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

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Suthathip Suanmali
Kritsakon Kiewsongsakool

Abstract

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.

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