April 15th, 2024, Bhavika Bansal
Despite their many benefits, especially lower fuel costs in the long run and reduced environmental impact, widespread adoption of EVs still faces roadblocks – particularly regarding financial concerns of owning and maintaining one. A new YouGov poll of 17 international markets delves into the financial incentives that could make buying an EV more appealing.
Data from the poll reveals that reduced charging costs (56%), reduced insurance costs (55%) and government subsidies on EV purchases (55%) are among the top incentives that can make EVs “somewhat more” or “much more” financially attractive to consumers internationally.
50% of respondents say the same about tax credits for home charging equipment and increased resale values while a substantially lesser share say more leasing options (38%) would make EVs more financially viable for them.
A closer look at consumers across six key markets – Great Britain, Denmark, the US, Mexico, the UAE and India - who say that the given incentives can potentially make EVs more financially attractive to them reveals further nuances.
Great Britain
Nearly three out of five Britons say that reduced charging and insurance costs are likely to make EVs more financially attractive to them (57% for both). 51% say the same about extended warranty packages and tax credits for installing home charging equipment.
Denmark
Nearly half of Danes say EVs would be more financially viable to them if they were offered government subsidies on EV purchases and if battery replacement costs were reduced (49% for both) followed by 48% who feel the same about reduced EV insurance costs.
US
While reduced insurance costs take the top spot among Americans (44%), respondents in the US are least likely to be incentiviszed by the resale value (37%) and leasing options (21%) when it comes to electric vehicles.
Mexico
Unlike their global counterparts, our respondents in Mexico say that of all given incentives, extended warranty and maintenance packages are most likely to make EVs more financially attractive to them (63%). They are also twice as likely as Danes and Americans to say the same about EV leasing options (48% vs. 24% and 21%, respectively).
UAE
Reduced charging costs and extended maintenance packages (66% for both) are far likelier to make EVs more financially attractive to respondents in the UAE compared to tax credits for home charging equipment (56%) and EV leasing options (54%).
India
Much like in the case of their neighbors in the UAE, extended warranty (73%), reduced charging costs (72%) and government incentives on EV purchases (72%) are among the top factors likely to make electric vehicles more financially attractive. Notably, more than three-fifths of consumers in India also say the same about EV leasing options (61%) - a share substantially higher than any of the other five markets.
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YouGov Surveys: Serviced provide quick survey results from nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18+ years in 17 markets with sample sizes varying between 500 and 2,040 for each market. All surveys were conducted online in January 2024. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples. Learn more about YouGov Surveys: Serviced.