). The role of driving range in consumers' purchasing decision for electric cars in Italy. Energy, 165, 267-274.

Glantz, M., & Mun, J. (2011). Credit engineering for bankers (2nd ed.). Massachusetts: Academic Press.

Glen, S. (2016). "Kaiser-Meyer-Olkin (KMO) test for sampling adequacy. Retrieved August 10, 2021, from https://www.statisticshowto.com/kaiser-meyer-olkin/

Guerra, E. (2019). Electric vehicles, air pollution, and the motorcycle city: A stated preference survey of consumers’ willingness to adopt electric motorcycles in Solo, Indonesia. Transportation Research Part D: Transport and Environment, 68, 52-64.

Hackbarth, A., & Madlener, R. (2013). Willingness-to-pay for alternative fuel vehicle characteristics: A stated choice study for Germany. Transportation Research Part A: Policy and Practice, 85, 98-111.

Haugneland, P., Lorentzen, E., Bu, C., & Hauge, E. (2017). Put a price on carbon to fund EV incentives –

Norwegian EV policy success. Retrieved August 8, 2021, from https://elbil.no/content/uploads/2016/08/EVS30-Norwegian-EV-policy-paper.pdf

Hidrue, M. H., Parsons, G., Kempton, W., & Gardner, M. P. (2011). Willingness to pay for electric vehicles and their attributes. Resource and Energy Economics, 33(3), 686-705.

Hill, R. (1998). What sample size is “enough” in internet survey research? Interpersonal Computing and Technology: An Electronic Journal for the 21st century, 6(3-4), 1-12.

Holland, M. (2020). Norway EV market share breaks all records. Retrieved July 16, 2020, from https://cleantechnica.com/2020/04/02/norway-ev-market-share-breaks-all-records-75-of-vehicles-sold-have-plugs/

Isaac, S., & Michael, W. B. (1995). Handbook in research and evaluation: A collection of principles, methods, and strategies useful in the planning, design, and evaluation of studies in education and the behavioral sciences (3rd ed.). United States: Edits

Laerd Statistics. (2015a). Statistical tutorials and software guides. Retrieved August 8, 2021, from https://statistics.laerd.com/

Laerd Statistics. (2015b). Multiple regression using SPSS statistics. Retrieved July 3, 2019, from https://statistics.laerd.com/

Lashari, Z. A., Ko, J., & Jang, J. (2021). Consumers’ intention to purchase electric vehicles: Influences of user attitude and perception. Sustainability, 13(6778), 1-14.

Liu, Y. (2014). Household demand and willingness to pay for hybrid vehicles. Energy Economics, 44, 191–197.

Logtenberg, R., Pawley, J., & Saxifrage, B. (2018). Comparing fuel and maintenance costs of electric and gas-powered vehicles in Canada, 2018. Retrieved August 5, 2020, from https://www.2degreesinstitu


McNamee, P., Ternent, L., Gbangou, A., & Newlands, D. (2010). A game of two halves? Incentive incompatibility, starting point bias and the bidding game contingent valuation method. Health Economics, 19(1), 75–87.

MGR Online. (2020, June 5). Comparison between electric and combustion engine vehicles on their maintenance. Retrieved August 8, 2021, from https://mgronline.com/greeninnovation/ detail/9630000058426

National Statistical Office Thailand. (2020). Household income and expenditure statistics. Retrieved August 8, 2021, from http://statbbi.nso.go.th/staticreport/page/sector/th/08.aspx

Nikkei Asia (2020). Japan aims to electrify nation's new car fleet by mid-2030s. Retrieved August 10, 2021, from https://asia.nikkei.com/Spotlight/Environment/Climate-Change/Japan-aims-to-electrify-nation-s-new-car-fleet-by-mid-2030s

Noel, L. D., Carrone, A. P., Jensen, A. F., Zarazua, G. D. R., Kester, J., & Sovacool, B. K. (2019). Willingness to pay for electric vehicles and vehicle-to-grid applications: A Nordic choice experiment. Energy Economics. 78, 525–534.

Poder, T. G., & He, j. (2017). Willingness to pay for cleaner car: The case of car pollution in Quebec and France. Energy, 130, 48-54.

Potoglou, D., & Kanaroglou, P. (2007). Household demand and willingness to pay for clean vehicles. Transportation Research Part D: Transport and Environment, 12(4), 264-274.

Raje, D. V., Dhobe, P. S., & Deshpande, A. W. (2002). Consumer’s willingness to pay more for municipal supplied water: A case study. Ecological Economics, 42(3), 391–400.

Ramos-Real, F. J., Ramírez-Díaz, A., Marrero, A. G., & Perez, Y. (2018). Willingness to pay for electric vehicles in island regions: The case of Tenerife (Canary Islands). Renewable and Sustainable Energy Reviews, 98, 140-149.

Roumsuwan, A. (2021). New models of EV cars and their prices. Retrieved August 8, 2021, from https://www.thairath.co.th/news/auto/news/2078503

Suanmali, S., & Tansakul, N. (2019). Influential factors on willingness to pay for a battery electric

vehicle in Bangkok, Thailand. ASEAN Journal of Management & Innovation, 6(1), 51-63.

Tanaka, M., Ida, T., Murakami, K., & Friedman, L. (2014). Consumers’ willingness to pay for alternative fuel vehicles: A comparative discrete choice analysis between the US and Japan. Transportation Research Part A: Policy and Practice, 70, 194-209.

Tavakol, M., & Dennick, R. (2011). Making sense of cronbach’s alpha. International Journal of Medical Education, 2, 53-55.

Williams, B., Brown, T., & Onsman, A. (2010). Exploratory factor analysis: A five-step guide for novices. Australasian Journal of Paramedicine, 8(3), 1-13.

Xie, B. C., & Zhao, W. (2018). Willingness to pay for green electricity in Tianjin, China: Based on the contingent valuation method. Energy Policy, 114, 98–107.