The Impacts on Purchasing Intension of New Energy Vehicle Based on Big Data Analysis

Research Article
Open access

The Impacts on Purchasing Intension of New Energy Vehicle Based on Big Data Analysis

Chenxi Su 1*
  • 1 Tianjin University    
  • *corresponding author 3021001030@tju.edu.cn
Published on 28 December 2023 | https://doi.org/10.54254/2754-1169/64/20231466
AEMPS Vol.64
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-83558-229-9
ISBN (Online): 978-1-83558-230-5

Abstract

As a matter of fact, there is a significant difference between developed and underdeveloped regions in contemporary society. Under the trend of carbon neutrality and carbon peaking in environmental protection in recent years, the use of cars powered by electric, hydrogen or other fuel except oil seems to be fragmented across different regions. With this in mind, this study mainly studies and investiagtes the relationship between economic level and the ownership of the cars powered by electric, hydrogen or other fuel except oil from a perspective of economic data, as well as explores the impact of economic development level and population on the ownership of cars powered by electric, hydrogen or other fuel except oil and environmental protection. According to the analysis, it has provided a positive impact on promoting the development and popularization of cars powered by electric, hydrogen or other fuel except oil, which shed light on guiding further exploration.

Keywords:

bigdata analysis, purchasing intension, new energy vehicle

Su,C. (2023). The Impacts on Purchasing Intension of New Energy Vehicle Based on Big Data Analysis. Advances in Economics, Management and Political Sciences,64,8-14.
Export citation

1. Introduction

With the development of human society, people's lifestyles are constantly changing, and the impact of human activities on the environment is becoming increasingly serious. Since the Industrial Revolution, human carbon emissions have sharply increased; On September 8, 2021, at the Green "the Belt and Road" and 2030 Agenda for Sustainable Development theme forum held by the China Council for International Cooperation on Environment and Development, Zhou Wei, the former chief engineer of the Ministry of Transport, pointed out that transport emissions accounted for about 10.4% of China's total carbon emissions, Road transport is the primary source of transport carbon emissions in the country, with it currently accounting for over 85% of the total and focusing on reducing emissions [1-3]. China is committed to promoting the development of global environmental protection, and relying on technological innovation, China's new energy vehicle industry has made significant progress. Unlike Japanese hydrogen energy, China's research direction in cars powered by electric, hydrogen or other fuel except oil is mainly focused on electric vehicles. Compared to traditional gasoline fueled vehicles, the advantage of electric vehicles is that they concentrate their carbon emissions on power plants, avoiding excessive dispersion of carbon emissions due to factors such as different vehicle models and engine levels.

Although research has shown that China's current power supply structure is not sufficient to bring significant benefits to reducing carbon emissions from cars powered by electric, hydrogen or other fuel except oil [1], with the development of non thermal power generation methods such as wind power, hydropower, and photovoltaic power generation in China, it is believed that the promotion of cars powered by electric, hydrogen or other fuel except oil will make a huge contribution to reducing carbon emissions.

Cars powered by electric, hydrogen or other fuel except oil provide a solution for China to alleviate the energy crisis, improve air pollution, and reduce greenhouse gas emissions [2]. Cars powered by electric, hydrogen or other fuel except oil refer to vehicles developed by automobile manufacturers that are beneficial for alleviating environmental pollution, mainly composed of hybrid electric vehicles and electric vehicles. The environmental performance of cars powered by electric, hydrogen or other fuel except oil in terms of energy conservation and pollution reduction is seen favorably by many academics. believing that the development and use of cars powered by electric, hydrogen or other fuel except oil will greatly reduce environmental pollution [3].

During the "Eighth Five Year Plan" period, the National Planning Commission's scientific and technological research projects included "Research on Key Technologies of Electric Vehicles". Fuel cell technology was cited as a significant national scientific and technology project during the Ninth Five Year Plan period. In September 2001, the Ministry of Science and Technology's National "863" Plan, which covered the "Tenth Five Year Plan" period, designated the study and development of electric cars as a key special project. Low energy and cars powered by electric, hydrogen or other fuel except oil and hydrogen and fuel cell technology were identified as priority themes and cutting-edge technologies, respectively, in the "Outline of the National Medium and Long Term Science and Technology Development Plan (2006-2010)" published in 2005. During the preparation stage for industrialization (2006-2010) during the 11th Five Year Plan period, the country carried out small-scale demonstration applications of electric vehicles. In November 2008, the first electric vehicle in China was approved for market launch and began mass production. In January 2009, the "Ten Cities and Thousand Vehicles" project for cars powered by electric, hydrogen or other fuel except oil in China was launched. The plan is to provide financial subsidies and develop 10 cities annually for about 3 years, with each city launching 1000 cars powered by electric, hydrogen or other fuel except oil. The "Interim Measures for the Management of Financial Subsidy Funds for Private Purchase of Cars powered by electric, hydrogen or other fuel except oil Pilot Projects" were released by the Ministry of Finance, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, and the National Development and Reform Commission in June 2010. This decision was made to start pilot projects for the private consuming of cars powered by electric, hydrogen or other fuel except oil in some cities.

The 'Energy Conservation and New Energy Vehicle Industry Plan (2012-2020)' was established in April 2012 to establish the objective of industrializing cars powered by electric, hydrogen or other fuel except oil. In 2012, preferential policies for new energy vehicle and vessel taxes were implemented. In 2015, China's production and sales of cars powered by electric, hydrogen or other fuel except oil ranked first in the world. 2.4 Industrialization Development Stage (2016 present) During 2016-2020, China's cars powered by electric, hydrogen or other fuel except oil have entered the industrialization development stage and have initially achieved large-scale application. In December 2016, the Financial Subsidy Policy for Promoting and Applying Cars powered by electric, hydrogen or other fuel except oil was adjusted in the notice that was issued, and since then, subsidies for cars powered by electric, hydrogen or other fuel except oil have continued to decline. In 2017, cars powered by electric, hydrogen or other fuel except oil were established as a breakthrough point in the automotive power strategy. The new energy industry's large-scale production and application was promoted by promulgating the 'double credit' method for passenger cars in 2018.

Researches ten years ago showed that car brand preferences are among the factors that influence consumers' purchase of cars that are powered by electric, hydrogen, or other fuels other than oil, the influence of car buyers surrounded on them, preferential subsidy policies, sales prices, appearance and interior preferences, car usage costs, quality reliability, ease of use, safety protection, and after-sales service are all aspects of government-related preferential subsidy policies [4]. The existence of vanity effect and comparison effect will increase consumers' preference for purchasing, and the network external characteristics of new energy vehicle purchasing behavior are significant. Due to the vanity mentality of users, the introduction of environmentally friendly fashion elements can increase the willingness of consumer groups to purchase cars powered by electric, hydrogen or other fuel except oil. Due to the user's comparison mentality. The expansion of market penetration can enhance the preference of potential consumers to purchase cars powered by electric, hydrogen or other fuel except oil [5].

Hence, in the era when China's economy and information level were relatively backward, people paid more attention to practical factors when buying cars, and less attention was paid to higher ideological levels such as the environmental protection attributes and social responsibility of cars powered by electric, hydrogen or other fuel except oil. However, in today's era, in economically developed regions, the purchasing of new energy vehicles is more likely by people because of their corresponding national policies and concern for environmental protection. Firstly, in the context of sustainable and high-quality development policies, consumers' environmental awareness is gradually increasing and they are willing to pay for environmental protection behaviors and green products; Secondly, concern and sympathy for environmental issues can better stimulate Chinese consumers to purchase cars powered by electric, hydrogen or other fuel except oil, rather than simply purchasing cars powered by electric, hydrogen or other fuel except oil out of their obligation to protect the environment. This to some extent reflects that for Chinese consumers, environmental issues and environmental protection responsibilities can directly affect their consumption behavior [6-9].

Through observation of prefecture level city with a comprehensive economic level in the top 25% of China, it is found that there are relatively few cars powered by electric, hydrogen or other fuel except oil in my city, and most of the vehicles driving on the road are gasoline powered vehicles; When traveling across the country, it is found that cars powered by electric, hydrogen or other fuel except oil were almost everywhere on the road, and whether it was walking on the street or taking a taxi, one often encountered cars powered by electric, hydrogen or other fuel except oil. This study would like to conduct this research on the relationship between a city's comprehensive economic level and the number of cars powered by electric, hydrogen or other fuel except oil owned, exploring the relationship between economic development and the number of cars powered by electric, hydrogen or other fuel except oil owned, in order to better understand the development level of cars powered by electric, hydrogen or other fuel except oil and China's environmental protection industry.

2. Data and Method

This study mainly used three data items: new energy vehicle ownership, urban GDP, and per capita GDP. Among them, the new energy vehicle ownership data comes from the WeChat official account "second-hand car circulation", and the urban GDP and per capita GDP data both come from the China Economic Data Website. This set of data is selected from the top 31 Chinese cities (seen from Table 1.) based on the ranking of new energy vehicle ownership, and the sample is relatively comprehensive. Among them, there are "big cities" such as Shanghai and Beijing with high total GDP, high per capita GDP, and high ownership of cars powered by electric, hydrogen or other fuel except oil; There are also cities like Wenzhou and Liuzhou that have relatively low GDP and per capita GDP, but have outstanding performance in the ownership of cars powered by electric, hydrogen or other fuel except oil; There are cities with high total GDP and per capita GDP, but low ownership of cars powered by electric, hydrogen or other fuel except oil, such as Jinan. Chengdu and Hangzhou, on the other hand, are two cities with opposite GDP data: Chengdu has a higher total GDP than Hangzhou but lower per capita GDP, while both have higher levels of new energy vehicle ownership.

Table 1: The set of the data.

City

New energy vehicle ownership

GDP/100million Yuan

GDP Per Capital/10thousand Yuan

Shanghai

998341

44652

17.99

Shenzhen

771541

32387

18.33

Beijing

712049

41610

19.03

Guangzhou

541960

28839

15.36

Hangzhou

520772

18753

15.26

Chengdu

398049

20817

9.81

Tianjin

374669

16311

11.92

Zhengzhou

316398

12937

10.15

Chongqing

276327

29129

9.07

Suzhou

239195

23958

18.6

Wuhan

231914

18866

13.78

Xi'an

227215

11486

8.88

Changsha

209355

13966

13.63

Nanjing

176587

16907

17.88

Wenzhou

172359

8030

8.31

Ningbo

167312

15704

16.39

Qingdao

165057

14920

14.42

Dongguan

161602

11200

10.68

Hefei

156544

12013

12.58

Foshan

154533

12698

13.29

Liuzhou

147770

3109

7.43

Wuxi

133234

14850

19.84

Haikou

132602

2135

7.34

Nanning

131230

5218

5.91

Jinan

123062

12027

12.88

Xiamen

119559

7802

13.62

Jinhua

112697

5562

7.81

Kunming

108185

7541

8.87

Taizhou

108151

6040

9.06

Taiyuan

107799

5571

10.29

Shijiazhuang

107302

7100

6.34

3. Results and Discussion

According to the linear regression results provided by Minitab, the R square value is 79.15%, indicating that overall, there is a certain linear relationship between the number of new energy vehicle ownership and the total GDP and per capita GDP. However, there are significant errors in the variance and some abnormal observations. The regression equation is new energy vehicle ownership=53469 + 20.87 GDP - 8876 GDP Per Capital. The coefficients are shown in Table 2, the model summary is shown in Table 3, the analysis of variance is shown in Table 4. After removing the abnormal observations in the first regression, the P-value showed a significant weakening trend, at the same time, R square increased. In addition, there is still abnormal observation in this regression (seen from Table 5). The new regression equation is New energy vehicle ownership=156680 + 21.26 GDP - 18791 GDP Per Capital. The coefficients are shown in Table 6, the model summary is shown in Table 7, the analysis of variance is shown in Table 8.

Table 2: The coefficients.

Term

Coef

SE Coef

T-Value

P-Value

VIF

Constant

53469

62587

0.85

0.400

GDP

20.87

2.49

8.37

0.000

1.90

GDP Per Capital

-8876

6389

-1.39

0.176

1.90

Table 3: The model summary.

S

R square

R square(adj)

R square(pred)

104810

79.15%

77.66%

68.99%

Table 4: The analysis of variance.

Source

DF

Adj SS

Adj MS

F-Value

P-Value

Regression

2

1.16769E+12

5.83843E+11

53.15

0.000

GDP

1

7.70108E+11

7.70108E+11

70.10

0.000

GDP Per Capital

1

21205236267

21205236267

1.93

0.176

Error

28

3.07584E+11

10985137914

Total

30

1.47527E+12

Table 5: The analysis of adjustment.

Obs

New energy vehicle ownership

Fit

Resid

Std Resid

1

998341

825557

172784

1.97

2

771541

566600

204941

2.09

5

520772

309344

211428

2.07

9

276327

580808

-304481

-3.40

Table 6: The new coefficients.

Term

Coef

SE Coef

T-Value

P-Value

VIF

Constant

156680

31733

4.94

0.000

GDP

21.26

1.66

12.78

0.000

2.13

GDP Per Capital

-18791

3523

-5.33

0.000

2.13

Table 7: The new model summary.

S

R square

R square(adj)

R square(pred)

49490.3

89.14%

88.23%

86.18%

Table 8: The Analysis of Variance.

Source

DF

Adj SS

Adj MS

F-Value

P-Value

Regression

2

4.82283E+11

2.41141E+11

98.45

0.000

GDP

1

3.99833E+11

3.99833E+11

163.24

0.000

GDP Per Capital

1

69689798979

69689798979

28.45

0.000

Error

24

58782846432

2449285268

Total

26

5.41065E+11

In the final regression model, one obtained a very small P-value and a large R square value, indicating a certain linear relationship between the number of new energy vehicle ownership and the total GDP and per capita GDP. It is worth noting that in the final equation (O=143261+10.61TT-8584PC), the coefficient of total GDP is positive, while the coefficient of per capita GDP is negative, which may indicate that population has positive impacts on the number of new energy vehicle ownership. This study only selected two types of data to speculate and evaluate the ownership of cars powered by electric, hydrogen or other fuel except oil, which has certain limitations. Impacts on the ownership of cars powered by electric, hydrogen or other fuel except oil in real life must be multifaceted, such as government policies. The more comprehensive the promotion policy, car purchase policy, and charging policy, the higher the perceived value and lower the perceived risk of potential consumers towards cars powered by electric, hydrogen or other fuel except oil, which in turn can stimulate their willingness to purchase [10]. The promoting effect of fiscal subsidies will continue to decrease with the implementation of policies and the passage of time [11]. In the 2009 economic stimulus plan, $14 billion was invested by the US federal government in helping produce and develop car batteries, key components and other technology related to new energy industry [12].

Looking forward to future researchers using different research models, establishing different economic and mathematical models, incorporating different influencing factors such as policies and consumer psychology, and conducting more comprehensive research on the influencing factors of new energy vehicle ownership, in order to promote the development of environmental protection.

4. Conclusion

To sum up, the two major indicators of economic level, the total GDP and per capita GDP, have a significant impact on the ownership of cars powered by electric, hydrogen or other fuel except oil. The total GDP has a positive impact on the ownership of cars powered by electric, hydrogen or other fuel except oil, while the corresponding per capita GDP has a relatively negative impact, that is, the population also has a positive impact on the ownership of cars powered by electric, hydrogen or other fuel except oil. The amount of data used in this article is small and there are few factors to consider. It is expected that future researchers will adopt more comprehensive models for exploration. It is believed this study can make contribution to the development of the new energy industry and environmental protection, and promote people to have a better living environment.


References

[1]. Li, C., Li, X., Song, D., & Tian, M. (2022). Does a carbon emissions trading scheme spur urban green innovation? Evidence from a quasi-natural experiment in China. Energy & Environment, 33(4), 640-662.

[2]. Wang, Y., Guo, C. H., Chen, X. J., et al. (2021). Carbon peak and carbon neutrality in China: Goals, implementation path and prospects. China Geology, 4(4), 720-746.

[3]. Liu, X., Sun, M., Chu, W. (2019). Research on the Development Strategies of Cars powered by electric, hydrogen or other fuel except oil in China: Based on a Questionnaire Survey of China, Germany, Japan, the United States, and South Korea. Power analysis, 17, 25.

[4]. Shao, J., Xin, M. (2018). Exploring the factors that affect consumers' purchase of cars powered by electric, hydrogen or other fuel except oil. Energy Consumption, 21, 19-22.

[5]. Yeh, S. (2007). An empirical analysis on the adoption of alternative fuel vehicles: The case of natural gas vehicles. Energy policy, 35(11), 5865-5875.

[6]. Zhao, H., Bai, R., Liu, R., & Wang, H. (2022). Exploring purchase intentions of new energy vehicles: Do “mianzi” and green peer influence matter?. Frontiers in Psychology, 13, 951132.

[7]. Zheng, G. W., Siddik, A. B., Masukujjaman, M., Alam, S. S., & Akter, A. (2020). Perceived environmental responsibilities and green buying behavior: The mediating effect of attitude. Sustainability, 13(1), 35.

[8]. Mansoor, M., & Wijaksana, T. I. (2023). Predictors of pro-environmental behavior: Moderating role of knowledge sharing and mediatory role of perceived environmental responsibility. Journal of Environmental Planning and Management, 66(5), 1089-1107.

[9]. Boztepe, A. (2012). Green marketing and its impact on consumer buying behavior. European Journal of Economic & Political Studies, 5(1).

[10]. Li, C., Ye, L. L., & Wang, L. P. (2021). The influence of new energy vehicle consumption promotion policy on the purchase intention of potential consumers. Chin. J. Manag. Sci, 29, 151-164.

[11]. Lu, Z. (2015). Research on Fiscal and Tax Policies to Promote the Development of Cars powered by electric, hydrogen or other fuel except oil in China. Tax Policy, 18, 27-33.

[12]. Shen, J., & Luo, C. (2015). Overall review of renewable energy subsidy policies in China–Contradictions of intentions and effects. Renewable and Sustainable Energy Reviews, 41, 1478-1488.


Cite this article

Su,C. (2023). The Impacts on Purchasing Intension of New Energy Vehicle Based on Big Data Analysis. Advances in Economics, Management and Political Sciences,64,8-14.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

Disclaimer/Publisher's Note

The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of EWA Publishing and/or the editor(s). EWA Publishing and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.

About volume

Volume title: Proceedings of the 2nd International Conference on Financial Technology and Business Analysis

ISBN:978-1-83558-229-9(Print) / 978-1-83558-230-5(Online)
Editor:Javier Cifuentes-Faura
Conference website: https://2023.icftba.org/
Conference date: 8 November 2023
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.64
ISSN:2754-1169(Print) / 2754-1177(Online)

© 2024 by the author(s). Licensee EWA Publishing, Oxford, UK. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license. Authors who publish this series agree to the following terms:
1. Authors retain copyright and grant the series right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this series.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the series's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this series.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See Open access policy for details).

References

[1]. Li, C., Li, X., Song, D., & Tian, M. (2022). Does a carbon emissions trading scheme spur urban green innovation? Evidence from a quasi-natural experiment in China. Energy & Environment, 33(4), 640-662.

[2]. Wang, Y., Guo, C. H., Chen, X. J., et al. (2021). Carbon peak and carbon neutrality in China: Goals, implementation path and prospects. China Geology, 4(4), 720-746.

[3]. Liu, X., Sun, M., Chu, W. (2019). Research on the Development Strategies of Cars powered by electric, hydrogen or other fuel except oil in China: Based on a Questionnaire Survey of China, Germany, Japan, the United States, and South Korea. Power analysis, 17, 25.

[4]. Shao, J., Xin, M. (2018). Exploring the factors that affect consumers' purchase of cars powered by electric, hydrogen or other fuel except oil. Energy Consumption, 21, 19-22.

[5]. Yeh, S. (2007). An empirical analysis on the adoption of alternative fuel vehicles: The case of natural gas vehicles. Energy policy, 35(11), 5865-5875.

[6]. Zhao, H., Bai, R., Liu, R., & Wang, H. (2022). Exploring purchase intentions of new energy vehicles: Do “mianzi” and green peer influence matter?. Frontiers in Psychology, 13, 951132.

[7]. Zheng, G. W., Siddik, A. B., Masukujjaman, M., Alam, S. S., & Akter, A. (2020). Perceived environmental responsibilities and green buying behavior: The mediating effect of attitude. Sustainability, 13(1), 35.

[8]. Mansoor, M., & Wijaksana, T. I. (2023). Predictors of pro-environmental behavior: Moderating role of knowledge sharing and mediatory role of perceived environmental responsibility. Journal of Environmental Planning and Management, 66(5), 1089-1107.

[9]. Boztepe, A. (2012). Green marketing and its impact on consumer buying behavior. European Journal of Economic & Political Studies, 5(1).

[10]. Li, C., Ye, L. L., & Wang, L. P. (2021). The influence of new energy vehicle consumption promotion policy on the purchase intention of potential consumers. Chin. J. Manag. Sci, 29, 151-164.

[11]. Lu, Z. (2015). Research on Fiscal and Tax Policies to Promote the Development of Cars powered by electric, hydrogen or other fuel except oil in China. Tax Policy, 18, 27-33.

[12]. Shen, J., & Luo, C. (2015). Overall review of renewable energy subsidy policies in China–Contradictions of intentions and effects. Renewable and Sustainable Energy Reviews, 41, 1478-1488.