Willingness to Pay for Purchases Electric Vehicles in Thailand

Abstract

The purpose of this research was to evaluate the willingness to pay for purchases of electric vehicles in Thailand conceptual framework was based on the Rational Choice Theory and Contingent Valuation Method. A Quantitative research Experimental survey using a stratified random sampling technique that was applied to select 477 electric vehicle users in Thailand to answer a self-reported questionnaire.  Data were analyzed by the Panel Random Effects Logit Model. Research findings revealed that willingness to pay for electric vehicles has an average starting price of 1,011,000 baht. Willingness to pay for electric vehicles with the highest In-home charger at 103,000 baht or 10.17%, followed by a Guaranteed minimum future value (GMFV) at the price of 100,000 baht or 9.90%, and Battery warranty at 76,000 baht or 7.48%, respectively. It was determined that having an in-home charger installed at home or work, as well as a guaranteed minimum future value, would make the sample feel more comfortable, reduce anxiety, and increase their confidence in using electric vehicles. The findings of the study can be used as a guideline for governments and the private sector to develop incentive schemes to encourage consumers to adopt electric vehicles. Including planning a marketing strategy for the electric vehicle business to increase sales.