U.S. Consumers Less Likely to Purchase an EV Than Last Year

The fifth iteration of the EY Mobility Consumer Index (MCI) found that despite record U.S. consumer interest in electric vehicles (EVs) in 2023, only 34% of U.S. consumers intend to purchase an EV as their next car in 2024. This marks a 14-point decrease since the 2023 MCI findings, proving that EV education is not where it needs to be and barriers to mass EV adoption still exist. 

The decrease in EV purchase intent is due partly to a lack of consumer education around the long-term value of an EV and maintenance requirements vs. traditional ICE vehicles. While consumer confidence in infrastructure builds, concerns about battery maintenance and value fall short. Expensive battery replacement is the top deterrent to purchasing an EV for U.S. consumers, overtaking the lack of charging stations for the first time.

Interestingly, hybrid vehicles have risen in popularity. In 2024, the share of U.S. consumers intending to buy a hybrid vehicle as their next car rose 2 percentage points, compared to the global average, which decreased 2 points overall. This rise can be attributed to the overall versatility of hybrid vehicles.

Read more: https://lnkd.in/eN4i7p-q

#EVadoption #hybridvehicles #MCI #EYMobility #electricvehicles #consumerconfidence #charginginfrastructure #batterymaintenance #techenableddriving #connectedcars