The wide adoption of electric vehicles has recently gained momentum as governments continue incentivizing green mobility initiatives worldwide. In effect, more people are starting to embrace the EV shift. However, affordability remains the top concern of most customers, especially those of the lower-income class.
Study highlights
The high cost of electric vehicle models in the market substantially discourages people from buying them. Online search outlet Autolist’s latest survey claims to have discovered the main barriers to EV uptake, including price, range, and charging infrastructures.
The survey involved over 3,100 car shoppers as respondents. Of that total, 43% said all-electric vehicles were “too expensive” for their buying capacity.
Autolist CEO Corey Lydstone pointed out that there has undoubtedly been a surging demand for EVs. However, he indicated that most of the demand came from rich car buyers.
The company’s survey supported the CEO’s claims, revealing that lower-income buyers are more hesitant towards EV uptake. In fact, pricing concerns among respondents surged 46% for those with annual income below $30,000, as per the survey results.
“As the market matures and EVs themselves become more capable, we’re definitely starting to see more shoppers view them as real-world possibilities. Unfortunately, those gains are largely limited to higher-income households.
It’s clear from our survey that making EVs affordable for all consumers will be essential to their widespread adoption.”
Autolist CEO Corey Lydstone
As mentioned, the survey also found that range and charging were among the top barriers to wider EV uptake.
As per the study, 39% of the respondents are concerned over EVs’ limited driving range. Meanwhile, 39% cited insufficient charging infrastructure availability.
However, the study managed to deliver some good news. Apparently, customers’ concerns over price, range, and charging recorded lower scores compared to the 2022 results. Refer to the data below:
- Too expensive to buy/lease: 42% (down from 49% in 2022)
- Worried about the range between charges: 39% (down from 44% in 2022)
- Concerns about charging infrastructures: 33% (down from 35% in 2022)
These results indicate that the number of buyers discouraged from these issues is declining.
“This is a good sign overall for the EV industry. More parity among consumers’ concerns means that models hitting the market today are chipping away at issues people have had with EVs for a long time.”
Autolist CEO Corey Lydstone
See Also:
- Potential US buyers are concerned about the cost of electric vehicles – revealed in Deloitte survey
- Transportation study highlights barriers to American EVs and sustainable aviation
- Lyft offers new incentives for its drivers to switch to electric vehicles
- EU’s electric vehicle tax credits to dominate US trade talks
- Electric vehicles: The three main factors holding back sales
Electric vehicle adoption is undoubtedly growing as governments, automakers, and other supply chain branches collaborate to promote them. However, they must work hard to address customers’ top concerns over price, range, and charging infrastructures to fully encourage them towards a sustainable and green future in the transportation sector.
