Market status, challenges, sentiment, and purchase demand for electric vehicle in China: Implications to the preparation of a marketing plan

Abstract

As the world's largest automotive market, China's significant oil demand shifts towards electric vehicles (EVs) due to international market instability and air pollution. China develops EVs and sets "dual carbon" goals and policies. EV technology advances, driving market maturity amidst rising competition. This study analyzed China's EV market: 413 household EV consumers (aged 18- 80) from multiple cities in Fujian Province. Findings show higher market competitiveness perception among males, older, less educated, retirees, lower income, smaller families, and repeat buyers. Identified challenges include top ranked supplier bargaining power, followed by competitors, threat from substitutes, buyer bargaining power, and new entrants. Significant differences in perceptions of buyer bargaining power, supplier bargaining power, and substitute threat exist based on sex, customer type, and purchase history. Positive sentiments noted among men, elderly, college graduates, students, and higher-income groups. High purchase demand observed among respondents. Significant positive correlations found among market status, market sentiment, and purchase demand. Various challenges correlate positively with demand, albeit to varying degrees. Study implications for marketing planning are highlighted.