Monday, December 11, 2023

EV Popularity on the Rise As 54% of Drivers Plan to Make the Switch


Drivers in the U.S. are moving away from gas-powered vehicles, according to new EV popularity research from VinFast and The Harris Poll.

Vietnamese electric vehicle (EV) maker VinFast alongside research firm The Harris Poll, have unveiled statistics from their latest survey on the perspectives and tendencies of American drivers toward electric vehicles. This pivotal survey was orchestrated online in July 2023 and involved a significant sample size of more than 1,800 U.S. participants. The findings reveal the country’s growing inclination toward electric vehicles, hinting at a potential shift in the automobile market in the near future.

The popularity of electric vehicles is on the ascent in the U.S., the survey finds, with a notable uptick in the interest shown by traditional gas-powered vehicle users in transitioning to electric alternatives.

According to the data, while just about 9 percent of consumers currently drive EVs in the U.S., a considerable 54 percent of these users are contemplating acquiring an electric vehicle as their subsequent purchase or lease. To provide a comparative perspective, this constitutes a significant rise from the preceding year, when a AAA survey revealed that 25 percent harbored similar intentions.

Volvo's new EX30
Volvo’s new EX30 pricing will start at $34,950 | Courtesy

Moreover, the data finds that 84 percent of existing EV enthusiasts are contemplating reinvesting in electric vehicles for their future transportation needs, alluding to a prospective predominance of electric vehicles in the next buying cycle, contingent upon the address of consumer apprehensions. The survey also found that 85 percent of current EV drivers would be likely to purchase or lease an EV from a new automotive brand if it offered all the features they needed.

When delving into consumer preferences and inhibitors, the survey disclosed that a majority of gas-powered vehicle operators are open to exploring emerging automotive brands, provided the EVs satisfy their requisite features. This willingness to transition to new brands is even more pronounced among current EV users.

The survey also found potential users are seeking greater versatility in EV offerings, with preferences leaning toward affordable, convenient, and safe options adorned with substantial warranties. The participants also expressed desires for enhanced seat options and storage capabilities in addition to an extensive range of body styles and color schemes.

In the sphere of warranties, the respondents highlighted the propensity to equate longer warranty durations with superior vehicle quality. A significant portion of participants also indicated that the availability of extensive or unrestricted battery warranties would foster their transition to electric vehicles.

Mercedes-Benz electric SUV
Mercedes-Benz debuted an electric SUV in 2021. | Courtesy Mercedes-Benz Group

The economic benefits of shifting to EVs were also emphasized, with potential savings on fuel costs acting as a substantial motivator. Equally pertinent is the environmental angle, with a sizable fraction of potential users motivated by the prospect of contributing to a greener future.

Noteworthy is the enthusiastic response from the younger demographic, with individuals between 18 to 44 years showing a marked preference for electric vehicles, valuing safety and avant-garde technologies like autonomous driving capabilities highly.

The findings come on the heels of American automaker Ford’s commitment to produce two million EVs by 2026. At a GE event earlier this week, Ford CEO Jim Farley told attendees that people who buy electric vehicles “just want really good shit!” Farley added, “They don’t want science projects. They want a really great product.”

Earlier this week German luxury automaker Mercedes-Benz unveiled its new “close-to-production” concept vehicles aimed at taking Tesla head-on. The new EVs purport a single charge range of 466 miles. Tesla averages about 380 miles per charge.

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