Report: Nearly half of US consumers plan to buy an EV in the next five years

With US policy swinging away from support for EVs, adoption of the tech will be up to consumers now more than ever.

A new report from mobility tech company Verra Mobility offers some clues as to how prospective EV buyers in the US are thinking about the switch from fossil fuel-burning vehicles to zero-emissions ones.

Despite a recent demand slowdown, Verra’s survey of more than 2,000 Americans aged 25 and over found that 47% plan to buy an EV in the next five years, and 21% said they plan to buy one within the next two years. Plus, more than half said they’d go electric if cost weren’t a factor. The results reaffirm that many mainstream consumers are open to electrification, but might need more convincing than early EV adopters.

“Although there have been market indications that EV adoption rates are slowing down, our analysis indicates steady, albeit more cautious adoption and interest,” Steve Lalla, Verra Mobility’s EVP of commercial services, said in a statement.

“Our survey results echo what we have been seeing and hearing for the last year as we work with customers representing cities, rental car companies, fleets, and vehicle OEMs,” he added. “The overall message we continue to hear is, ‘it’s not if, but when’ EVs will constitute a much more significant share of vehicles on the road.”

Additionally, the survey found:

• Nearly half of respondents identified a lack of available charging stations as their “biggest concern with owning/driving an EV,” which adds to a large body of surveys and research suggesting that battery range and charging concerns are top-of-mind for prospective buyers. The second leading concern was the up-front cost of an EV.
• Two in five respondents said they “weren’t aware of the closest charging station to their home and had ‘no clue how to find one,” while 71% said the idea of driving an electric car gives them “range anxiety.” That’s down from 79% in last year’s report.
• Nearly three-fourths of respondents said they “wouldn’t know how to charge an EV rental car.”

The report suggests that one way for consumers to get more comfortable with EVs is to drive electric rentals: 70% of respondents said they’d be open to renting an EV to try it out. Importantly, though, they want guidance before they get behind the wheel.

Speaking of charging: Escalent recently released its latest report on next-generation EV buyers, based on a survey of 1,219 people, and the results point to home charging as the “unsung hero of BEV ownership.”

Escalent’s report homes in on how having firsthand experience with an EV can drastically change a user’s perception of the technology. After marking a purchase, 81% of respondents reported their EV ownership experience as “being better than they expected it to be,” while 60% were “pleasantly surprised by the process of charging their vehicle” and nearly half said the cost of charging at home was lower than expected.

According to Escalent, the findings “are encouraging for automakers,” but also reveal “a knowledge gap among EV shoppers,” specifically around home charging. Experts said there are opportunities to educate prospective EV buyers about the benefits of charging at home––and for current EV owners to help spread the word.

“Our research makes it clear that BEV owners are passionate advocates for the technology,” Ben Lundin, automotive and mobility industry insights director at Escalent, said in a statement. “By amplifying these positive narratives while remaining responsive to any potential concerns, automakers can turn BEV owners into their most effective ambassadors, paving the way for the next wave of adoption.”