2024 Electrification consumer analysis - Overcoming range anxiety: Consumers weigh in on acceptable EV charging time and range

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 around the world.

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 indexes 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, general interest in the respective technologies

For the fourth consecutive year, results reflect that consumers are willing to wait 30 minutes to an hour for a charging session and accept a minimum vehicle range that is less than that of internal combustion engine (ICE) vehicles with an average of 300 miles (480 km). More than half of the global respondents are interested in battery swapping as a charging alternative. Consumers may not understand the complexity required for each charging method and speed, which may impact the value perception of price points associated with each method.