Is the electric vehicle hype over? According to AAA, maybe.
The most recent annual consumer survey on electric vehicles by AAA indicates a decline in consumer interest in purchasing EVs. Just 18% of adults say they would be “likely” or “very likely” to buy a new or used EV (not a hybrid), down 23% from last year. Meanwhile, 63% said they were “unlikely” or “very unlikely” to buy an EV for their next vehicle purchase.
“Early adopters who wanted an EV already have one,” said Greg Brannon, director of automotive research at AAA. “The remaining group of people who have yet to adopt EVs consider the practicality, cost, convenience, and ownership experience, and for some, those are big enough hurdles to keep them from making the jump to fully electric.”
According to AAA, the main hesitations in purchasing EVs continue to be cost, lack of convenient charging options, and range anxiety. Three in 10 also cited an inability to install a charging station where they live. Accessible, reliable, affordable, and convenient charging is key to growing interest and adoption of EVs. AAA reports that the industry could be approaching a “ceiling” in terms of adoption of battery electric vehicles due to these consumer concerns.
Matt Williams, chief technology officer for TLC Properties, has been busy this year as the company installs EV chargers at a number of its properties. He compared the need for EV infrastructure to the initial boom in long-distance driving upon the establishment of the interstate system.
“Much like the old days when the interstate system was put into place, we couldn’t do it without the grants for the fuel stations,” Williams said. “You’ve got to put the infrastructure in before you expect the cars to travel.”
California leads the nation in electric vehicle registrations with almost 1.2 million vehicles as of June 2024, according the count by the Department of Energy. California’s electric vehicle count makes up 36% of EVs nationwide. Florida has the second highest count with just more than 231,000 vehicles, followed by Texas with 210,000. There are just 24,665 electric vehicles registered in Missouri.
Missouri’s count of registered electric vehicles is admittedly low when compared to other states, as adoption of EVs has been slow. However, Missouri and its border states lead the region in deployment of EV charging infrastructure per capita. According to an October 2023 study on Missouri economy indicators from the University of Missouri extension, both Kansas and Missouri contain more charging stations per 10,000 residents than the national average.
“I would say Springfield, specifically, is way further ahead than a lot of people realize,” said Matt Gilderson, a sales specialist at Springfield Nissan Kia.
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Gilderson, who drives an EV, says electric vehicle options tend to be more feasible for consumers’ lifestyles than they might think. But the main concern that comes up is charging. Gilderson said 99% of the time, people have many questions about how, when, and where to charge their vehicles. They must also be wary of “charging deserts,” areas without sufficient EV infrastructure.
Access to hybrid vehicles can lessen anxiety for consumers, as it allows people to enjoy the benefits of an electric vehicle (e.g. longer distance driving) without disrupting their current life or travel plans. The AAA survey found that one in three U.S. adults (31%) say they would be “likely” or “very likely” to buy a hybrid.
“Consumer demand will ultimately dictate the future, and my prediction is that we will have a mix of EVs, hybrids, and internal combustion vehicles in dealerships and on the roads in the US for many decades ahead,” Brannon said.