Consumer sentiment toward EVs continues to grow

Consumer sentiment toward EVs continues to grow

A recent survey from TrueCar, Inc. indicates there is growth in consumer interest and willingness to consider an EV as their next vehicle purchase. Key indicators across the board show consumers are becoming more comfortable with EVs as a viable option, and that while fears regarding charging costs and range anxiety still exist, they are lessening, TrueCar says.

“Consumers across the nation are showing a growing acceptance toward considering an EV as their next vehicle purchase,” said Mike Darrow, president and CEO of TrueCar. “Since March 2022, the percentage of consumers reporting they would consider an EV as their next purchase grew from 52% to 59%.”

August 2022 national consumer EV survey highlights:

  • Consumers’ likelihood to purchase an EV as their next vehicle continues to grow
  • EV considerers (percent somewhat or extremely likely) up from 52% to 59%
  • EV rejectors (percent somewhat or extremely unlikely) shrunk from 24% to 19%
  • Despite gas prices leveling off, those prices continue to drive EV consideration
  • Almost 1/3 (31%) of consumers now say they are much more likely to consider purchasing or leasing an EV due to gas prices, up from 27% in March
  • More consumers now say they would purchase an EV if it met their range needs, up from 73% to 77%
  • The proportion of consumers concerned about the cost to charge an EV dropped dramatically, from 54% to 42%

However, not all areas of the country are as robustly leading the charge toward EVs.

“Our focus on Detroit area consumers showed a lower percentage of people willing to consider EVs as a next purchase,” said Darrow. “This might be attributable to the area’s strong ties to the auto industry and its love of performance vehicles, or could be an indication that the middle of the country lags behind the coasts in its appetite for EVs.”

August 2022 Detroit-area consumer EV survey highlights:

  • Detroit residents are significantly less likely to purchase an EV in the future
  • Only 49% report being likely (somewhat or extremely) to purchase an EV in the future (vs. 59% nationwide)
  • Part of this reluctance could be up to exposure. Detroit residents have significantly less experience with EVs: two-thirds (66%) have neither owned nor driven one in the past (vs. 57% nationwide)
  • They are less likely to consider an EV specifically due to the rise in gas prices, perhaps reflecting lower prices in the Detroit metro than in many other areas
  • 23% report being much more likely to purchase an EV due to high gas prices (vs. 31% nationwide)

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