Consumers May Be Growing More Polarized on Electric Vehicles
For years, electric vehicles have been touted at the solution for eliminating carbon emissions from the transportation sector. Yet, it seems that public consumer interest might be growing more divided on battery-powered personal transportation options.
This is according to new data from J.D. Power, which found that an increasing number of Americans say they are "very unlikely" to purchase an EV. From January through March alone, that number has risen from 17.8 percent to 21 percent of respondents. However, those who say that they are "very likely" has more or less held steady—currently hovering around 26.9 percent—meaning consumer opinion may be growing more polarized on the topic.
The top reasons for hesitation among those who are somewhat or very unlikely to opt for an EV include lack of charging stations, purchase price, limited driving distance between charges, time required to charge, and an inability to charge the vehicle at work or at home.
While Boomers and Pre-Boomers do account for a large part of the demographic with EV skepticism, a growing number of younger consumers are following suit. The survey found that approximately 33 percent of Gen Z shoppers also say that they are “somewhat unlikely” or “very unlikely" to purchase an EV.
The survey didn't ask about Tesla specifically, but the shift does come as the country's most prominent EV company has faced some bad headlines about its products.
"Top-line metrics on overall EV market share, availability and affordability have been on a long-term upward trend," writes that the market research firm. "But beneath those headline numbers we are starting to see some consumer behaviors that suggest a possible bifurcation of the automotive marketplace."
While some may be growing more skeptical, car manufacturers are investing billions in electric vehicle technology, and the total market share of EVs has grown from 2.6 percent in February 2020 to 8.5 percent in February of this year. New subsidies from the federal government are designed to make EV ownership even more appealing, although they've also introduced confusing new regulations about battery composition and location of assembly.
Regardless, it seems there may be a growing divide in consumer opinions.