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Gallup: EV ownership ticks up, but fewer non-owners want to buy one; close to half now say they would not buy an EV

Seven percent of Americans, up from 4% a year ago, report that they own an electric vehicle. The increase is matched by an equal decline in the percentage saying they are seriously considering buying one, from 12% to 9%, according to a new Gallup poll.

Fewer Americans—35%, down from 43% in 2023—say they might consider buying an EV in the future. Thus, even as some people have moved ahead with their intent to buy an EV in the past year, public demand for the cars has contracted.

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Overall 44% of adults, now say they are either seriously considering or might consider buying an EV in the future, down from 55% in 2023, while the proportion not intending to buy one has increased from 41% to 48%.

The findings conform with recent decisions by some auto companies to reduce their electric-vehicle investments after EV market growth has fallen short of expectations. Weak consumer demand for the vehicles has also compelled the Biden administration to issue a less-aggressive schedule of emission-reduction targets for auto companies, Gallup noted.

The federal government had hoped that by 2030, 60% of new vehicle production would consist of EVs. But that appears unlikely to occur unless consumer preferences change rapidly in the coming years. A steady 16% of Americans over the past two years have indicated that they are EV consumers, either owning one or seriously considering buying one.

Upper-income Americans are the subgroup most likely to own an EV, with 14% doing so, up from 6% last year. This relationship may reflect the much higher purchase price of EVs compared with traditional gasoline-powered vehicles.

Another 11% of upper-income Americans are seriously considering buying an EV. The combined 25% compares with 14% of middle-income and 9% of lower-income Americans who own or are seriously considering buying an EV.

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Sixty-one percent of lower-income Americans say they would not buy an EV, up 18 percentage points from 43% in 2023, the biggest increase among major subgroups. In general, most subgroups show higher percentages now than a year ago saying they would not buy an electric vehicle.

EV ownership is generally similar among age groups—between 8% and 10%—except for the oldest Americans, among whom ownership is 3%. Older Americans are also much less likely than their younger counterparts to be seriously considering getting an EV.

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Those on the political left—Democrats and liberals—are more likely than those on the right (Republicans and conservatives) to be in the EV market. Twenty-seven percent of liberals own or are considering an EV, higher than for any other subgroup.

Gallup says that its data confirm that the US market for electric vehicle ownership remains fairly limited, with about one in six Americans currently owning one or seriously considering purchasing one. The size of that market is unchanged since last year, although it has shifted toward more owning and fewer seriously considering buying an EV.

Unless that market expands greatly in the next few years, it is unlikely auto companies doing business in the US will be able to meet the emissions targets laid out by the Biden administration, Gallup noted. Those targets may need to be relaxed further if Biden is reelected, or they may be done away with under a second Trump administration.

Comments

sd

I have an electric car (Chevy Bolt) and will probably never buy another internal combustion powered vehicle again.

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