More than 50% will buy an EV or hybrid for their next car
According to the latest Mobility Consumer Index, 52% of those planning to buy a car will choose either a fully electric, plug-in hybrid, or hybrid vehicle, says analysis by ey.com.
The top motivator for EV sales among the public remains environmental concern, while penalties with ICE vehicles and EV incentives are also a concern.
Other findings from the EY Mobility Consumer Index (MCI) 2022 study reveal that consumers are continuing to travel less than in pre-COVID-19 times and continue to avoid public transport when they can, with usage remaining below 2020 levels.
EY analysis shows that consumer confidence in EVs is rising fast; for the first time, over half of consumers who intend to buy a car in the next 24 months say they will choose an EV or hybrid vehicle.
That’s up 11% from 2021 and 22% in 2020. This growing consumer confidence in EV technology is also reflected by the jump in preference for fully electric vehicles, up from 7% in 2020 to 20% in 2022.
The popularity of ‘stopgap’ hybrid and plug-in hybrids also increased but at a much lower pace.
Consumers are becoming more comfortable with EVs themselves, but charging infrastructure remains a barrier.
Access to, and speed of, charging is emerging as the key inhibitor for would-be buyers, as other established concerns over high initial costs and range anxiety show evidence of subsiding.
Consumer appetite for EVs is expected to be highest in Italy, Spain and Norway in Europe, and China, South Korea and Singapore in Asia-Pacific.
While sentiment in North America is expected to lag the rest of the world, with below-average intention to buy EVs in the US, Canada and Mexico.
Overall, EV sales continue to rise faster than expected, boosted by rising consumer confidence in the technology as well as by fears over gas prices and road pricing.
The EY Mobility Lens Forecaster predicts EV sales will dominate sales of all other drivetrains by 2033 — five years sooner than previously anticipated.