Consumer Preferences and Willingness to Pay for Advanced Vehicle Technology Options and Fuel Types
The automotive industry is witnessing a revolution with the advent of advanced vehicular technologies, smart vehicle options, and fuel alternatives. However, there is very limited research on consumer preferences for these types of vehicles. But the deployment and penetration of advanced vehicular technologies in the marketplace, and planning for possible market adoption scenarios, calls for collection and analysis of consumer preference data related to these emerging technologies. This study aims to address this gap, offering a detailed analysis of consumer preference for alternative fuel types and technology options using data collected in choice experiments conducted on a sample of consumers in South Korea. The results indicate that there is considerable heterogeneity in consumer preferences for various smart technology options such as wireless internet, vehicle connectivity, and voice command features, but relatively little heterogeneity in the preference for smart vehicle applications such as real-time traveler information on parking and traffic conditions.