Exploring Drivers of Innovative Technology Adoption Intention: The Case of Plug‐In Vehicles

How individuals respond to innovative technologies depends on how motivated they are by an array of internal and external factors and the informational and cost barriers they face. To better understand technology adoption decision making we (i) assess changes in intent to purchase plug‐in vehicles in response to reductions in their price and (ii) identify motivators that incline new car buyers toward plug‐ins under status quo and reduced vehicle cost scenarios. We find that individuals already inclined toward alternative vehicles have a higher interest in plug‐ins under a reduced‐cost scenario than individuals who favor conventional vehicles. We also find that individuals who shift their vehicle preference from conventional gasoline to plug‐in vehicles are motivated by material factors and fears relating to the innovative technology, whereas those shifting preferences between less to more innovative technologies are likely to be motivated by a mix of material and nonmaterial factors.