According to a survey conducted by Ernst & Young Global Ltd. (EY Global), 52% of car buyers globally will consider an electric vehicle. EY said this is the first time the number has exceeded 50%, representing 22% points higher in just two years.
Americans are even less interested than European and Asian buyers. Consumers from Australia and the United States are the least likely to buy an EV.
“These findings truly mark a tipping point in the global car-buying market. For the first time since EY teams have been collecting this data, more than 50% of consumers across the globe indicate that they want an EV The speed of this change has also been eye-opening, with a rise of 22 percentage points in just two years. “Randy Miller, EY Global Advanced Manufacturing & Mobility Leader, said.
Environmental concerns are the primary motivation for respondents to purchase an EV In many marketplaces; government policies likely affect customer decisions.
Those who said they weren’t interested in EVs stated lack of charging infrastructure as a reason to put them off. They also noted that plug-in models are too expensive.
However, according to the survey, a significant issue, specifically range anxiety, has started to disappear, especially among those who already own EVs. There are already various advancements in batteries to ease up worries about range. More charging infrastructures are being built as governments invest billions in the transition into electrification.
“There is no doubt that global gas price rises have played their part in making internal combustion engines more expensive, but environmental concerns also remain top of the list of motivators. Consumers are becoming increasingly socially and environmentally conscious, and they’re willing to pay a premium to meet their environmental standards. It is now up to the industry to meet this demand. If manufacturers are not aware of this trend already, they’re behind the curve, and they need to catch up fast.” Miller said.
The current U.S. administration also has its efforts to end gas-powered vehicle purchases. The U.S. may soon join the trend of embracing EVs as more automakers bet big on the U.S. market.
Many automakers are already investing billions in electrifying their brand portfolio to expect that by 2030, approximately fifty percent of the U.S. automobile market will be battery-powered.