Study: EV Concerns Wane, But Buyer Interest Remains Low

Concerns about the cost, range and recharging electric vehicles are easing in the U.S., but only one in six consumers say their next vehicle will be fully electric.

This year’s annual poll by insurance giant AAA finds EV purchase intent sliding to 16% from 20% last year. The rate had held steady at about 15% between 2012 and 2017.

Millennials (people in their 20s) are about three times more likely than Baby Boomers (those aged 50 to 70) to buy an EV, with 23% of the younger group planning to do so. Generation X intenders (30s and 40s) fell in the middle at 17%.

Of those who indicated they were not likely to buy an EV, three in five cited a lack of charging stations as their primary reason. About the same proportion cited a limited driving range and running out of a charge while driving.

High vehicle prices and battery replacement costs were a concern for about half the people. AAA notes that all these concerns have decreased by six to 11 percentage points over the last two years.