A study from Australian insurance comparison site Compare the Market has revealed Americans still favor ICE-powered vehicles over electric vehicles, while consumers in Australia and Canada prefer EVs.
The study started by asking consumers whether they’d prefer to own an ICE vehicle or an electric vehicle at the same price. No less than 53% of Americans said they would prefer a traditional vehicle compared to 34% who would prefer an EV. The rest had no preference either way.
This contrasts with Australia, where 50.8% said they would prefer an EV, and Canada, where 51.4% of respondents said they would prefer an EV.
Of those Americans who would prefer to own an EV, 18- to 24-years-olds were the most likely to opt for an EV, with 43% preferring them over ICEs. By comparison, upwards of 70% of people aged between 55 and 64 would prefer an ICE.
There are a few key reasons why many consumers in the U.S. are not yet convinced by electric vehicles, the study reveals. For example, 56.4% of respondents said the main barrier to entry was battery life and replacement costs. The purchase price was also an issue for 54.4%, driving range was a concern for 50.9% and charging times concerned 50.5%.
Interestingly, Americans are more likely to favor an EV if they are spending big. Compare the Market found there are twice as many people who would spend more than $65,000 on an EV than those who would spend the same amount on a traditional vehicle.
Importantly, 32.5% of Americans would only be willing to spend a maximum of $25,000 on an electric vehicle, meaning there is not a single EV currently accessible to them within their budget. A further 20.9% also wouldn’t be willing to spend more than $34,999 on an EV.
