Findings:
A McKinsey study shows that 46% of EV owners in the U.S. would consider switching back to gas-powered cars.
The main reasons for switching back include the high total cost of ownership, inability to charge at home, and the stress associated with charging.
Despite this, global interest in EVs is increasing, with 17.6% of respondents planning to buy a BEV for their next car.
The main barriers to EV adoption are high cost, charging concerns, and range anxiety.
Consumer expectations for EV range have increased, with an average of 291 miles now expected.
Key takeaway:
While there's growing interest in EVs, concerns about cost, charging infrastructure, and range are hindering wider adoption. Addressing these issues is crucial for accelerating the transition to electric vehicles.
Trend:
There's a growing demand for longer-range and more affordable EVs, highlighting the need for continued innovation in battery technology and charging infrastructure.
Conclusions:
Improving charging infrastructure, especially in urban areas, is crucial to alleviate concerns and increase EV adoption.
Developing more affordable EVs with longer ranges will be key to attracting more consumers.
The next generation of EVs needs to address these issues to meet consumer expectations and accelerate the transition to electric mobility.
Implications for brands:
Automakers should prioritize developing affordable EVs with longer ranges to meet consumer demands.
They should invest in expanding and improving charging infrastructure, particularly in urban areas.
Brands need to effectively communicate the benefits of EVs and address concerns about cost, charging, and range to attract more consumers.
Offering incentives and educational programs can help overcome barriers to EV adoption and drive market growth.
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