54% Gas Vehicle Drivers Ready Embrace Electric Vehicles Study

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【Summary】A new study found that 54% of gas vehicle drivers in the US are interested in purchasing or leasing an electric vehicle (EV) for their next vehicle. The study also revealed that consumers want more EV options, with affordability, convenient charging, safety, warranty and service, driving technology, and visual design being key considerations. Additionally, the survey found that younger drivers, particularly Gen-Z and Millennials, are more likely to embrace EVs.

FutureCar Staff Sep 07, 2023 9:22 AM PT

54% Gas Vehicle Drivers Ready Embrace Electric Vehicles Study

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 decision-making process for their next purchase or lease. 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 and involved over 1,800 American drivers aged 18 and over, found that 9% of American drivers currently drive an EV. However, a significant 54% of gas-powered vehicle drivers expressed interest in making an EV their next purchase or lease, indicating a doubling of consumer interest in EV vehicles compared to the previous year.

Additionally, the survey revealed that 84% of current EV drivers would be interested in purchasing or leasing another EV for their next vehicle, suggesting that the majority of new vehicles on the road could be electric within the next purchase cycle if manufacturers address consumers' concerns.

One key finding from the survey is that consumers are open to purchasing or leasing EVs from new automotive brands. 54% of gas-powered vehicle drivers and 85% of current EV drivers said they would be likely to purchase or lease an EV from a new brand if it offered all the features they needed.

When considering an EV purchase or lease, drivers identified affordability, convenient/easy charging, safety, warranty and service, driving technology, and visual design as the most important features. Furthermore, drivers expressed a desire for more availability of seating options, storage, body styles, and colors from EV manufacturers.

Warranty length also plays a role in consumers' decision-making process. 74% of drivers believe that high-quality vehicles are more likely to come with longer warranties, and 76% said they would be more likely to purchase or lease an EV if it offered an extended or unlimited warranty on the battery. Limited car and/or battery warranty was cited as a concern by 21% of gas-powered vehicle drivers who have not yet made the switch to EVs.

While affordability remains a concern for some gas-powered vehicle drivers, the survey found that 62% of drivers interested in purchasing or leasing an EV would do so to save money on gas. Additionally, the environment serves as a strong motivator, with 58% of drivers interested in EVs citing a desire to help the environment, and 70% agreeing that EVs are important in creating a green future.

Younger drivers, particularly those aged 18-44, showed a greater interest in EVs compared to older drivers. They were more likely to consider purchasing or leasing an EV for their next vehicle, prioritize safety as an important feature, and value innovative technologies such as autonomous-driving capabilities.

Overall, the survey highlights the increasing interest in EVs among U.S. drivers and the importance of addressing their concerns and preferences in order to accelerate the adoption of electric vehicles.

Disclaimer: This news release contains forward-looking statements and should be considered in connection with information regarding risks and uncertainties that may affect VinFast's future results. VinFast undertakes no obligation to update or revise any forward-looking statements.

Source: VinFast