2024 Electrification consumer analysis - When will the charging infrastructure be ready for consumers?

To understand consumer sentiment toward S&P Global Mobility forecast technologies, the Battery, Charging and Consumer Insights research teams conduct an annual consumer survey in key markets worldwide.

By asking hybrid/EV owners and intenders a series of questions to gauge buying decisions, charging time and method preferences, willingness to pay for charging, and brand influences, analysts can develop indices related to consumer confidence and willingness to pay.

Through statistical analysis and machine learning, S&P Global Mobility analysts can extract key factors and weights (coefficients) that explain an application’s feature desirability score and how much consumers are willing to pay for it.

The 2024 S&P Global Electrification Consumer Survey asked nearly 8,000 global participants questions regarding electric vehicles and hybrid vehicles to understand consumer sentiment around: EV/hybrid buying decisions, Charging preferences and willingness to pay, as well as general interest in the respective technologies.

Results showed some consistency with 2023 results, as despite the installation of an increasing number of chargers, consumers still perceive the charging infrastructure as insufficient for their needs. However, there is an increase in the number of prospective buyers, referred to as intenders in the report, who are familiar with nearby chargers.