Exploring consumer sentiment on electric-vehicle charging – new McKinsey report

Written with love by

Christophe Lephilibert

McKinsey recently published a very insightful report on consumers’ sentiment on EV charging. Too busy to read the full version? Don’t worry, we got your back. Here are the key learnings and takeaways from the McKinsey report, that you as CPO or charging solutions provider should find interesting.

Accelerating transition and charger demand growth

The transition to electric mobility is not just continuing; it's accelerating at an impressive pace. In 2022, the sale of electrified passenger vehicles significantly exceeded previous years, reaching over ten million units. This trend is projected to skyrocket to approximately 40 million units by 2030.

Such a dramatic increase in EV adoption means a proportional surge in the demand for charging infrastructure. For instance, the U.S. is projected to increase its charging ports from 2.6 million in 2022 to around 9.5 million by 2025, further ballooning to 28 million by 2030. This growth trajectory implies a substantial market opportunity for charging solutions providers to expand and innovate in their charging infrastructure offerings.

Addressing consumer concerns with infrastructure

There is a considerable gap between consumer expectations and the current state of charging infrastructure. Over 80% of potential EV buyers perceive the current availability of public charging as inadequate. This sentiment is echoed by current EV owners, with 70% expressing dissatisfaction with existing charging facilities. Such a disparity indicates a significant opportunity for charging solutions providers to improve and expand the public charging network, addressing consumer concerns and boosting confidence in EV usage.

Evolving expectations for battery capacity and range

The evolving consumer expectations around battery capacity and vehicle range are notable. Prospective EV buyers are increasingly looking for vehicles that offer more than 310 miles per full charge – a notable increase from 270 miles just a year earlier. Furthermore, 40% of consumers indicate a preference for a driving range of 400 miles or more. This increasing expectation for range and battery performance signifies a critical area for innovation in battery technology and charging solutions that can support longer-range EVs.

Balancing home and public charging needs

About half of all EV charging sessions occur at home, with Europe leading in home charging adoption. However, public charging is still a vital component of the charging ecosystem, accounting for about 23-33% of charging sessions. And it is expected to become even more vital in the future, as many future EV owners do not have the possibility to charge at home. This dual demand underscores the need for a diverse charging infrastructure strategy that caters to both home and public charging needs, offering convenience and accessibility to EV users across different contexts.

Prioritizing charging speed and cost considerations

The survey underscores the importance of charging speed as a critical factor for users, with 42% prioritizing this aspect. The majority of users desire quick charging times, preferably under 30 minutes. Additionally, the cost of charging is a significant consideration, with users willing to pay a premium for faster, more convenient charging, especially for on-highway locations. This insight highlights the importance for charging solutions providers to focus on developing and offering fast-charging solutions that are cost-effective and meet the diverse needs of EV users.

Emerging demand for eco-friendly charging options

A growing number of EV owners are interested in integrating their home charging solutions with green technologies. Over half of the current EV owners are keen on bundling their home-charging solutions with renewable energy sources like photovoltaics and battery storage. Additionally, about 55% of respondents prioritize green charging from renewable sources, with a willingness to pay a premium for such services. This trend presents an opportunity for charging solutions providers to differentiate their offerings by integrating renewable energy solutions and promoting eco-friendly charging options. This is something that FLEXeCHARGE can help you with – please feel free to reach out to us.

For the full version of this new report, please visit McKinsey’s website.

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