How consumer preference for EVs is evolving since the pandemic

Advanced Manufacturing and Mobility Business Minute

In this episode, EY Global Advanced Manufacturing and Mobility analysts Gaurav Batra and Akshi Goel share insights from the 2022 EY Mobility Lens Consumer Index.

Since the onset of the COVID-19 pandemic, transforming consumer behaviors toward travel and modal choices have been shaping the outlook of the mobility industry. As businesses continue to adopt hybrid working models, some of the shifts in mobility patterns are no longer temporary. In fact, both the work and nonwork journeys have declined by 11% and 8% respectively from the pre-pandemic levels. Furthermore, consumer confidence in electric vehicle technology is increasing. Nearly 52% of the consumers who intend to buy a car in the next 24 months prefer either a fully electric, plug-in hybrid or a hybrid vehicle. This growing shift is a result of many factors, including rising gas prices and environmental concerns. The 2022 EY Mobility Lens Consumer Index explores in detail how such consumer attitudes may impact the advanced manufacturing and mobility industry in the long term.

Key takeaways:

• As multiple companies continue to implement hybrid working models, commuting is increasingly becoming a weekly activity — with 31% of the surveyed consumers working from home at least three to four times a week.
• For most car buyers, the electric vehicle is becoming the mainstream choice. In fact, 90% of all electric car buyers are willing to pay a premium price — due to rising environmental concerns and bans on internal combustion engine vehicles.
• For consumers, their personal cars have become the preferred modes of travel over the public transportation system — due to concerns over safety, hygiene and risk of infection.