Consumers are ready to buy EVs if product is right: McKinsey
Consumers are ready to buy electric cars, but only if the vehicle meets their needs, says a report by McKinsey. While range anxiety has long been held as a key hurdle, the report finds that mainly consumers fail to find a car that fulfils their requirements. While almost 30% of US buyers strongly consider buying an EV or PHEV when shopping for a new vehicle, fewer than 5% end up buying the vehicle. The report also said that automakers must make EVs cheaper and improve their range in order for consumers to feel confident about buying them.
Electrifying insights: How automakers can drive electrified vehicle sales and profitability Electrifying insights: How automakers can drive electrified vehicle sales and profitability

Within this report, McKinsey is releasing new findings from a global survey on consumer attitudes toward EVs that include plug-in hybrid and battery electric vehicles. Our analysis reveals current pent-up consumer demand for EVs with some stubborn and well known barriers, but also provocative and unexpected opportunities. The report highlights three key messages:

Consumer demand is starting to shift in favor of electrified vehicles and has strong disruption potential

Automakers will need greater agility to address challenges that hinder EV profitability

Automakers can "electrify" their customer base – more profitably – by offering more tailored EVs and deploying new business models

If you would like to discuss the findings of this report, please contact one of the authors below:

To download the report, please click on the link below.