EV affordability tops the list of reasons consumers are holding back on purchasing a new electric vehicle, per a recent survey from S&P Global Mobility. Charging network concerns are another top concern, while range anxiety has tumbled as a reason not to buy. Meanwhile, General Motors is aiming for zero tailpipe emissions from its light duty fleet by 2035, with plans to “put everyone in an EV.”
The new S&P Global Mobility survey results are based on 7,449 global respondents from the U.S., U.K., Germany, Brazil, India, Thailand, Japan, and mainland China. The survey was conducted May 23rd, while the data was compiled on July 28th.
According to the survey results, nearly half of respondents said that EV prices were too high, despite an understanding that electric vehicles typically carry a premium over equivalent ICE-powered vehicles. Fewer than half of respondents believed that EV technology was ready for the mass market, with 42 percent of respondents considering an electric vehicle as their next vehicle purchase, and 62 percent saying they would prefer to wait until the technology improves before buying a new vehicle.
Electric vehicle buyer willingness has fallen in the last two years, with 86 percent of global respondents reporting openness to buying an electric vehicle in 2021, likely spurred on by an influx of new, more-affordable models, as well as a pro-EV push in the U.S. from the Biden administration and legislation moving to ban internal combustion-powered vehicles in the future. However, that willingness dropped to 67 percent in May of 2023.
Vehicle charging is also a top concern, and is cited as the second top reason against electric vehicle purchase. Roughly 46 percent of respondents reported concern over the time required for charging, while 44 percent reported concern regarding the availability of charging stations.
Interestingly, range anxiety was less of a concern, with the majority of respondents indicating acceptance of a minimum electric vehicle range below 300 miles. Just 29 percent reported a preference of more than 300 miles per charge.