Mapping consumer mindset: key to EV mass market appeal

Jun 30, 2023 · Using data from the latest EY Mobility Consumer Index report, EY professionals analyzed the full cohort of 14,500 participants in 20 countries to map the consumer mindset …

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The Future of Work: Collaboration between Humans and Machines The prediction is that the AI industry will experience significant growth with over 40% of consumer-focused AI decision …

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EY On LinkedIn: Mapping Consumer Mindset: The Key To EV Mass …

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The EY Mobility Consumer Index shows that EV demand has slowed, with just a 3% rise since 2023 and concerns around lack of charging infrastructure lie at the root of the problem.

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FAQs about Mapping consumer mindset: key to EV mass market appeal Coupon?

Does McKinsey EV consumer survey 2019 improve consumer satisfaction?

The results of the McKinsey EV Consumer Survey 2019 (see Text Box 2) reveal an interesting mix: significant improvement in consumer consideration rates and user satisfaction of early adopters on the one hand and persistent concerns and lack of information of most vehicle consumers on the other. ...

How can OEMs expand EV adoption beyond urban consumers?

To expand EV adoption beyond the urban, tech-savvy con-sumers who are easily accustomed to EVs, OEMs will need to adapt their sales approach so that it teaches and convinces other consumers who commute longer distances, are older or not as tech-savvy, or have signif-icant concerns regarding whether an EV can actually fulfill their mobility needs. ...

How big is the EV market?

OEMs should gear their go-to-market approach to such consumers. The total annual EV market size in the US is around 310,000 vehicles (2019, BEVs and PHEVs), which is slightly less than one-fourth of the annual Chinese market (about 1.2 million EVs). ...

Are consumers buying EVs?

More consumers are considering EVs, but not as many are buying. Insights from our EV consumer survey show that consumers’ consideration of EVs has increased on average by around 21 percent over the last three years, as consumers have recognized the numerous benefits of EVs. ...

What are the key dimensions of the EV industry?

Three key dimensions of the EV industry are developing in ways that clearly support greater EV adoption: regulation and incentives, battery technology, and charging infrastructure. However, progress in the fourth key dimension, consumer demand for EVs, is still difficult to predict (Exhibit 3). ...

Why do people buy EVs in cities?

Today’s typical EV buyers live in cities and buy EVs because they only travel short distances, so range anxiety is not a key concern. Another motivating factor in their EV purchase – at least in some markets – is that larger cities are increasingly restricting ICE vehicles in city centers. ...