the staff of the Ridgewood blog
Ridgewood NJ, recent data reveals that a significant number of Americans who own electric vehicles (EVs) are experiencing buyer’s remorse. According to McKinsey & Co.’s Mobility Consumer Pulse for 2024, 46% of EV owners in the U.S. reported being “very” likely to switch back to owning a gas-powered vehicle for their next purchase.
This high percentage of discontent even surprised the consulting firm. Philipp Kampshoff, head of McKinsey’s Center for Future Mobility, told Automotive News, “I didn’t expect that. I thought, ‘Once an EV buyer, always an EV buyer.'”
Global Perspective on EV Ownership
In the survey of nearly 37,000 consumers worldwide, Australia had the highest percentage of EV owners wanting to return to internal combustion engines, with 49%. Other countries included in the survey were Brazil, China, France, Germany, Italy, Japan, and Norway. On average, 29% of respondents across all countries expressed a desire to ditch their EVs.
Key Reasons for Buyer’s Remorse
The primary reason cited by EV owners for wanting to revert to gas-powered vehicles was the lack of available charging infrastructure (35%). The second most common reason was the high total cost of owning an EV (34%). Additionally, 32% mentioned that their driving patterns on long-distance trips were significantly affected by the limitations of EVs.
Challenges and Infrastructure Issues
McKinsey found that while consumer satisfaction with charging availability has improved somewhat since last year, it “still has a long way to go.” Among EV owners globally, only 11% felt the infrastructure in their area was well set up with charge points. A substantial 40% reported a shortage of chargers along highways and main roads, and 38% noted a lack of chargers in close proximity to their homes.
Implications of the Biden Administration’s EV Push
These findings come amidst the Biden administration’s efforts to encourage U.S. consumers and automakers to embrace EVs. The 2021 infrastructure legislation aimed to build half a million charging stations in the U.S. by the end of the decade, committing billions of taxpayer dollars to this cause. However, progress has been slow, with only seven federally funded chargers built to date, leading to criticism from both political sides.
Conclusion
The McKinsey survey highlights a significant challenge in the adoption of electric vehicles. The dissatisfaction among EV owners points to critical areas that need addressing, particularly in expanding charging infrastructure and managing costs. As the push for EVs continues, addressing these issues will be crucial in ensuring that more Americans feel confident in their choice to go electric.
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