Claims that electric vehicles don’t have enough demand may be overblown.
A study from GBK Collective, published Thursday, found that 50% of over 2,000 US car consumers interviewed were considering purchasing an electric or hybrid car for their next vehicle. Even though only 14% of those surveyed currently own a plug-in or hybrid car, the data suggests significant opportunity for EV manufacturers to meet the needs of green car-curious consumers.
GBK President Jeremy Korst, who spoke to Business Insider, noted that the new wave of EV and hybrid shoppers are later adopters on the technology adoption curve. These consumers are more pragmatic and prioritize the total cost of ownership and environmental impact when purchasing vehicles.
The study found that these budget-minded shoppers are considering EVs, with a median budget of $50,000. They have different priorities than current EV owners, placing more weight on environmental impact and savings. These shoppers are also more partial to legacy car brands, making Toyota the most preferred brand among EV considerers, followed by Tesla and Ford, which has increased its EV offerings.
Notably, plug-in hybrids are highly desired among EV considerers. GBK’s study also revealed that these consumers are willing to pay an average of $7,650 more for an EV than a gas-powered car with similar features, and $6,905 more for a plug-in hybrid.
Korst said that there’s an opportunity for the industry to achieve much greater adoption of battery-powered vehicles by listening to consumers’ needs and better understanding the market. This is good news for industry players, as understanding consumer behavior and preferences is vital for evolution and future growth.
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