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Consumers’ concerns regarding electric vehicles are changing, and they are now looking for sustainable alternatives.
FREMONT, CA: Previously, the primary concern of consumers regarding electric vehicles was their range and price. Buyers were worried that their electric vehicles would limit them from exploring distant places due to their finite range and lack of smaller charging stations. However, consumers today are making choices differently. The adoption of electric vehicles is constantly rising. In the United States, 7% of adults claim to own an electric vehicle, while 39% of consumers are seriously considering purchasing an EV in the future. These numbers indicate the change in consumer sentiment towards electric vehicles and the incentives that local governments offer.
In the last five years, the global purchase of electric vehicles has witnessed a sharp increase. Some consumers are reluctant about electric vehicles due to their colossal upfront cost when compared with conventional cars. However, this skepticism is slowly fading away due to the emergence of made-in-China electric vehicles. This has enabled several brands to sell electric cars and reduce their cost by 30%. In the US alone, 2 million electric vehicles will be registered in 2020. The number is three times that for the past four years. The US represents 17% of the global stock of electric cars. The growth rate has been slowed slightly in the country over the past few years due to the increasing popularity of hybrid vehicles and the elimination of federal tax credits on popular models. The sale of all-electric cars in the country went down by 3% last year.
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The incentives provided by the local governments are acting as vast facilitators of the shifting concerns of the consumers regarding electric vehicles. Several countries are also putting up incentives to accelerate the production and adoption of electric cars while boosting their economy and sustainability. In 2011, when President Barack Obama set a goal for the country to become the first with 1 million electric cars on the road by 2015, 2.4 billion USD was allocated in the form of federal grants to boost production. The majority of the funds were allotted to different US-based manufacturers of batteries. A portion of the grant was assigned to the manufacturers of components needed in electric vehicles, and the remaining portion was used to exhibit and analyze the infrastructure needed at charging stations. These government incentives and policies have encouraged several brands to grow their selves tenfold.
Consumer sentiments towards electric vehicles have changed drastically over the past few years. Every major economy has witnessed accelerated adoption and production of electric vehicles along with extensive government incentives. With that being said, it is evident that the popularity of electric vehicles is only going to grow. With the growing concerns regarding carbon emission and climate crisis, electric manufacturers are expected to develop innovative technologies that make electric vehicles more sustainable and environmentally friendly.
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