The Number of People Willing to Buy an EV Has Declined Since 2023

by Chris Teague

Published: September 9th, 2024

the number of people willing to buy an ev has declined since 2023

Fewer potential car buyers are likely to consider an electric vehicle than they were at this point last year. That’s the message from the recently released EY Mobility Consumer Index, which came out this morning.

American car buyers are 14 percent less likely to buy an EV than they were in 2023, down to 34 percent from 48 last year. Buyers cite fears about battery replacement costs and difficulties finding and using public chargers as primary concerns. EY’s Steve Patton said that the drop in EV enthusiasm is larger than expected despite an anticipated downturn in demand growth.

The study did find some bright spots in the EV market. It showed that buyers are less concerned about EV range, and people are generally more confident in the public charging networks. That said, battery replacements remain an issue, however unwarranted it might be. Automakers offer at least eight years and up to 100,000 miles of warranty coverage for electric drivetrain components, and most research shows that batteries should last more than a decade.

EY’s findings support what we’re seeing in the industry. Automakers are returning to hybrids and plug-in hybrids to satisfy buyers’ desire for more affordable, fuel-efficient vehicles. They are still pressing forward with EVs and other alternative fuels, but Patton believes that consumer education is vital to ensure future growth in the electric vehicle market, which should help address fears about battery life.

“The consumer needs to be educated. Those batteries are proving to have 12-, 15-year life cycles, and most of us don’t even hold a vehicle for 12 or 15 years.”

[Images: Kia, Ford, GM/Chevrolet]

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Chris Teague

Chris grew up in, under, and around cars, but took the long way around to becoming an automotive writer. After a career in technology consulting and a trip through business school, Chris began writing about the automotive industry as a way to reconnect with his passion and get behind the wheel of a new car every week. He focuses on taking complex industry stories and making them digestible by any reader. Just don’t expect him to stay away from high-mileage Porsches.

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4 of 111 comments

Ilo65710513 on Sep 09, 2024
The recent rental of an EV was instrumental in deciding that my next new vehicle purchase will be an EV. The experience provided more than expected: It enhanced my relationship with the vehicle and driving - I was more aware of speed and range, which I enjoyed. I drove 1000+ miles in 7 days and enjoyed the down time of charging the vehicle (about 45 minutes) as it allowed time to plan my journey. I detest "gas stations", the smell, the sense of menace, the use of fossil fuels and the fact that each fill up adds to the bank balance of some very unsavoury governments around the world. ON the demise of my current vehicle (likely in the very near future) its EV all the way for me !

2 Reply
- Ajla on Sep 09, 2024
  It definitely sounds like you will be happiest with an EV.
  
  Like
Kjhkjlhkjhkljh kljhjkhjklhkjh on Sep 10, 2024
That is how market saturation works. duh......

Like Reply
- VoGhost on Sep 10, 2024
  EVs are pretty far from completely saturating the US vehicle market, but I love the way you're thinking. About 7-10 years ahead of us.
  
  Like

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