Nearly one in seven Americans is “definitely” ready to own or lease a battery-electric vehicle, according to a new survey by Consumer Reports — a figure that would translate into a three-fold increase in the current market for BEVs.
And nearly three quarters of U.S. motorists are at least interested in the idea of going all-electric, the nonprofit organization reports. But there are a still a number of concerns leading potential buyers to hold off on BEVs for now, including the lack of a viable public charging network.
The new study “underscores some key concerns” about EV ownership, according to Quinta Warren, CR’s associate director of sustainability policy, “but fortunately, many of these barriers to owning a battery-electric vehicle EV can be addressed through experience and education.”
EV sales on the rise
The new Consumer Reports study is in line with other surveys indicating a growing interest in battery-electric vehicles. In the annual “Car Wars” by Bank of America Securities, analyst John Murphy forecast that anywhere from 10% to 20% of the new vehicles sold in the U.S. by 2025 will be all-electric.
While range and charging are key concerns, Murphy said he believes the key issue will be cost. EV prices have been rising faster than the cost of conventional, gas-powered vehicles, he noted, and that could restrict demand if automakers can’t bring those increases under control.
Even then, sales are expected to keep rising.
In its 2020 survey of U.S. motorists, only about 4% said they would “definitely” buy or lease an all-electric vehicle. The newly released study, that number has surged to 14%, according to Consumer Reports. And 71% of the 8,027 adults who responded were at least somewhat interested in owning a BEV.
Fuel prices driving EV interest
The rise in interest coincides with a record run-up in gasoline prices, and a full third of those surveyed cited the lower cost of energy for EVs than gas-powered models, while 31% noted that lifetime operating costs are lower. And 28% said BEV maintenance costs also are lower.
“The survey shows that there is clear interest among Americans in reducing costs for transportation and lowering their environmental impact,” said CR’s Warren.
The survey was conducted between Jan. 27 and Feb. 18, “when the national average price for gasoline ranged from $3.34 to $3.52 per gallon,” CR noted. It’s unclear whether that might have motivated even more folks to start looking at BEVs. But what’s clear is the survey results support what is actually happening in the U.S. automotive market.
Minority groups show strong interest
Interest in battery-powered vehicles has risen across all consumer groups, but the study found there was a particular surge among African-Americans.
“In nonwhite communities, interest in electric vehicles was generally higher than in white communities. I think that’s important for automakers to know because they don’t necessarily tend to advertise in these communities,” Warren told trade publication Automotive News. “People in Congress and the state level represent these communities, and we need them to understand that they’re being left behind, but they have such a high interest.”
During the first quarter of 2022, sales of all-electric vehicles surged by 76% compared to year-earlier figures, according to Cox Automotive — even as the overall U.S. automotive market suffered a double-digit decline.
The new CR study also looked into consumer attitudes towards new “low-carbon” fuels.
“Overall, two-thirds of Americans (67 percent) say that given a choice, they would be likely to use low-carbon fuel in their personal vehicle if the cost per gallon were the same as the cost of traditional fuel,” CR said in an overview of the new study.