Are Americans Losing Interest in Electric Vehicles?
Will the automotive industry be able to overcome the challenges and reignite the interest in electric vehicles among American car buyers?
Recent surveys conducted by Edmunds and JD Power reveal a shrinking interest in electric vehicles (EVs) among American car buyers. Despite the introduction of numerous new EV models, the percentage of buyers considering an EV as their next car has decreased. In fact, 23% of respondents in the Edmunds survey stated their dislike for EV technology. JD Power’s survey also showed a decline in consumer interest for the fourth consecutive month. However, new EV registrations are still on the rise, albeit at a slower pace. So, what factors are contributing to this dwindling interest in EVs?
According to the surveys conducted by Edmunds and JD Power, American car buyers are becoming less likely to consider purchasing an electric vehicle (EV) as their next car. Despite the influx of new EV models in the market, the percentage of buyers interested in EVs has decreased. In fact, 23% of respondents in the Edmunds survey expressed their dislike for EV technology.
JD Power’s survey yielded similar results, with the percentage of consumers very likely to consider an EV falling for the fourth consecutive month. Only 24% of respondents said they would consider buying an EV, while more than 22% stated they would not.
The reasons behind this reluctance to embrace EVs are varied, according to Jessica Caldwell, the head of automotive insights at Edmunds. Price, charging difficulties, and limited model availability from trusted automotive brands are among the factors influencing buyers’ decisions. Many consumers still perceive EVs as expensive, with almost half of the surveyed individuals stating they want an EV priced under $40,000. However, currently there are no new EVs available in the US market for less than $30,000 and only four models under $40,000.
In addition to price, concerns about charging infrastructure and range anxiety contribute to the lack of support for EVs. JD Power survey respondents cited limited public charging infrastructure as a key reason for their hesitation. The time required to charge an EV, limited driving range, electricity grid concerns, and the inability to charge at home or during a power outage are also chief concerns.
Moreover, inadequate vehicle performance in extreme temperatures is another factor dissuading potential buyers from making the switch to EVs. Nearly a quarter of EV rejectors in the surveys mentioned this as a reason to avoid EVs and stick with petrol or diesel power.
Despite the declining interest, new EV registrations continue to increase, albeit at a slower rate than before. Registrations rose by 15% in January, compared to the remarkable 52% growth in the previous year. However, EVs still accounted for around 8% of all US light vehicle registrations in January.
The surveys also revealed a generational difference in interest, with younger consumers showing more openness to the idea of EVs. Around 90% of 18- to 24-year-olds surveyed stated that they are open to buying an EV as their next new car, while 83% of 25- to 34-year-olds expressed interest. However, affordability remains a significant challenge for these age groups, as most EVs are beyond their desired price range.
- Edmunds and JD Power surveys show decreased interest in EVs among American car buyers
- Reasons for reluctance include price, charging difficulties, and limited model availability from trusted brands
- Limited public charging infrastructure, long charge time, and range anxiety are among the concerns
- Price is a major factor in delaying EV purchases, with most buyers wanting models under $40,000
- Younger consumers show more interest in EVs, but affordability remains a challenge
While the interest in electric vehicles among American car buyers seems to be waning, the reasons behind this decline are clear. Price, charging difficulties, limited model availability, and concerns about charging infrastructure and performance all contribute to the reluctance to embrace EV technology. However, despite these challenges, new EV registrations continue to rise, indicating a growing acceptance of electric mobility. The industry must address these concerns and make EVs more affordable and accessible to a wider range of consumers in order to overcome the current hesitations and solidify the future of electric transportation.