Study Says Cost Stays Key In American EV Adoption

Study Says Cost Stays Key In American EV Adoption

The Hankook Tire Gauge Index: EV Edition highlights cost as the main driver for American EV adoption.

More Americans would drive electric vehicles (EVs) if they cost the same as their gas-powered counterparts. That’s according to Hankook Tire’s Gauge Index: EV Edition, a special edition of the tiremaker’s ongoing consumer survey dedicated to keeping an accelerated pulse on American attitudes toward the EV market.

The Gauge Index: EV Edition found that more than half (54%) of Americans said they would be somewhat much more likely to purchase an EV instead of a gas-powered vehicle if the cost were the same or less than the gas-powered equivalent. This was especially true for younger drivers (75% of Gen Z and 63% of Millennials). Previous Gauge research found younger generations are the most interested in purchasing EVs, indicating that to make them the true car of the future, the cost must be considered among other barriers to entry.

Longevity is another factor, according to Hankook. One in four Americans (25%) said their purchase consideration for an EV vehicle would increase if the life of an EV lasted longer than a gas-powered vehicle. Another quarter (24%) said they would do so if the charge range were higher.

The survey also found:

  • Battery, maintenance, and energy costs are top of mind;
  • Home is where the charge is: Potential EV drivers overwhelmingly say they would want to have access to a charger at their home (47%);
  • Test drives still matter: One in five (19%) say they are most likely to be encouraged to purchase an EV by experiencing a test drive at a dealership.

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