GBK Infographic Provides Snapshot of EV, Hybrid Consideration by Consumers
Are Americans ready for an all-electric future? Our infographic tells the story behind GBK’s latest study exploring demand for EV and hybrid vehicles. Based on a survey with over 2,000 consumers, the study examines the shifting profiles of EV and hybrid buyers, consideration by brand and vehicle type, average budget consumers are willing to spend on their next vehicle, key adoption drivers and barriers, and more. Click here to download the full report.
Recap of key findings:
Americans are divided: Half of U.S. households are considering a hybrid or EV for their next vehicle, while the other half (47%) are only considering gas-powered vehicles.
Brand consideration: Toyota is the leading brand among all consumers considering a new vehicle. Telsa ranks second among EV Considerers but trails several other brands for those considering hybrids.
Next wave: The next wave of EV shoppers are more budget-conscious. Potential EV considerers are willing to pay on average $7,650 more for an EV compared to a gas-powered vehicle with similar features. In contrast, current EV owners are willing to spend $10,000 more.
Finding the funds: Potential EV buyers have an average budget of $50,000 vs. $59,000 for existing EV owners.
EV barriers: Top barriers to EV adoption cited by consumers included battery replacement costs, availability of charging infrastructure, vehicle range, and time to charge.
0-60 in how many years? About one in five (22%) of U.S. households will only consider a green vehicle.
About the research: GBK’s study is based on a survey with 2,000+ consumers. Conducted in partnership with Wedbush Managing Director Dan Ives and automotive industry expert Brent Dewar, the study examines the current state of EV ownership and consideration and the shifting profiles of EV and hybrid buyers.