Consumers identified lack of charging infrastructure availability and vehicle purchase price as the two main barriers for plug-in EV adoption
BOULDER, Colo.–(BUSINESS WIRE)–#EVCharging–A new report from Guidehouse Insights analyzes results from the firm’s 2020 Vehicle Preferences and EV Awareness Consumer Survey, which assesses consumer knowledge of plug-in EV (PEVs), attitudes of current PEV owners, and potential barriers to PEV adoption.
Global sales of light duty PEVs reached nearly 2.5 million in 2019 at sales growth of 30% over 2018. However, the US saw an 8% decline in sales since 2018. PEV sales in the US have been inconsistent through the first half of 2020 due to the outbreak of coronavirus. 1Q 2020 had relatively high sales, followed by a sharp decline in 2Q as much of the country was required to shelter in place. Click to tweet: According to a new report from @WeAreGHInsights, despite the sales slump, consumer attitudes toward EVs remain positive.
“As OEMs bring more models to the market and investment in charging infrastructure continues to increase, the PEV market will grow across the US,” says Raquel Soat, research analyst with Guidehouse Insights. “Pockets of high adoption in certain markets indicate that policy and economics play a large role in the adoption of PEVs—more exposure brings more awareness of PEV technology, and PEV awareness will continue to increase as states such as Washington, Colorado, and Nevada have committed to becoming zero emissions vehicle (ZEV) zones.”
Survey respondents indicated that charging availability and purchase price of PEVs are two major barriers to adoption, and more than 45% of respondents said they were not willing to pay more to purchase a PEV rather than a conventional gasoline or diesel vehicle. According to the report, consumer knowledge and awareness of PEV technologies and incentives are expected to play a key role in the PEV market.
The report, Market Data: EV Consumer Profiles, analyzes Guidehouse Insights’ 2020 Vehicle Preferences and EV Awareness Consumer Survey, which assesses consumer vehicle preferences, perceptions, and knowledge of PEVs, attitudes of current PEV owners, and potential barriers to PEV adoption. The survey collected more than 2,000 responses and identified more than 70 PEV owners. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Market Data: EV Consumer Profiles, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.