Consumer Survey: Cost Limiting EV Adoption

More Americans would drive electric vehicles (EVs) if they cost the same as their gas-powered cars, according to Hankook Tire’s Gauge Index consumer survey.

The Gauge Index: EV Edition found that more than half (54%) of Americans said they would be somewhat to much more likely to purchase an EV instead of a gas-powered vehicle if the cost were the same or less than the gas-powered equivalent. This was especially true for younger drivers (75% of Gen Z and 63% of Millennials). Previous Gauge research found younger generations are the most interested in purchasing EVs, indicating that to make them the true car of the future, cost must be considered among other barriers to entry, Hankook surveyors determined.

Longevity is another factor, according to Hankook. One-in-four Americans (25%) said their purchase consideration for an EV vehicle would increase if the life of an EV lasted longer than a gas-powered vehicle. Another quarter (24%) said they would do so if the charge range was higher.

The survey also found:

• Battery, maintenance, and energy costs are top of mind. Drivers cite cost of a battery replacement (59%), vehicle maintenance (54%) and energy costs to charge an EV (52%) as primary considerations when deciding whether to purchase an EV, followed by savings on gas (44%), insurance (35%) and the cost of tires (19%).
• Potential EV drivers overwhelmingly say they would want to have access to a charger at their home (47%), followed by alongside major roadways or highways (15%), which was of particular importance for those in the West North Central and Mountain census regions (22% and 20% respectively) where some of those iconic highways cross.
• Test drives still matter. One-in-five (19%) say they are most likely to be encouraged to purchase an EV by experiencing a test drive at a dealership.

“Our Gauge Index has helped us navigate consumer attitudes towards driving for over 10 years, and with our EV Edition, we’re excited to spark a new level of insight into what drivers want from EVs,” said Intae (Ted) Choi, vice president of Marketing Strategy, Hankook Tire America Corp. “The latest data shows that while cost and longevity of EVs may have some drivers hitting the brakes on buying one, consumers have a strong understanding of the total cost of ownership, from the tires to the top-up charges. It is clear Americans are looking to get the most out of their EV investment if they are going to make the switch.”