The current situation of the electric vehicle market: Consumers' purchasing intention is sluggish

According to the latest survey by AAA, although more than 75 different electric vehicle (EV) models have been launched in the market over the past four years, American consumers' interest in purchasing electric vehicles remains low. The survey shows that only 16% of respondents said they were "very likely" or "likely" to choose an electric vehicle as their next car, which is the lowest level since 2019. On the contrary, the proportion of people who said they were "unlikely" or "very unlikely" to purchase an electric vehicle soared to 63%, 12% higher than 51% in 2022. These data clearly indicate that the proportion of "electricity concerns" who are adopting a wait-and-see attitude towards electric vehicles is steadily increasing.

The reasons why consumers hesitate

What has led to this lack of purchasing interest? There are many reasons. Some of them are realistic, while others stem from misunderstandings caused by the lack of education. Greg Bannon, the director of automotive engineering at AAA, expressed his views on this:

"Since we started tracking interest in electric vehicles, we've seen some fluctuations," Greg said. Despite the automotive industry's commitment to long-term electrification and offering a wide range of model options, consumers' hesitation still persists.

Charts in EV research

Source: AAA

The obstacles hindering the popularization of electric vehicles

For many people (in fact, more than half of the respondents), the high cost of battery maintenance and the initial price at the time of purchase are important considerations when buying an electric vehicle. Others are worried that electric vehicles are not suitable for long-distance travel, charging stations are not easy to find, or the battery might run out during driving. Among those who are still on the fence or may not purchase an electric vehicle, about 31% say they have safety concerns, 27% are troubled by the setup of home chargers, and approximately 12% expect tax credits to disappear.

Range anxiety remains a major concern for those who have considered but ultimately given up on purchasing an electric vehicle. Blink Charging detailed in an article how they deal with these fears, describing traumatic thoughts about the lack of charging space during long trips, or having to detour or waste time during the charging process.

Blink: Reduce charging pressure

Source: Blink

https://www.mlcc-hyc.com

In 2022, according to AAA's data, the price of gasoline reached $5 per gallon, prompting many Americans to consider electric vehicles as an economical option when purchasing a car. In that year's survey, 77% of the respondents regarded the price of gasoline as their primary factor in choosing electric vehicles. Nowadays, the national average gasoline price ranges from $3.00 to $3.50 per gallon, depending on the state.

The advantages of electric vehicles

This year's data indicates that people are still paying attention to electric vehicles for the same reasons as in previous years: lower gasoline expenses, reduced carbon emissions, and lower maintenance costs. Compared with other vehicle categories, the maintenance cost of electric vehicles remains the lowest.

The future of electric vehicles: Full of hope

Despite having more vehicle models, options and cutting-edge technologies, these are still not enough to attract those who are skeptical about electric vehicles to switch to gasoline-free and cheaper electric transportation. Only 23% of American drivers believe that most cars will be electric within the next ten years, a proportion lower than 40% in 2022. Even though many people are worried that the previously mentioned tax benefits will disappear, they still believe that the tax credit for electric vehicles is at best mild and not a key factor in deciding to purchase.

For those "battery skeptics" who want to try electric driving, hybrid vehicles might be an attractive compromise solution. The combination of gasoline engines and electric motors provides users with a guarantee to deal with the dreaded range anxiety. Long-distance trips can be arranged as one pleases, but still retain environmental protection factors. The electric mode is used for daily shopping, and the gasoline mode is used for long-distance travel. This makes it easier for those who are still on the fence to accept electric driving. Although you won't achieve huge cost savings like full electrification, you will gain a sense of familiarity. For some people, this is undoubtedly a "driving force".