Why do Older Adults Adopt E-Bikes? Behavioural and Economic Insights from Vietnam’s Circular Economy Transition

Encouraging the shift from fossil-fuelled vehicles to electric alternatives is a path towards the establishment of a circular economy in transportation. This study focused on modelling the intention to accept electric bikes (EBs) among older persons in emerging countries, taking Hanoi, Vietnam, as a typical case study. The data gathered from 420 persons aged at least 55 were employed to empirically analyse a theoretical model formed based on the Model of Goal-Directed Behaviour (MGDB), Theory of Planned Behaviour (TPB), Risk theory (RT), and some socio-demographics. The relationships among variables were analysed using the methods of partial least squares structural equation modelling (PLS-SEM) and propensity score matching (PSM). We found that perceived risk was contributed most by perceived crash risk (β = 0.385, p = .000) and perceived explosion & fire risk (β = 0.304, p = 0.000) and least by perceived financial risk (β = 0.103, p = .001). Additionally, perceived risk was not only a barrier to the desire to adopt EBs but also negatively moderated (β = −0.087, p = .048) the positive association between positive anticipated emotions and desire. Besides attitude (β = 0.565, p = .000) and injunctive norms (β = 0.197, p = .000), anticipated (either positive [β = 0.130, p = .000] or negative [β = −0.109, p = .001]) emotions were found to significantly determine the desire, and thus intention of EB’s acceptance. Policymakers should provide subsidized or free training courses, actual stories of the benefits of EBs for older persons, but should not focus on advertising the environmental role of EBs. Promotion strategies of EBs, should be integrated into the master circular economy establishment plan to benefit from more economic, labour, and political resources.