Although the electric vehicle market has seen significant growth over the past few years, there are signs that the exponential growth will slow down, with automakers like General Motors reducing electric vehicle sales and production targets. In fact, it appears as though even some EV owners themselves are yearning for a return to ICE-powered models.
According to a report from Automotive News, consulting firm McKinsey & Co. found that 46 percent of U.S. respondents who currently own an electric vehicle are likely to buy an ICE-powered vehicle as their next car purchase, with charging concerns standing out as the largest hindrance toward the gradual transition to all-electric vehicles.
Beyond this, McKinsey & Co. also found that 29 percent of electric vehicle owners worldwide are likely to switch to gasoline vehicles, citing the same concerns.
“I didn’t expect that,” McKinsey & Co. Center for Future Mobility Leader Philipp Kampshoff remarked. “I thought, ‘Once an EV buyer, always an EV buyer.'”
“OEMs and suppliers now have to invest in multiple technologies,” McKinsey & Co. Automotive and Assembly Practice Global Co-Leader Kevin Laczkowski stated. “This is the ultimate uncertainty right now, like almost never before.”
Interestingly, electric vehicle owners appear to be experiencing buyer’s remorse due to inadequate public charging infrastructure, high ownership costs, and limitations with long trips.
McKinsey & Co. found a few other notable pieces, including:
- 21 percent of global respondents have no interest in ever switching to an all-electric vehicle. Of those, 33 percent cited charging concerns.
- Said charging concerns are exacerbated by range-related expectations, where minimum range expectations have grown from 270 miles in 2022 to 291.4 miles today.
As background on the survey itself, McKinsey & Co. polled more than 30,000 consumers in 15 countries and asked them roughly 200 questions related to an all-electric future. This pool of respondents collectively comprised more than 80 percent of global sales volume. Findings were issued on June 12th, 2024.
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