{"id":41537,"date":"2023-11-08T11:21:27","date_gmt":"2023-11-08T11:21:27","guid":{"rendered":"http:\/\/www.spglobal.com\/mobility\/en\/research-analysis\/affordability-tops-charging-and-range-concerns-in-slowing-ev-d.html"},"modified":"2023-11-08T11:21:27","modified_gmt":"2023-11-08T11:21:27","slug":"affordability-tops-charging-and-range-concerns-in-slowing-ev-demand","status":"publish","type":"post","link":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/2023\/11\/08\/affordability-tops-charging-and-range-concerns-in-slowing-ev-demand\/","title":{"rendered":"Affordability tops charging and range concerns in slowing EV demand"},"content":{"rendered":"

Although battery-electric vehicles are getting closer
\nto price parity with their internal combustion siblings, the
\naffordability factor is the main reason consumers are holding back
\non adopting electrification, according to a recent survey by
\nS&amp;P Global Mobility.<\/strong><\/h3>\n

Although range anxiety and the charging network remain reasons
\nto hesitate, a recent global survey of consumers showed that
\npotential EV buyers are most concerned about the impact to their
\nwallet. What's more, this is not just a US-market phenomenon. It's
\naffecting consumers worldwide – even in regions where EVs have made
\nsignificant market inroads.<\/p>\n

Almost half (48%) of the 7,500 respondents globally consider EV
\nprices to be too high, even though they understand that most EVs
\ninherently carry a price premium.<\/p>\n

“Pricing is still very much the biggest barrier to electric
\nvehicles,” according to Yanina Mills, senior technical research
\nanalyst at S&amp;P Global Mobility.<\/p>\n

Consumer sentiment toward buying an EV has cooled considerably
\nover the last two years. This rise and fall are emblematic of an
\nimmature market segment, Mills said. That said, improved electric
\nvehicle range, and the increased number of model choices, have
\nmoved down consumers' list of reasons to avoid purchasing an
\nEV.<\/p>\n

Despite an increased number of EVs available, and improved
\nconsumer awareness of tax-credits and benefits, fewer than half of
\nrespondents believe the EV technology is ready for mass market
\nadoption. Only 42% of respondents are considering an EV for their
\nnext vehicle purchase and 62% of respondents are waiting until the
\ntechnology improves before purchasing a new vehicle, the S&amp;P
\nGlobal Mobility survey found.<\/p>\n

How things have changed<\/strong><\/p>\n

Initially, consumer interest was smothered by the limited
\nvariety of available EV models. Just 58% of 2019 S&amp;P Global
\nMobility survey respondents were open to purchasing an EV, as
\nluxury-priced models dominated the early EV market. Just a handful
\nof mainstream models, like the Chevrolet Bolt, Nissan Leaf, and
\nTesla Model 3, were available at that time.<\/p>\n

But 2021 saw a dramatic burst of consumer EV acceptance. Buyer
\nwillingness soared, with 86% of global respondents being open to
\nacquire an EV. Multiple factors stirred up these good feelings: New
\nmainstream models from Ford, Hyundai, Kia, and Volkswagen hit the
\nmarket. The pro-EV push in the US by the Biden administration, and
\nlegislation in multiple US states and in Europe banning future
\ninternal combustion-engine (ICE) vehicles, further heightened
\nvisibility.<\/p>\n

While 67% of the 8,000 participants surveyed in May 2023 were
\nopen to the idea of purchasing an EV – certainly higher than in
\n2019 – it is a whopping 19 percentage point decline from 2021.<\/p>\n

\"\"<\/p>\n

\nWhat happened?
\nThe last two years have brought more consumer choice.<\/a> These
\nspan the far ends of the market, from hulking EV pickups in the US
\nto many small EV choices becoming available in Europe and
\nChina.<\/p>\n

For one, price fatigue has set in, driven by rising interest
\nrates and inventory shortages that have only recently seen relief,
\nsaid Brian Rhodes, director of connected car and vehicle experience
\nfor S&amp;P Global Mobility.<\/p>\n

Depending on where an EV is manufactured, changes to the
\ntax-credit program in the US now force consumers to lease – rather
\nthan purchase – many models. Frequent media reports about charging
\nnetwork reliability shortcomings have not helped either. At this
\npoint in the evolution of EVs, adding more models simply cannot
\ncancel out these issues.<\/p>\n

Owning an EV forces some changes in routine. Compared to an ICE
\nvehicle, EV driving range is typically less. Once the battery
\ncharge is depleted, it takes longer to recharge a battery than it
\ndoes to refuel a gas tank. Inherent EV drawbacks like these make
\nconsumers reluctant to buy, especially those regularly making long
\njourneys. However, survey results show that consumers accept living
\nwith an EV's concessions – relative to an ICE vehicle –
\npost-purchase.<\/p>\n

That said, many EVs purchased to date are second – often smaller
\n– cars in the household. “For those considering an EV as their
\nprimary car, the range\/charging issues are amplified since there is
\nno alternative on longer trips,” Rhodes said.<\/p>\n

The charging network<\/strong><\/p>\n

Charging concerns are second only to vehicle cost among reasons
\ncited for those respondents against buying an EV. About 46% of
\nrespondents are concerned about the time required for charging,
\nwhile 44% are concerned about the availability of charging stations
\n– a reversal of reasons from last year.<\/p>\n

“Consumers know (charging) will not be the standard gas station
\nin-and-out experience,” Mills said. “But they don't want to delay
\nfor much more time than what would be a lunch break.” Indeed, the
\nplurality of 2023 survey respondents said they were willing to wait
\nbetween 30 minutes and an hour to recharge.<\/p>\n

\"\"<\/p>\n

\nMeeting this charging expectation requires
\nboth infrastructure investment and vehicle capability<\/a>. The only
\ncurrent technology that can support 30-to-60-minute recharging is
\nfast (DC) charging, so an extensive fast charger network becomes
\nnecessary to match consumer demands. An industry-wide shift towards
\nusing Tesla's previously proprietary NACS charging design should
\naccelerate charging network availability if installation rates keep
\nup with sales.<\/p>\n

Likewise, EVs need to have high-capacity built-in chargers that
\ncan take full advantage of fast chargers. For example, several
\nHyundai, Kia, and Genesis vehicles have 350kw\/800V charging that
\ncan charge a battery from 10% to 80% in 18 minutes – assuming the
\ncharging location is operating properly.<\/p>\n

As for the concept of battery swapping, consumers in mainland
\nChina, India, and Brazil continue to be most interested in the
\nconcept – with more than 75% of global respondents willing to wait
\nup to 30 minutes for a battery swap, at an average price point of
\n$16.<\/p>\n

Home isn't where the charge is<\/strong><\/p>\n

One common complaint against widespread electric vehicle
\nadoption (either battery-electric, or plug-in hybrid) is that
\ncharging is difficult for owners who don't live in houses and thus,
\ndon't have a charger on-site. But survey results reveal that this
\nconcern may be overstated.<\/p>\n

Respondents confirmed that the most common – and best – single
\nplace and time to recharge is indeed at home, at night. However,
\nonly 42% of owners typically charge their electric vehicle this
\nway. Furthermore, just 51% of current and repeat EV owners have a
\ncharger installed at home. While the industry's common refrain is,
\n“Most owners will recharge at home,” barely half of the early
\nadopters surveyed met that circumstance.<\/p>\n

Turns out, owners charge their vehicles in a wide variety of
\nplaces, including streets, highways, and during work. Among EV
\nintenders, 25% plan to use public charging stations (15%).<\/p>\n

Owners who do charge at home aren't in a hurry. Most respondents
\naren't willing to pay anything extra (31% of respondents), or are
\nwilling to pay a minimal 10% extra (40% of respondents), to upgrade
\nto a faster Level 2 charger that takes five hours for a full
\ncharge. Consumers want fast charging on the road, but they will
\nwait overnight for a full charge at home.<\/p>\n

Has range anxiety been cured?<\/strong><\/p>\n

Competing manufacturers have driven something of an EV “range
\nwar,” particularly within the luxury segment. The longest-range
\nTesla Model S claims 405 miles of range, while the Lucid Air Grand
\nTouring promotes 516 miles. These luxury vehicles push the envelope
\nin both range and price – the Lucid stickers at nearly $126,000 –
\nbut most consumers have more modest needs and wants.<\/p>\n

Most respondents indicated that they would accept a minimum EV
\nrange below 300 miles. 19% would accept a range between 251 and 300
\nmiles, while 21% would be fine with a range from 201 to 250 miles.
\nOnly 29% preferred a minimum range above 300 miles.<\/p>\n

Current EV range capabilities match this consumer demand. Almost
\nevery EV on the market has a United States Environmental Protection
\nAgency (EPA) range of more than 200 miles. Vehicles with an
\nestimated range over 300 miles are limited to vehicles from luxury
\nbrands, such as Lucid, Tesla, Rivian, BMW, and Mercedes-Benz.<\/p>\n

While current technology might be ready for consumer acceptance,
\nit does not mean that consumers are ready just yet to make the leap
\nto an EV. 62% of respondents agreed with the statement, “I am
\nwaiting until vehicle technology improves before purchasing a new
\ncar.”<\/p>\n

Asked about this disconnect, Mills explained, “There's always
\nthat little bit of 'What if\u2026' that continues to hold consumers
\nback, even if for the most part they know they're probably going to
\nbe OK with the capability of their new EV.”<\/p>\n

EV purchase reasons remain consistent<\/strong><\/p>\n

Consumer willingness to buy an EV has waxed and waned over the
\nlast few years, but their reasons for purchase remain the same. The
\nthree main reasons to purchase an EV or hybrid are fuel savings
\n(69%), environmental benefits (56%), and performance\/driving
\nexperience (31%).<\/p>\n

\"\"<\/p>\n

\nElectric vehicle advocates, including the EPA, often tout
\ndownstream cost savings as a reason to purchase an EV. Many buyers
\nwill indeed save money on operating costs, but the equation is more
\ncomplex. But buyers in coastal US states – where the vast majority
\nof EVs are purchased in that market – also suffer from high
\nelectricity costs, increasing the cost of operation for charging at
\nhome.<\/p>\n

Meanwhile, while some free Level 2 chargers are available,
\ncharging at a fast DC charger is far from free. Among global
\nrespondents, those in the United States and Brazil were the most
\nwilling to pay for 10 minutes (60 miles of range) of fast charging,
\nboth at $19. For most ICE vehicles, this is more expensive than the
\ngasoline needed to drive that distance.<\/p>\n

A desire to reduce greenhouse emissions drives many consumers to
\npurchase an EV. This goal also encourages the replacement of fossil
\nfuel burning consumer goods – including heating\/cooling systems and
\noutdoor garden equipment – with their electric-powered equivalents.
\nBut all of this comes at a cost, both at purchase and for
\nrecharging. Says Mills, “All-electric everything doesn't seem to be
\nachievable for a lot of consumers.”<\/p>\n


\nMultiple hurdles need to be cleared to achieve widespread EV
\nadoption.<\/a> Buyers may want to wait for the next technological
\nadvance, or have concerns about charging time and charger
\navailability, but in the end, consumer finances – not engineering –
\nlead the current buying resistance to EVs.<\/p>\n

\"\"<\/p>\n


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Although battery-electric vehicles are getting closer
\nto price parity with their internal combustion siblings, the
\naffordability factor is the main reason consumers are holding back
\non adopting electrification, according to a recent survey by
\nS&amp…<\/p>\n","protected":false},"author":479,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-container-style":"default","site-container-layout":"default","site-sidebar-layout":"default","disable-article-header":"default","disable-site-header":"default","disable-site-footer":"default","disable-content-area-spacing":"default","footnotes":""},"categories":[3267],"tags":[61,122,127,129,124,128,125,132,131,133,126,130,123,66,94,88,97,56,64,65,60,3344,3351,3357,3360,3335,3340,3362,112,3353,40,75,95,3350,3352,3356,3343,3359,3339,3345,3334,3341,104,3354,33,120,3358,3349,3337,3348,105,101,98,115,30,29,41,86,3342,3361,70,69,68,72,71,26,118,108,87,3355,46,55,48,52,54,51,50,83,3338,62,58,57,3336,109,35,3346,59,63,85,79,82,96,80,27,81,114,44,42,43,45,38,39,110,117,100,111,116,3300,73,89,90,92,91,93,84,78,37,102,34,36,77,67,74,99,113,3347,119,28,121,32,47,49,53,103,31,76],"class_list":["post-41537","post","type-post","status-publish","format-standard","hentry","category-car-or-automobile","tag-airpods","tag-anime","tag-anime-characters","tag-anime-cosplay","tag-anime-edits","tag-anime-merchandise","tag-anime-movies","tag-anime-news","tag-anime-recommendations","tag-anime-reviews","tag-anime-series","tag-anime-streaming","tag-animes","tag-app-store","tag-app-store-samsung","tag-appgallery","tag-appgallery-oneplus","tag-apple","tag-apple-music","tag-apple-tv","tag-apple-watch","tag-auto-financing-guide","tag-automobile-industry-news","tag-automobile-laws-and-regulations","tag-automobile-shows-and-expos","tag-automobile-specifications","tag-automobile-technology","tag-autonomous-vehicles","tag-bbc-sport","tag-best-cars-for-long-drives","tag-best-mobile-games","tag-bixby","tag-bixby-xiaomi","tag-car-accessories","tag-car-comparison","tag-car-customization-ideas","tag-car-insurance-advice","tag-car-interior-design-ideas","tag-car-maintenance-tips","tag-car-resale-value","tag-car-reviews","tag-car-safety-features","tag-champions-league","tag-city-cars","tag-cyberpunk","tag-cyberpunk-2077","tag-driving-tips-and-tricks","tag-eco-friendly-cars","tag-electric-vehicles","tag-family-cars","tag-fantasy-football","tag-fifa","tag-football","tag-formula-1","tag-fortnite","tag-free-fire","tag-free-mobile-games","tag-freebuds-pro","tag-fuel-efficiency-tips","tag-future-of-automobiles","tag-galaxy-a52","tag-galaxy-note-20","tag-galaxy-s21","tag-galaxy-watch-4","tag-galaxy-z-fold-3","tag-game","tag-games","tag-golf","tag-harmonyos","tag-highway-cars","tag-how-to-backup-iphone","tag-how-to-factory-reset-iphone","tag-how-to-reset-iphone","tag-how-to-restore-iphone","tag-how-to-unlock-iphone","tag-how-to-unlock-iphone-5","tag-how-to-unlock-iphone-6","tag-huawei","tag-hybrid-cars","tag-ios","tag-ipad","tag-iphone","tag-latest-car-models","tag-live-soccer","tag-lol","tag-luxury-cars","tag-macbook","tag-macos","tag-mate-40-pro","tag-mi-11-lite","tag-mi-home-security-camera-basic-1080p","tag-mi-home-security-camera-basic-1080p-huawei","tag-mi-smart-band-6","tag-minecraft","tag-miui","tag-mlb-scores","tag-mobile-game-design","tag-mobile-game-development","tag-mobile-game-marketing","tag-mobile-game-monetization","tag-mobile-games","tag-mobile-gaming","tag-nba-scores","tag-nba-standings","tag-nfl","tag-nfl-scores","tag-nhl-scores","tag-off-road-vehicles","tag-one-ui","tag-oneplus","tag-oneplus-9-pro","tag-oneplus-buds-pro","tag-oneplus-nord-ce-5g","tag-oxygenos","tag-p40-pro-plus","tag-poco-x3-pro","tag-pokemon","tag-premier-league","tag-pubg","tag-pubg-mobile","tag-redmi-note-10-pro","tag-samsung","tag-samsung-pay","tag-soccer","tag-sports","tag-sports-cars","tag-steam","tag-steeam","tag-top-10-anime","tag-valorant","tag-when-do-the-iphone-7-come-out","tag-when-does-the-iphone-7-come-out","tag-when-is-the-iphone-7-coming-out","tag-world-cup","tag-xbox-series-x","tag-xiaomi"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/posts\/41537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/users\/479"}],"replies":[{"embeddable":true,"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/comments?post=41537"}],"version-history":[{"count":2,"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/posts\/41537\/revisions"}],"predecessor-version":[{"id":41538,"href":"https:\/\/gamefootballmobileanimeiphone.com\/index.php\/wp-json\/wp\/v2\/posts\/41537\/revisions\/41538"}],"wp:attachment":[{"href":"https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