54% Gas Drivers Ready Electric Vehicles Study Finds

U.S. drivers have expressed their desire for more options from electric vehicle (EV) manufacturers, with concerns about vehicle safety, warranty and service, driving technology, and visual design influencing their purchasing decisions. This information comes from a survey conducted by VinFast, a Vietnamese EV manufacturer, and The Harris Poll, a global market research firm. The survey, which was conducted online in July 2023 among over 1,800 American drivers aged 18 and over, revealed that while only 9% of American drivers currently own an EV, a significant 54% of gas-powered vehicle drivers would be interested in choosing an EV for their next purchase or lease.

This survey indicates a doubling of consumer interest in EV vehicles compared to the previous year. In a survey conducted by AAA in July 2022, only 25% of Americans expressed their likelihood of buying an electric vehicle for their next auto purchase. Furthermore, the survey found that 84% of current EV drivers would be interested in purchasing or leasing another EV for their next vehicle, suggesting that the majority of vehicles on the road could be electric within the next purchase cycle if manufacturers address consumer concerns.

One interesting finding from the survey is that consumers are open to purchasing or leasing an EV from new automotive brands. The survey revealed that 54% of gas-powered vehicle drivers and 85% of current EV drivers would be likely to choose an EV from a new brand if it offered all the features they needed. This indicates that consumers are willing to explore new options in the EV market.

When considering purchasing or leasing an EV, consumers prioritize affordability, convenience/ease of charging, safety, warranty and service, driving technology, and visual design. The survey showed that 58% of drivers consider affordability to be important, followed by convenient/easy charging at 54%. Safety was cited by 45% of drivers, while warranty and service were important to 35%. Driving technology was a priority for 23% of drivers, and visual design mattered to 16%.

In terms of desired options, 48% of drivers would like to see more seating options from EV manufacturers, while 47% desire more storage options. Additionally, 46% of drivers want more body styles, and 17% would like to have more color choices when it comes to EVs.

Warranty length is another important factor for drivers considering an EV. The survey found that 74% of drivers believe that high-quality vehicles come with longer warranties. Specifically, 76% of drivers stated that they would be more likely to choose an EV if it offered an extended or unlimited warranty on the battery. Limited car and/or battery warranties were cited by 21% of gas-powered vehicle drivers as a deterrent from purchasing or leasing an EV.

While affordability is a concern for some drivers, the survey showed that the potential savings on gas expenses may outweigh these cost concerns. Among gas-powered vehicle drivers, 54% stated that affordability is one reason that has prevented them from choosing an EV. However, among drivers interested in purchasing or leasing an EV, 62% said they would do so to save money on gas.

The survey also highlighted the importance of the environment as a motivator for choosing an EV. 58% of drivers interested in purchasing or leasing an EV stated that they are motivated to do so to help the environment. Additionally, 70% of drivers agreed that EVs are crucial in creating a green future.

Younger drivers, specifically those aged 18-44, are more likely than older drivers (ages 45+) to express interest in purchasing or leasing an EV for their next vehicle. Among this age group, 76% would consider an EV for their next vehicle, compared to 46% of older drivers. Safety was identified as the most important feature for younger drivers, with 59% prioritizing it. Furthermore, younger drivers showed a higher preference for innovative technologies, such as autonomous-driving capabilities, with 67% considering it important compared to 45% of older drivers.

It is important to note that this survey was conducted online in the United States by The Harris Poll on behalf of VinFast, with a sample size of 1,828 drivers aged 18 and older. The survey data is accurate to within +2.7 percentage points using a 95% confidence level.

VinFast, a member of Vingroup, is committed to driving the global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex in Hai Phong, Vietnam, with high levels of automation. The company aims to bring high-quality products, advanced smart services, seamless customer experiences, and pricing strategies that inspire global customers to create a future of smart mobility and a sustainable planet.

Disclaimer: This news release may contain forward-looking statements, subject to risks and uncertainties that could cause actual results to differ materially. VinFast undertakes no obligation to update or revise any forward-looking statements.

SOURCE: VinFast