Research on the Impact of New Energy Vehicle Companies’ Marketing Strategies on Consumers’ Purchase Intention

Shuo Wei, Hejun Xu (), Sijing Zheng and Junxi Chen
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Shuo Wei: Urban Mobility Institute, Tongji University, Shanghai 200070, China
Hejun Xu: School of Civil Engineering and Architecture, Jiangsu University of Science and Technology, Zhenjiang 212000, China
Sijing Zheng: School of Finance and Economics, Jimei University, Xiamen 361021, China
Junxi Chen: School of Civil Engineering and Architecture, Jiangsu University of Science and Technology, Zhenjiang 212000, China

Sustainability, 2024, vol. 16, issue 10, 1-14

Abstract: With the rapid advancement of battery technology and the demand for environmental sustainability, new energy vehicles (NEVs) are becoming more and more popular. This research paper delves into the impact of marketing strategies employed by new energy vehicle companies on consumers’ purchase intentions. This paper begins by highlighting the unique benefits of NEVs, such as energy efficiency, environmental friendliness, and improved driving experience. Then, this research identifies gaps in existing research, particularly the lack of micro-market demand data and systematic empirical analyses of consumer purchase intentions for NEVs. The paper employs a quantitative analysis approach grounded in marketing theory to address these gaps and examine the relationship between NEV companies’ marketing strategies and consumers’ purchase intentions. The research design involves a questionnaire survey based on the 4C marketing theory, focusing on consumer demand, cost, communication, and convenience. The survey targets potential NEV buyers and car owners, and 247 valid responses were analyzed. The results reveal that various factors, including the price and environmental performance of NEVs, non-fiscal policies, vehicle performance, and consumer attributes such as education level and environmental awareness, influence consumers’ willingness to purchase NEVs. This study also employs structural equation modeling to explore the correlations between different issues and identifies three main factors: basic car needs, new energy needs, and consumer subjective perception. Lastly, the study concludes that while NEV companies have made significant strides in marketing strategies, there is still room for improvement. We suggest that companies should offer competitive pricing, enhance vehicle performance, and address consumer concerns to boost purchase intentions.

Keywords: new energy vehicles; consumers; factor analysis (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
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