CarGurus Study Finds Rising Canadian Consumer Interest in Electric Vehicles Despite Cost, Charging Barriers
Since last year, interest in electric vehicles has risen steadily – 40% of respondents said they would be likely to own an EV in the next five years (up from 32% in 2021), and 60% said they expected to own one in the next ten years (up from 54% in 2021). Younger people were especially excited about adoption, with over two thirds of car owners between the ages of 18 and 29 expecting to own an EV in the next decade. Older shoppers showed gains in interest, too, suggesting that the target audience for EVs is expanding.
While excitement around EVs is growing, there are still major barriers to adoption for some – key issues include the costs of EVs and the charging experience. For these reasons, respondents said they could be best convinced to make the switch if they were offered tax incentives (46%), better access to chargers (45%), better range or charging time (45%), and cost parity with internal combustion engine (ICE) vehicles (44%).
Tesla has been the top brand choice for consumers year after year, and this year is no different – 47% of potential EV buyers said they would consider purchasing a model from Tesla, followed by
“Despite barriers like access to charging and high costs, consumers are beginning to more seriously consider investing in electric vehicles.” said
‘Potential electric vehicle or EV buyers’ refers to automobile owners who say they probably/definitely will own an electric vehicle within the next decade (n = 277).
A modified version of this study is also available for the US and UK markets.
CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus marketplace gives consumers the confidence to purchase or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S. (source: Comscore Media Metrix® Multi-Platform, Automotive – Information/Resources, Total Visits, Q1 2022, U.S., as of May 9, 2022).
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Source: CarGurus, Inc.