Given identical pricing and specifications, a greater number of Americans would still opt for a fuel-powered car over a hybrid or an electric auto (EV). However, none of the three options commands a majority, and hybrids are closing in rapidly, according to recent research.
KPMG, a prominent member of the Big Four auditing firms, has released its newest American Perspectives Survey. This study questions 1,100 adults on their opinions regarding a range of subjects, from artificial intelligence to their financial prospects.
Regarding automobiles, the survey reveals that Americans are now almost equally divided between fuel-powered cars and hybrids. Electric vehicles (EVs) remain a distant third but are growing in popularity.
Respondents were asked, “Given that electric vehicles, standard fuel-powered vehicles, and hybrids are all priced the same and possess equivalent features, which type of vehicle would you prefer to buy?”
Thirty-eight percent stuck with the familiar, opting for a fuel-powered car. Thirty-four percent selected a hybrid. Twenty-one percent showed a preference for an EV. Five percent were uncertain, and 3% had no specific preference.
This question is somewhat deceptive. Fuel-powered cars, hybrids, and EVs do not carry similar price tags. In April, the average new car was sold for $48,510, whereas the average EV fetched $55,252. EV prices have decreased by 8.5% from last year. That said, research indicates that elevated prices pose one of three primary challenges to EV adoption, alongside concerns about range and charging infrastructure.
Consumers and car manufacturers have differing views on charging facilities. KPMG discovered that 60% of Americans desire an EV capable of charging 80% of its battery in 20 minutes or less, while 41% is the figure believed by industry executives.
Instead, many Americans are embracing hybrids as a prelude to an impending EV era. While EV sales have been gradually increasing in 2024, hybrid sales have experienced a surge. New hybrid registrations spiked by nearly 50% in the initial quarter of the year.
The scenario may not remain the same in a decade. A recent study by Cox Automotive, the parent company of Kelley Blue Book, unveiled that most individuals who currently reject the idea of purchasing an EV expressed willingness to consider it within a span of three to five years. Even those more doubtful often expressed openness to considering an EV in a decade.
