In a monumental shift that is set to reshape the automotive landscape and reverberate across the battery technology sector, a groundbreaking survey conducted by VinFast, a Vietnamese electric vehicle (EV) manufacturer, in collaboration with The Harris Poll, has unveiled a striking revelation: Electric Vehicle adoption in the US is experiencing an unprecedented surge. The report, which garnered responses from over 1,800 American drivers aged 18 and over, offers a comprehensive examination of US drivers' beliefs, experiences, and behaviors related to EVs, providing invaluable insights into the future of mobility and energy storage.
The results of this nationwide study, done in July 2023, show that the US is on the verge of a significant change. While only 9% of American drivers currently embrace EVs, 54% of those steering gas-powered vehicles express a keen interest in making an EV their next purchase or lease. This exponential growth in EV interest marks a doubling of consumer enthusiasm within a year, echoing the seismic shift underway in the transportation sector. Here are the report’s key findings:
Consumers welcome new brands
- 54% of gas-powered vehicle drivers would likely purchase or lease an EV from a new automotive brand if it offered all the features they need.
- 85% of current EV drivers would likely purchase or lease an EV from a new automotive brand if it offered all the needed features.
Drivers want more EV options
- Some of the key features drivers say are among the most important to them if purchasing or leasing an EV include affordability (58%), convenient/easy to charge (54%), safety (45%), warranty and service (35%), driving technology (23%), and visual design (16%).
- 48% of drivers would like to see more availability of seating options from EV manufacturers, followed by more storage (47%), body styles (46%), and colors (17%).
Warranty length matters
- 74% of drivers believe high-quality vehicles are more likely to have more extended warranties than low-quality ones.
- 76% of drivers say they would be more likely to purchase or lease an EV if it offered an extended or unlimited warranty on the battery.
- 21% of gas-powered vehicle drivers cite limited car and/or battery warranty as preventing them from purchasing or leasing an EV.
Gas savings may outweigh cost concerns
- 54% of gas-powered vehicle drivers say affordability is one reason that has prevented them from purchasing or leasing an EV.
- 62% of drivers interested in purchasing or leasing an EV would do so to save money on gas.
The environment is a strong motivator
- 58% of drivers interested in purchasing or leasing an EV are motivated to do so to help the environment
- 70% of drivers agree that EVs are essential in creating a green future.
Gen-Z and millennials are embracing EVs
- Younger drivers (ages 18-44) are more likely than older drivers (ages 45+) to say that:
- They would be interested in purchasing/leasing an EV for their next vehicle (76% vs. 46%).
- Safety (59%) tops the list of features that would be among the most important to drivers ages 18-34 if they were planning to purchase/lease an EV.
- Having innovative technologies, such as autonomous driving capabilities, is important (67% vs. 45%).
The report reveals a seismic shift as 54% of gas vehicle drivers consider EVs for their next purchase. This surge emphasizes affordability, safety, and sustainability. Extended battery warranties are crucial. Younger generations lead the change, valuing safety and advanced technologies. This growing EV interest presents both a challenge and an opportunity for battery manufacturers. Batteries must become more affordable, durable, and sustainable to meet demand, where the battery sector plays a pivotal role in enabling a greener and more efficient future for mobility as the EV market expands, marking a transformative moment.