Gas prices are driving interest in electric vehicles, nearing tipping point, study shows

Follow a new study on Ipsos.

According to the study, interest in electric vehicles has tripled since 2018, with more than a third of US consumers willing to consider electric vehicles. That increased interest is happening at the perfect time, as rising gas prices could spur (no pun intended) spurring more serious consideration for electric vehicles, Ipsos noted.

Other factors may also help. Automakers are launching a larger number of models, such as the 2022 Ford F-150 Lightning, that compete in the most popular new car segments. Analysts also predict that the plan to expand the infrastructure charging and incentives included in the pending federal law will help drive adoption.

Electric vehicle interest among new car buyers in the US (from Ipsos research)

Barriers remain, however. Ipsos predicts that a lack of familiarity with electric vehicles will continue to alienate consumers. Ipsos noted that survey respondents listed battery life as the top barrier to considering an electric vehicle, suggesting that consumers are still unfamiliar with battery technology.

The second and third most commonly cited issues are driving range and recharge time (instead of number of charging stations), corresponding. Affordability is ranked fourth, a change from the beginning of 2020, when Ipsos found that cost was the biggest barrier against EV adoption.

Since then, the coronavirus pandemic seems to have changed attitudes towards EVs. Ipsos said in October 2020 that Americans’ interest in electric vehicles development since the beginning of the pandemic. It’s also important to note that gas prices fell last year — and doesn’t even stop the growth of EVs on market share.