In its annual Mobility Consumer Index (MCI), which first began tracking buying intentions at the start of the Covid-19 pandemic in 2020, EY highlights new insights into evolving trends surrounding automotive buying decisions. In its report, released on May 23, the professional services network shows a record 52% of individuals now looking to purchase electric vehicles (EV), a stark contrast to the 28% last documented in 2020 and the first time it's ever reached over the 50% mark.
The MCI survey produced via EY tracked a total of 13,000 participants set across 18 varied countries with the goal of unearthing the ever-evolving trends in automotive sales decisions. Such EV-committed buying countries represented were South Korea (63%), China (69%), and Italy (73%), while the least popular EV consumers hailed from the US (29%) and Australia (38%).
EY notes that additional countries with "consumer appetite for EVs" consists of Norway, Spain, and Singapore, with log slated to be felt most prominently in Mexico, Canada, and the US. As to why these shifts are occurring amid automotive buying trends, EY cites several varied opinions depending on the area in question, the main among these ideals being environmental concerns, which sits at 38%, whereas gas prices remain an alternatively popular concern at 34%.
"Green "early adopters," whose main drivers are environmental, are now being joined by mainstream buyers with more prosaic financial concerns," EY writes. "The "pull" effect - the desire to be seen helping the environment by buying an EV - is now closely followed by the "push" of fears that congestion and pollution charging may hit the owners of ICE vehicles harder in the wallet."
The company also explains that second-time EV purchasers are less likely to decide based on environmental concerns. But the main problem limits the overreaching acceptance of EVs across the board is a lagging "charging infrastructure," as while the average time it may take to charge a Tesla rests between 15-25 minutes, simply getting to a charging unit will more often than not take much longer due to heightened popularity, especially in areas such as California.
As for EV pricing, it seems to be little concern for both old and new buyers, given the massive 88% of surveyors relaying that they are willing to pay more for an EV. While EV prices aren't, so too are the worries surrounding both EV chargers and the average EV range, which EY highlights as one of the main drivers behind second-time EV buyers, given "EVs now have longer ranges." In regards to charging capabilities, 36% of non-EV owners share a concern about the overall charging infrastructure, as compared to the 27% of current owners.
EY's MCI analytics also shows some keen details on public transportation analytics, showing that work-related travel is on a "secular decline as a result of hybrid working." It cites that two-thirds of the entrants surveyed work from home at least once per week, with "31% do so at least three or four times a week." The report also interestingly notes that "constant access to a personal car is important" to a total of 63% of the surveyed individuals.
The question, though, remains in the potential of the overall EV market, as it sees a relative slump due to several various global concerns, most prominent among them being necessary microchips, a shortage of which has plagued the entirety of the tech industry, as well as limited automotive parts, supply chain woes, and raw materials for EV batteries.
Despite these constraints, however, the EV market has seen a somewhat stellar boom, with a supposed 2 million in sales within the first quarter of 2022 alone, proving EV growth is more than on the up and up.
