A recent study by McKinsey & Co. has revealed a not at all surprising trend in the electric vehicle (EV) market: many owners are considering a return to gas-powered cars.
The 2024 Mobility Consumer Pulse survey, which included nearly 37,000 consumers worldwide, found that 46% of American EV owners are “very likely” to choose a gas vehicle for their next purchase.
This unexpected finding caught industry experts off guard.
Philipp Kampshoff, head of McKinsey’s Center for Future Mobility, admitted to Automotive News, “I didn’t expect that. I thought, ‘Once an EV buyer, always an EV buyer.'”
The U.S. isn’t alone in this trend.
Australia topped the list with 49% of EV owners considering a switch back to traditional engines.
Across all countries surveyed, including major markets like China, Germany, and Japan, an average of 29% of EV owners are thinking about returning to gas-powered vehicles.
Akio Toyoda, Chairman of Toyota, is a great capitalist.
"Customers, not regulations or politics" should make the decision on what path to rely on.
He said "Total EV Adoption Is Not The Way Forward" for Toyota.
They'd rather take the penalty for not going full EV by 2030 so… pic.twitter.com/DCw9R2LCzv
— Karthik Ramaswamy (@Kramaramb) June 26, 2024
Why the change of heart? The top reasons cited by owners include:
1. Lack of charging infrastructure (35%)
2. High total cost of EV ownership (34%)
3. Impact on long-distance travel habits (32%)
These findings highlight a growing gap between the ambitious goals set by policymakers and the day-to-day experiences of EV owners.
Despite the Biden administration’s push for electric vehicles and billions in federal funding allocated for charging stations, progress has been slow.
Three years into the initiative, only seven federally funded charging stations have been built, drawing criticism from both political parties.
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The survey also revealed widespread dissatisfaction with charging availability globally.
Only 11% of EV owners worldwide felt their area had adequate charging infrastructure.
A whopping 40% reported insufficient chargers on major roads, while 38% cited a lack of charging options near their homes.
As automakers pour resources into EV technology and governments worldwide promote adoption, these survey results suggest the transition may be bumpier than expected.
The data serves as a reality check for both policymakers and industry leaders, underscoring the need for a more comprehensive approach to EV adoption.
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This approach must address not just vehicle technology, but also the supporting infrastructure and economic factors that influence consumer choices.
