According to a McKinsey & Co. survey, the transition to electric vehicles (EVs) is facing significant obstacles. The survey indicates that 29% of EV owners worldwide are considering switching back to gasoline vehicles.
The main reasons for this shift are the slow growth of EV infrastructure, such as charging stations, and the high cost of long-distance travel with EVs. The survey, which involved over 30,000 consumers in 15 countries, represents more than 80% of global sales volume.
Charging difficulties were the top reason for 35% of global respondents, followed by the high total cost of ownership (34%) and the impact on driving patterns during long trips (32%).
Globally, only 11% of EV owners feel that the charging infrastructure in their area is adequate. Meanwhile, 40% said there are not enough chargers along highways and main roads, and 38% said that nearby charging stations are limited.
Although the McKinsey & Co. survey shows that some EV owners are switching back to gasoline vehicles, overall interest in EVs remains stable. The percentage of non-EV owners who do not want to switch to EVs remains at 21%, the same as in 2022.
The main reason for not wanting to switch to EVs is that they are "too expensive" (45%). However, 38% of non-EV owners worldwide expressed willingness to consider a plug-in hybrid (PHEV) or EV for their next purchase, showing a 1% increase from two years ago.
These findings come amid reduced EV production by several automakers in response to slowing demand. General Motors, Ford Motor, Mercedes-Benz, Volkswagen, and Land Rover are among the manufacturers that have scaled back or delayed their electric vehicle production, reflecting changing consumer preferences.
Despite this, the survey indicates that interest in EVs is higher among luxury car owners compared to non-luxury car owners. Additionally, the survey found that consumers considering buying an EV tend to be younger, more tech-savvy, have higher incomes, and live in urban areas with home charging access. These factors suggest that EV adoption is still concentrated within certain consumer segments.
