Many consumers are still skeptical about electric vehicles new study shows
A change in perception could help accelerate electric vehicle adoption
The electric vehicle market is expanding like no other segment in the automotive industry. A multitude of new electric vehicles are expected next year, and market share for battery-powered vehicles is expected to explode in the near future.
However, a recent study by J.D. Power says consumers remain skeptical about electric vehicles.
The study suggests that while new EVs are coming to the market, work still needs to be done to convince buyers to shift to electric vehicles.
According to the study, only two out of 10 respondents are seriously considering an EV. On the other hand, the same percentage are definitely not considering any EV according to the study. That means that we have the same number of buyers on each side of the fence.
This is an improvement over past studies, and converting just 1 out of 10 consumers to electric vehicles would increase market share to 10%.
Still, with many jurisdictions considering a ban on internal combustion engines in the next decade, electric vehicles will need to convince more buyers than that if we don’t want to have an angry mob of motorists in the future.
Volkswagen ID.4 AWD Pro Rebelle Rally | Photo: Volkswagen
The study says that most consumers are hesitant towards electric vehicles because it is a new technology. Moreover, many consumers feel that they are paying a premium for their electric vehicle because of the fact that it is new.
J.D. Power demonstrated that if consumers are informed of the savings that can come with EVs because fuel no longer becomes an issue, many consumers tend to become more favorable to electrified vehicles. In other words, convincing consumers that they should embrace electric vehicles requires shifting how consumers determine value.
Tesla Model S Plaid | Photo: Screenshot Tesla website
J.D. Power says that in order to get more people on board with electric vehicles, manufacturers need to work on how these types of vehicles are perceived. There needs to be a shift from EV buyers feeling like they are giving it a shot to buyers feeling like they will enjoy their ownership experience more because it is an electric vehicle.
In other words, the study shows that there is still some work to be done when it comes to how consumers perceive electric vehicles and buying intentions. However, this presents an opportunity to automakers to shift their marketing message and better inform potentially view buyers.
