Key takeaways for US Market

  • US consumer likelihood to buy a battery electric vehicle (BEV) increased from 35% last year to 37% in April 2024. However, responses have been in the 35-37% range for the past 4 years, which shows us that the BEVs may be having a tougher time breaking into the early majority. 
  • We saw a larger year-over-year increase (vs. BEV) in plug-in hybrid electric vehicles (PHEV) and hybrids. The interest to buy a PHEV (~35%) far exceeds actual US mix (~2%). PHEV availability in US is still very limited, but more original equipment manufacturers (OEMs) are looking at the technology. 
  • BEV affordability is still a big concern as cited by 55% of respondents, who indicated they are unlikely to buy a BEV. However, 47% of consumers who won't buy a BEV could be persuaded to if the purchase price was lower. Ironically, prices are as low as they have been (especially if qualifying for consumer tax credits). So even lower priced vehicles, or more lower priced options, may be needed. 
  • Interestingly, if all powertrains had the same specs/price, ~45% of US respondents would still choose a gasoline-powered vehicle over alternatives. However, we see that most of those who would choose alternatives tend to have higher incomes, so powertrain choice may be tied to "wealth".

Of those who are not willing to buy a BEV, 〜55% state purchase price as the main gating factor…

BEV Consideration, Owner Satisfaction and Other Insights

We note that US consumers would still want to buy a BEV from a legacy OEM (57%) instead of a new manufacturer that only makes electric vehicles (35%). We additionally analyzed BEV ownership satisfaction and found that price and battery longevity satisfaction increased, but range satisfaction decreased.

Most Likely to Buy a BEV from…

Across US BEV owners, we measured their likelihood to recommend a BEV to a friend on a scale of 1-10, with 10 being the highest likelihood. Respondents were grouped into the following categories: ‘Promoters’ (those who chose 9 or 10), ‘Passives’ (those who chose 7 or 8) and ‘Detractors’ (those who chose 6 or below). 

How likely would you be to recommend an All-Electric Vehicle to a friend, relative or colleague?

Other findings include how lump sum payments are preferred at 55% compared to a subscription fee at 36%, which could be a potential headwind for companies that want to move towards a subscription service revenue model. When looking at EV charging infrastructure, ‘at home’ was cited as the most sufficient area, followed by cities/urban areas, at place of work/study and finally suburban/rural areas as the least sufficient in regard to EV charging infrastructure. However, from 2020-2024, we note an increase in consumers views on EV charging infrastructure being improved across all four areas.

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