The electric vehicle (EV) market is facing a surprising trend, with nearly half of EV owners in the United States considering switching back to gasoline-powered cars.
According to McKinsey & Co.’s 2024 Mobility Consumer Pulse study, 46% of EV owners in the US want to make the switch, citing inadequate charging infrastructure as the main reason. This percentage is seriously higher than the global average of 29%.
The study reveals that the primary concerns of EV owners are the limited public charging network, high ownership costs, and the impact of EVs on driving patterns during long trips.
While the US charging network is expanding, with 183,000 public EV chargers as of May, it still falls short of meeting the needs of EV owners.
The rollout of fast chargers, funded by the Bipartisan Infrastructure Law in 2021, is progressing slowly due to regulatory hurdles and varying consumer needs.
Interestingly, the desire to switch back to gas-powered cars varies widely across countries. Australia leads the pack, with 49% of EV owners considering a switch, followed by the US and Brazil.
On the other hand, Japan, Italy, France, and Germany have lower percentages of EV owners looking to switch back. This disparity highlights the challenges automakers face in catering to diverse global markets.
The study also reveals that some owners simply prefer the driving experience of combustion cars, with 18% of US respondents and 28% of German respondents citing this as a reason.
As the EV market continues to evolve, automakers must address the concerns of EV owners and adapt to varying global demands to stay competitive.