Edmunds Study: Consumer expectations of EVs are clashing with market realities

RahulNagaraj · 10th April 2024, 16:52

Automakers - both legacy & start-ups are concentrating on offering premium upmarket models and adding more technology to their vehicles. However, a recent study reveals that consumers today are extremely price-sensitive. It mentions how, post the global pandemic and the resulting inflation, many of these premium vehicles have become unaffordable to average buyers.

The study shows that almost half of the people looking to purchase EVs (47%) look at vehicles priced under $40,000; while 22% look for EVs under the $30,000 price tag. This difference in automaker expectations & consumer reality has resulted in very limited options for buyers in the lower price range.

Edmunds Study: Consumer expectations of EVs are clashing with market realities-ioniq5.jpg

The study also found that younger people, who have less buying power, are among the most interested in electric vehicles. As per data, 90% of people aged between 18 to 24 are open to buying EVs. This percentage reduced to 83% among buyers aged between 24 to 34 years. So, if they can't afford EVs, companies won't be able to convert their interest into sales.

The report also mentions how EV buyers don't want an electric pickup truck. The data suggests that only 10% of the respondents said they would buy a pickup. However, 43% of them were interested in buying a car, and 42% were open to a crossover or SUV. Also, 39% of current pickup truck owners reportedly stated that they wouldn't consider an EV.

The study also shows how range anxiety is now much less of a concern. 45% of the respondents in the survey were comfortable buying an EV with 200 miles (322 km) of range or less.

Source: Edmunds

darkgamer · 10th April 2024, 18:37

On my last trip abroad, I had the chance to try EV rentals for multiple days. Drove the Tesla Model Y (base, 424km range) and the MG4 EV(top, 450km range) over a few days with overall mileage over 2000 km.

IMO for just city roundabout car, even <200km range will do just fine. EV cars do the same or even better range in city than highways due to the regen and motor efficiency. As long as you have charging at home it’ll do just fine.

For highway runs, I think the ones I tried (400-450km range) work perfectly. What I cared about more for highway runs was charging speed. Anything below 50 KW just doesn’t cut it, 50kw is good, 100+ kW on Tesla supercharger is absolutely awesome.

If you’re buying a car which doesn’t support >50kw charging or in an area which doesn’t have a lot of public fast chargers, I’d reconsider buying an EV for highway use.

10th April 2024, 16:52	#1
RahulNagaraj Senior - BHPian Join Date: Mar 2021 Location: Bangalore Posts: 2,666 Thanked: 25,337 Times View My Garage	Edmunds Study: Consumer expectations of EVs are clashing with market realities Automakers - both legacy & start-ups are concentrating on offering premium upmarket models and adding more technology to their vehicles. However, a recent study reveals that consumers today are extremely price-sensitive. It mentions how, post the global pandemic and the resulting inflation, many of these premium vehicles have become unaffordable to average buyers. The study shows that almost half of the people looking to purchase EVs (47%) look at vehicles priced under $40,000; while 22% look for EVs under the $30,000 price tag. This difference in automaker expectations & consumer reality has resulted in very limited options for buyers in the lower price range. The study also found that younger people, who have less buying power, are among the most interested in electric vehicles. As per data, 90% of people aged between 18 to 24 are open to buying EVs. This percentage reduced to 83% among buyers aged between 24 to 34 years. So, if they can't afford EVs, companies won't be able to convert their interest into sales. The report also mentions how EV buyers don't want an electric pickup truck. The data suggests that only 10% of the respondents said they would buy a pickup. However, 43% of them were interested in buying a car, and 42% were open to a crossover or SUV. Also, 39% of current pickup truck owners reportedly stated that they wouldn't consider an EV. The study also shows how range anxiety is now much less of a concern. 45% of the respondents in the survey were comfortable buying an EV with 200 miles (322 km) of range or less. Source: Edmunds
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10th April 2024, 18:37	#2
darkgamer BHPian Join Date: Mar 2020 Location: Bengaluru Posts: 319 Thanked: 1,478 Times Infractions: 0/1 (5)	Re: Edmunds Study: Consumer expectations of EVs are clashing with market realities On my last trip abroad, I had the chance to try EV rentals for multiple days. Drove the Tesla Model Y (base, 424km range) and the MG4 EV(top, 450km range) over a few days with overall mileage over 2000 km. IMO for just city roundabout car, even <200km range will do just fine. EV cars do the same or even better range in city than highways due to the regen and motor efficiency. As long as you have charging at home it’ll do just fine. For highway runs, I think the ones I tried (400-450km range) work perfectly. What I cared about more for highway runs was charging speed. Anything below 50 KW just doesn’t cut it, 50kw is good, 100+ kW on Tesla supercharger is absolutely awesome. If you’re buying a car which doesn’t support >50kw charging or in an area which doesn’t have a lot of public fast chargers, I’d reconsider buying an EV for highway use.
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