Study: The largest target audience for EVs has the most reservations

A study of 1,300 people in the United States probably doesn’t say all that much about consumers in Europe, but it does highlight the problem facing the electric vehicle industry: EVs are often still significantly more expensive than their gasoline-powered counterparts, and the age group with the greatest financial resources also has the strongest reservations about EVs, according to a study by the Zero Emission Transportation Association (ZETA).

A full 75 percent of Americans under 35 say they plan to buy or lease an EV within the next five years. Among those aged 35 to 49, the figure is still 72 percent. But starting at age 50, that number drops sharply: only 50 percent of those aged 50 to 64 consider it likely, while the figure falls to just 23 percent among people 65 and older.

Yet this older group, the Baby Boomers, is currently considered the wealthiest generation, while younger people are significantly less likely to be able or willing to afford high EV prices. The survey also shows, however, that EVs are clearly set to become the cars of the future if prices come down or younger generations accumulate more wealth. Younger people are expected to continue paving the way for the technology.

The study also comes against the backdrop of an ongoing debate in the United States about the political and economic divide between Republicans and Democrats over their views on EVs. In the study, however, political views were significantly less important than differences between age groups. The whole study can be read here.