What’s blocking EV decisions? Insights into changing purchase barriers for carmakers
Many in the industry are worried about falling EV demand. Tesla’s stock value is diving and automakers have been announcing slower transitions to electric. What’s stopping car buyers from going electric? YouGov Automotive CategoryView is our latest solution, offering a holistic view of the auto sector, so you can understand industry trends, shifts, and patterns, and how they affect your brand.
Barriers to EV purchase
Over the past four months, YouGov asked consumers who plan on buying a non-electric vehicle in the next year why they wouldn’t go with an EV. The top three reasons that people would not consider buying an EV are: the high initial cost (54%), the safety and longevity of the battery (51%), and the range they can drive without a charge (51%). About the same proportion of respondents said that maintenance costs (50%) and lack of charging stations (49%) were holding them back.
Drilling down into the demographic data also reveals differences between genders. Nearly half of women (45%) say that capacity for home charging is a limiting factor for them, compared to 38% of men. Slightly more women than men (53% vs. 47%) also say maintenance costs is a reason not to go electric.
While still dominant, Tesla is no longer the only player in the EV game. In recent years, nearly all major automakers have made some move into electric vehicles. This diversification may be helping, as only one in five (20%) non-electric buyers say that lack of choice (“limited models”) is a barrier to going electric. Limited models matter to more men (23%) than women (18%).
Are consumers less worried about charging stations?
Charging station scarcity, which has long been a sticking point for those contemplating EVs, may be improving. New charging stations are opening all the time, with nearly 600 coming online in the first three months of 2024. This growth may be making consumers more confident that they can find a charge station when they need one.
In March, 53% of prospective non-electric car buyers said that charging stations were a reason they would not buy electric. This proportion fell to 46% by May, before rebounding to 51% in June. While it’s too early to declare a trend, EV-makers will want to monitor this variability.
Methodology: YouGov Automotive CategoryView collects data on brands & consumers across the US every month. The data is based on the interviews of more than 11,000 American adults aged 18+ between March 1st and June 30th, 2024. Learn more about YouGov Automotive CategoryView.
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