The number of consumers looking to buy electric vehicles has hit 52%, according to the latest EY Mobility Consumer Index (MCI). This is the first time the number has exceeded 50%, and it represents a rise of 22 percentage points in just two years.
EV buyers are on the rise
The MCI survey has tracked consumer mobility patterns and buying intentions since the start of the pandemic in 2020. EY writes:
While overall levels of travel reported remain lower when compared to the pre-pandemic benchmark, the number of consumers who say constant access to a personal car is very important to them is rising, and for the first time more than half of those surveyed, 52%, who intend to buy a car say they intend to choose either a fully electric, plug-in hybrid or hybrid vehicle.
In a survey of 13,000 people in 18 countries, car buyers in Italy (73%), China (69%), and South Korea (63%) are the most committed to buying an EV. Consumers in Australia (38%) and the US (29%) are the least committed.
Environmental concerns are cited as the main reason for respondents to buy an EV (38%), and rising penalties on gas vehicles appeared for the first time as a key concern (34%). The Russian invasion of Ukraine and supply chain disruption is impacting the latter concern.
The survey also shows that 88% of consumers are willing to pay more for an EV, and 35% are willing to pay a premium of 20% or more, in keeping with the MCI 2021 survey’s findings.
Range anxiety is dropping
The MCI survey also shows that EV owners are less worried about range anxiety or EV chargers. The top motivator for second-time EV buyers is that “EVs now have longer ranges,” and just 27% of EV owners were concerned about charging infrastructure, compared to 36% of those currently without an EV.
Randy Miller, EY Global Advanced Manufacturing & Mobility Leader says:
The old issues of worrying about charging infrastructure and the range of EVs will soon come to an end. We know that the vast majority of journeys are relatively short, and as charging infrastructure continues to grow and battery quality continues to increase, we will start to see these concerns fade. It is also clear that those who own EVs know this already.
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Author: Michelle Lewis