As governments change their policies regarding the future of vehicles and their emissions worldwide, buyers are also changing their preferences. New research from consulting company EY shows that car buyers across the globe are changing their minds on wanting EV over combustion. They're also saying that EV buyers are adjusting their purchase plans as governments shift course on electric vehicles.
Half Of Buyers Will Go Combustion In The Next Two Years
According to EY's Mobility Consumer Index, half of car buyers around the world plan to buy a combustion-powered vehicle in the next two years. That's up 13 points from the same study done a year ago, and most of those changes are coming from buyers who had been looking at EVs.
The study found that electric vehicle preference has dropped 10 points to just 14%. Hybrid buyer preference has also fallen, but only slightly. Down five points to 16%.
This sentiment isn't limited to the US, though it was highest there. Consumer intent to buy combustion over electric was up 12 points in the Americas, versus 11 points in Europe and 10 points in the Asia-Pacific region.
Of those shoppers who are still considering electric, more than a third are reconsidering their next purchase. EY said that 36% said that geopolitical developments are behind reconsidering or delaying those EV shopping trips.
Shifting Policy Makes Buyers Wary
The reasons are clear: Massive, recent policy shifts, including the US removing its EV tax incentives as well as the EU's moves to back down on its own mandates. Automakers, too, are reducing the number of options for customers. And having multiple automakers that never delivered on electric promises also likely puts a damper on buyers.
"Consumers are weighing the realities of policy shifts, cost pressures and uneven charging infrastructure. The long-term trend appears to be a shift away from a purely electric (‘E-only’) approach toward a more diversified future for vehicle powertrains, with different vehicle technologies serving different customer needs," said EY Global Aerospace, Defense and Mobility Leader Constantin M. Gall.
Buyer concerns over the vehicles themselves haven't gone away either. 29% told EY that range anxiety remains a top concern. 28% are worried about charging infrastructure, and 28% were worried about battery replacement costs.
Range remains a serious factor even as more and more ultra-long-range EVs hit the market. Battery replacement costs stick around on the list of worries, though data continues to show EV packs lasting longer than expected.
Source: EY
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