Research firm Deloitte recently published the results of a global survey assessing interest in the current generation of electric vehicles. “Unplugged: Electric Vehicle Realities Versus Consumer Expectations” draws feedback from 13,000 participants in 17 countries including the United States, China and the United Kingdom. The underlying themes of “Unplugged” include a collective desire for viable EVs on the global market but strict standards that define the term viable. Analysts with Deloitte determined that only about 4% of respondents were satisfied enough with current EV models to switch away from vehicles with internal combustion engines.
The lack of consumer support for the current EV market stems from perceived deficiencies in range and charge times. Deloitte found that 77% of American drivers travel less than 50 miles per day, which seems to fit perfectly with the 100-mile range common in today’s EVs. Consumers remain concerned about EV range nonetheless with 63% responding that their vehicles need an overall range of 300 miles. “Unplugged” also highlights the skepticism of consumers toward EV charge times. The report found that 58% of Americans want EVs to be recharged in less than two hours and 23% of Americans desire a full charge in less than 30 minutes. These expectations could be met soon by quick-charging units though most chargers are designed for overnight use.
Deloitte also highlighted consumer concerns over EV price premiums in “Unplugged.” A significant portion (50%) of global consumers would refuse to pay higher prices for electric versions of existing models. This figure ranges from 44% in China to 65% among American drivers and 71% in Great Britain and Belgium. “Unplugged” presents unrealistic pricing expectations by consumers, which should cause automakers to pause. In 11 countries surveyed by Deloitte, a majority of consumers expected to pay less than $20,000 for a new EV. American consumers have a more realistic view of EV pricing with 34% looking for a price tag lower than $20,000 and 78% expecting prices under $30,000.
The intersection between high fuel economy and consumer concerns over EV quality is highlighted through Deloitte’s research. Automakers and governments worldwide have sought higher fuel economy standards for traditional vehicles in an effort to reduce dependency on fossil fuels. Increases in fuel economy standards could lead to decreased interest in EVs with 57% of Chinese respondents and 68% of American respondents likely to opt for traditional vehicles exceeding 50 miles per gallon. Deloitte determined that gas prices would need to increase about 28% in North America and Europe for consumers to increase their interests in EVs. “Unplugged” shows that the auto industry must expedite development of next-generation EVs and create aggressive educational campaigns if they wish to attract broader demographics.
