New data out of AAA finds the shift to EVs (electric vehicles) might happen faster than the industry expected.
AAA’s latest consumer survey finds that one-quarter of Americans say they would likely buy an EV for their next car purchase. The survey finds that among generations, millennials lead the way with 30% wanting an EV next and that the major factor in driving that decision is to save money on fuel costs, with 77% of respondents citing that as the top reason.
“The increase in gas prices over the last six months has pushed consumers to consider going electric, especially for younger generations,” said Greg Brannon, AAA’s director of Automotive Engineering and Industry Relations, in a statement.
While EV supporters may cheer these results, a number of survey respondents said they were hesitant to purchase an EV, with a number of concerns keeping adoption lower. Among those reasons cited were:
Higher purchase price – 60%
Concern there are not enough places to charge – 60%
Concern about running out of charge when driving – 58%
Unsuitable for long-distance travel – 55%
High cost of battery repair or replacement – 55%
Also, while 25% of respondents say they will buy an EV, actual sales numbers are not bearing this out, at least not yet. New data out of KBB finds a record number of EVs were sold in Q2, up 66% from a year ago. KBB also reports EVs now make up 5.6% of the car market, a strong showing versus the 2.7% it made up a year ago.
But that 5.6% of overall sales is still a small fraction of the 25% that say they would be an EV.