Insights reveal Americans’ longing for EVs, but what’s holding them back from taking the plunge?

Survey Finds Half of US Gasoline and Diesel Vehicle Owners Considering Hybrid or Electric Vehicles

Majority of Consumers Willing to Consider EVs Expect to Purchase One in Next Two Years

According to KPMG’s consumer pulse summer 2023 survey, about half of gasoline and diesel vehicle owners in the US are considering a hybrid or electric vehicle. The majority of consumers willing to consider those vehicles expect to purchase one within the next two years, according to the survey released Monday. KPMG surveyed 1,003 people in the U.S. on April 21-26.

Gas Prices and Environmental Concerns Driving Consumer Interest in EVs and Hybrids

For most consumers considering the switch to electric or hybrid vehicles, gas prices and environmental concerns are the top motivators.

Affordability Remains a Barrier for Many Potential EV Buyers

Despite the growing interest in EVs and hybrids, affordability remains a barrier for many potential buyers, with households earning at least $100,000 more likely to already own an alternative-fuel vehicle or to be considering purchasing one. Inflation Reduction Act tax credits for EV buyers may help change this, but it will take time for manufacturers to adjust their supply chains to qualify for the credit, according to KPMG’s global automotive sector leader, Gary Silberg.

Dealer Readiness Key to Hybrid and Electric Future

For dealers, being able to solve customers’ high-tech vehicle problems is essential for a hybrid and electric future, Silberg said. Dealers must be able to answer any technical questions customers have to build trust and ensure customer satisfaction.

Variations in Demand by Region and Age Group

Hybrids and EVs are most popular in the Pacific and Mountain regions but least popular in the Midwest, according to KPMG’s survey. Weather and population density are shaping variations in demand across regions, with higher population densities on both coasts making it more practical for consumers to rely on vehicles with limited ranges. Generation X and Millennials are the most likely age groups to purchase a hybrid or EV within the next two years, while younger Americans are enthusiastic about EVs but cannot afford them.

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