U.S. drivers are ready to embrace electric vehicles, according to a new study conducted by VinFast, a Vietnamese EV manufacturer, and global market research firm the Harris Poll. Vinfast recently began selling its VF 8 electric SUV in California.
The study examines U.S. drivers' beliefs, experiences, and behaviors surrounding electric vehicles. Researchers say the findings show that U.S. drivers want more options from EV makers. They also say drivers cite safety, warranty and service, technology and visual design as key factors when deciding what vehicle to buy or lease next.
The study found that while just 1 in 10 drivers (9%) currently drive an EV, more than half of gas-powered vehicle drivers polled (54%) would be interested in leasing or buying one as their next vehicle.
More than 1,800 U.S. drivers ages 18 and over took part in the online survey in July 2023.
Researchers compared their findings to those of AAA a year ago, and say the new study indicates U.S. consumer interest in EV vehicles has doubled year-over-year. (The July 2022 AAA study found that 25% of Americans said they would be likely to buy an electric vehicle for their next auto purchase.)
The study also found that 84% of current EV drivers say they would be interested in once again buying or leasing an EV again. Researchers say this suggests that the majority of new vehicles on the road could be electric within the next purchase cycle if manufacturers address consumers' concerns. Key findings shared in the press release include:
Consumers Welcome New Brands
- 54% of gas-powered vehicle drivers would be likely to purchase or lease an EV from a new automotive brand if it offered all the features they need.
- 85% 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.
Drivers Want More EV Options
- Researchers say these are some of the factors most important to drivers if buying or leasing an EV: affordability (58%), convenient/easy to charge (54%), safety (45%), warranty and service (35%), driving technology (23%), and visual design (16%).
- Here's what drivers would like to see more of: 48% of drivers would like to see more availability of seating options from EV manufacturers, followed by more storage (47%), body styles (46%), and colors (17%).
Warranty Length Matters:
- 74% of drivers believe high-quality vehicles are more likely to come with longer warranties than low-quality vehicles.
- 76% of drivers say they would be more likely to purchase or lease an EV if it offered an extended or unlimited warranty on the battery.
- 21% of gas-powered vehicle drivers cite limited car and/or battery warranty as something that has prevented them from purchasing or leasing an EV.
Gas Savings May Outweigh Cost Concerns
- 54% of gas-powered vehicle drivers say affordability is one thing that's prevented them from purchasing or leasing an EV.
- 62% of drivers interested in purchasing or leasing an EV would do so to save money on gas.
The Environment is a Strong Motivator
- 58% of drivers interested in purchasing or leasing an EV are motivated to do so to help the environment.
- 70% of drivers agree that EVs are important in creating a green future.
Gen-Z and Millennials Are Embracing Electric Vehicles
Younger drivers (ages 18-44) are more likely than older drivers (ages 45+) to say that:
- they would be interested in purchasing/leasing an EV for their next vehicle (76% vs. 46%),
- safety (59%) tops the list of features that would be among the most important to drivers ages 18-34 if they were planning to purchase/lease an EV, and
- having innovative technologies, such as autonomous-driving capabilities is important (67% vs. 45%).
Source: PR Newswire.
Photo Credit: NewsPress USA.