Key Drivers behind the Adoption of Electric Vehicle in Korea: An Analysis of the Revealed Preferences

Electrification of passenger cars is one of the most popular ways to decarbonize the transportation sector and to reduce local air pollutants. Many researches have tried to examine what will be the driving factors to achieve the widespread adoption of electric vehicles (EVs). In this study, we analyzed the factors for EV adoption with the data of revealed preference from 2013 to 2017 in Korea. Analyses showed that the driving range of EVs and financial incentives have a positive impact on EV deployment. Also, the driving range is found to be the most critical factor explaining the market growth of EVs. The results suggest that technical improvement increases the value of EVs and in turn raises the probability of consumers' decision to purchase EVs. Financial incentive as well can encourage consumers to buy EVs, however, is not strong enough to create transitions from internal combustion engine vehicles (ICEVs) to EVs. (AU)