EV Choice: Cost & Charging Rule the Road

EVs Charged Up by Cost & Convenience, Hankook Survey Finds

Hankook Tire’s Gauge Index: EV Edition dives into the key factors driving American electric vehicle (EV) decisions, revealing cost and charging concerns as top priorities.

Amidst soaring vehicle and fuel costs, Hankook Tire’s latest Gauge Index: EV Edition sheds light on what truly matters to American drivers considering an electric transition. The survey, conducted November 2023, found that overall cost (49%) and charging accessibility on long trips (46%) reign supreme as decision-making factors, far outweighing tax incentives (16%).

EV Choice: Cost & Charging Rule the Road

This cost-conscious trend isn’t new. Earlier this year, Hankook discovered a majority of Americans would embrace EVs if they matched gas-powered counterparts in price. Additionally, a 2022 Gauge survey revealed that potential EV buyers are highly motivated by savings on gas and maintenance (65%).

Charging infrastructure remains a critical hurdle. Over half (55%) of respondents indicated increased likelihood of EV adoption with easier access to charging stations near work and home. This echoes the 2023 finding that charging concerns (23%) are a major barrier for many drivers.

Despite these challenges, Americans hold a generally positive view of EV technology. When asked about next-gen mobility solutions, 65% expressed interest in EVs and autonomous vehicles, followed closely by connected cars (62%).

“EVs undeniably captivate consumers,” stated Intae (Ted) Choi, Vice President of Marketing at Hankook Tire America Corp. “This Gauge data underscores that addressing cost and range anxiety – ‘how much’ and ‘how far’ – is crucial to fully unlock the EV market’s potential.”

Hankook Tire Gauge Index: The Gauge Index surveys American driving attitudes and opinions. The latest EV Edition, conducted November 16-20, 2023, polled 1,000 randomly selected US drivers aged 18+ with valid licenses.


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