More people are currently thinking about buying an EV in 2023 than in 2022, but the increase is relatively slow, according to a recently published study by major data analysis firm J.D. Power.
About 26 percent of potential car buyers in 2023 are “very likely” to “consider” buying an electric vehicle, according to the J.D. Power 2023 U.S. Electric Vehicle Consideration (EVC) Study published in June.
This level of “EV purchase consideration” is two percentage points higher than the 24 percent revealed by the same study in 2022. The study notes the number of people who said they are “overall likely” to buy an electric vehicle rose by the same amount, growing from 59 percent in 2022 to 61 percent in 2023.
Having more EV models available for purchase has helped increase EV purchase consideration. Among 2023 respondents, 42 percent said an electric vehicle model currently exists that meets their transport requirements. However, the study did not indicate how much this number increased from last year.
The study also delved into reasons for consumer hesitancy to buy an EV. One reason for purchase consideration to grow slowly year-over-year is the drop in gasoline prices, making ICE vehicles more affordable to operate compared to 2022.
The biggest factor limiting increased consumer interest in an EV purchase, however, is lack of public charger availability. Approximately 49 percent of respondents who did not plan to buy an EV said their avoidance of an electric vehicle purchase was motivated by insufficient charging stations.
J.D. Power‘s EV intelligence executive director Stewart Stropp said that “growth in public charging isn’t keeping pace with the rising number of EVs on the road” and concluded that a “resounding effort to build out and improve the public charging infrastructure will emphatically increase EV purchase consideration.”
Slightly less important in lack of EV purchase consideration than believing there are not enough public chargers to make EV ownership practical, but still significant, is lack of knowledge about EVs in general. About 30 percent of respondents uninterested in an electric vehicle had no experience or knowledge of the vehicle type.
CEO Mary Barra states that GM is “transitioning to an all-electric portfolio from a position of strength and we’re focused on growth,” and is “rapidly building a competitive advantage in batteries, software, vehicle integration, manufacturing and customer experience.”