New KPMG survey finds only 21% of Americans would prefer to buy an EV; 34% prefer a hybrid
02 June 2024
KPMG LLP (KPMG), the US audit, tax and advisory firm, has released the inaugural KPMG American Perspectives Survey which assesses the views of 1,100 adults nationwide to understand their outlook on their personal financial situation and the US economy, spending plans and preferences, as well as attitudes toward the forces shaping their experience in banking, energy, government, automobiles, healthcare and technology.
Among the findings of the wide-ranging study was that only 21% would prefer to purchase an EV—assuming costs and features are equal. Thirty-eight percent prefer a standard gasoline-fueled vehicle, and 34% prefer a hybrid. On the West Coast, hybrid preference climbs to 43%.
The study also found that 60% of consumers want charging in 20 minutes or less—compared to the 41% that auto executives believe. Today, an 80% charge takes 20 to 60 minutes on a fast charger, and 4 to 10 hours on a Level 2 charger, according to the US Department of Transportation (DOT).
According to the study, 58% of consumers are unlikely to pay for hands-free and self-driving capabilities. On the other hand, safety features such as blind spot monitoring and lane keep assist; in vehicle Wi-Fi; and charging station locators with real-time information on availability and pricing of of much greater interest.
"Only" 21%??? That figure is remarkably high considering the vast amounts of misinformation out there, and the fact a legacy ICE marque has not declared bankruptcy yet. The 43% hybrid preference means the pressure on these marques is reduced, but we still don't know how profitable or sustainable the hybrid market can be. My guess is peak hybrid is less than 18 months away.
The figures about charging speeds are self explanatory, as the faster they are the less likely you will have to queue to charge even if your own car is slow. For many, hands free driving will become a pay in use service and essential for cross country driving. High speed roads are now cheap to use for EVs. So a small extra cost per mile for FSD will still make it cheaper than ICE for the same journey.
Posted by: Bernard Harper | 03 June 2024 at 03:10 AM
I'm convinced that pricing is the biggest deterring factor for purchasing an EV although charging time and range may also play a role to a certain extent.
Posted by: yoatmon | 03 June 2024 at 03:47 AM
Initial cost is a huge issue, compounded by the fact that the market for "cheap" cars collapsed in the US, even before electrification started. You can't even buy a sub-compact from most brands in the US. On the other hand, the second-hand market has greatly increased during this century. Cars last a lot longer than they used to, and most consumers would rather own an off-lease premium car than a tiny econobox (to use US slang).
I agree with the other Bernard that there is a vast disinformation campaign, mostly funded by the heavily-subsidized oil industry. There's a similar campaign to bad-mouth electric cooktops ("now you're cooking with gas!") and low-carbon heating. These companies know very well that consumers will never switch back to oil once they try cleaner alternatives.
Posted by: Bernard | 03 June 2024 at 06:02 AM
It's been more than 20 years since the Prius debuted in America I'm amazed it took this long for people to realize it's really a good idea
Posted by: SJC | 03 June 2024 at 10:10 AM
66% just wants to watch the World burn down
Posted by: dursun | 03 June 2024 at 04:51 PM
And 33% want to do the burning.
Posted by: Nocreditreports | 04 June 2024 at 06:42 AM