New research challenges narrative on EV buyer satisfaction

Author

Colin Velez
June 13, 2024

New research indicates that more than 40% of EV buyers in the U.S. will purchase a gas vehicle the next time they shop for a car.

Why does this matter: This study conflicts with other research focusing on EV buyer satisfaction, which typically suggests that most electric car drivers have no plans to return to an ICE vehicle. This raises questions on both sides about the EV owner experience, underlining the need for more research.

McKinsey & Co, a global management consulting firm, published its consumer study focused on EV buyers. Here are the main takeaways:

  • Forty-six percent of EV drivers in the U.S. plan on buying an ICE vehicle for their next car purchase.

  • That number drops to 29% on a global scale.

  • The number of current ICE car owners who plan on buying an EV or hybrid rose to 38%, up slightly from 37% two years ago.

  • Only 9% of survey participants felt that current levels of public charging infrastructure was adequate. McKinsey would use this finding to conclude that the lack of available chargers is one of the top issues impacting the EV driver experience.

How this conflicts with the narrative:

  • In a previous study by CDK Global, 73% of EV owners claimed to be life-long converts, ditching ICE vehicles for good. Other research generally supports the idea that EV drivers are mostly happy with their purchase and plan on sticking with eco-friendly models.

  • Speaking to Automotive News, even Philipp Kampshoff, chief at McKinsey’s Center for Future Mobility, expressed surprise at the outcome of the study, stating; “I thought, 'Once an EV buyer, always an EV buyer.' "

Bottom line: While the results of McKinsey’s research is surprising, it is still important to note that a majority (54%) of the firm’s respondents were still open to the idea of buying another electric car. However, while the exact ratio of happy and disillusioned EV owners is up for debate,  the study’s takeaways on charging infrastructure match well with similar findings, underscoring the need for more investment.

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