Nearly Half of American EV Owners Considering Switching Back to Gas-Powered Vehicles, McKinsey Data Reveals
A significant number of American electric vehicle (EV) owners are experiencing buyer's remorse and are contemplating a return to gas-powered vehicles, according to a recent survey by McKinsey & Co. The Mobility Consumer Pulse for 2024, released this month, indicates that 46% of EV owners in the U.
A significant number of American electric vehicle (EV) owners are experiencing buyer's remorse and are contemplating a return to gas-powered vehicles, according to a recent survey by McKinsey & Co. The Mobility Consumer Pulse for 2024, released this month, indicates that 46% of EV owners in the U.S. are "very" likely to switch back to owning a gas-powered vehicle for their next purchase.
This high percentage of discontent among EV owners even surprised McKinsey. Philipp Kampshoff, head of McKinsey's Center for Future Mobility, expressed his astonishment to Automotive News, stating, "I didn't expect that. I thought, 'Once an EV buyer, always an EV buyer.'"
The survey, which included nearly 37,000 consumers worldwide, revealed that the U.S. is not alone in this sentiment. Australia led with 49% of EV owners wanting to revert to internal combustion engine cars, followed by the U.S. Other countries surveyed included Brazil, China, France, Germany, Italy, Japan, and Norway. The global average of EV owners wanting to switch back to gas-powered vehicles stood at 29%.
Among the top reasons cited for this shift were the lack of available charging infrastructure (35%) and the high total cost of owning an EV (34%). Additionally, nearly one-third (32%) mentioned that their driving patterns on long-distance trips were significantly affected due to having an EV.
Despite some improvements in charging availability since last year's survey, McKinsey noted that consumer satisfaction still has a long way to go. Only 11% of EV owners globally reported that their local infrastructure is well set up with charge points. Meanwhile, 40% complained about insufficient chargers along highways and main roads, and 38% highlighted a lack of chargers in close proximity to their residences.
These findings come amid ongoing efforts by the Biden administration to promote EV adoption. In 2021, the administration passed infrastructure legislation allocating billions of dollars to build half a million charging stations in the U.S. by the end of the decade. However, progress has been slow, with only seven federally funded chargers built to date, drawing criticism from both political parties.
