Jan 25, 2024
5 min read

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

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.

Share this post
No items found.

Advanced Load Management: the fundament for efficient EV Charging operations

Explore the essentials of advanced Load Management in this guide. Uncover the complexities of integrating EV charging systems with existing power grids, a critical challenge in energy management. Discover how solid Load & energy management solutions ensure an efficient, secure, and scalable charging infrastructure.

Interesting reads

6 min read

Understanding “Frequency Containment Reserve” (FCR) and its relation to EV Charging

Frequency Containment Reserve (FCR) ensures grid stability by balancing power in response to frequency changes. Integrating EV charging with FCR enhances grid stability, offering new opportunities for CPOs in energy markets.
5 min read

CPOs infrastructure across Europe - June overview

EU duties on Chinese EVs rose to 48.1%. Western Europe's EV market share was 14.4% in Q1 2024, with sales expected to surge to 9M annually by 2030. CPOs expanded charging networks across Europe, focusing on fast and ultra-fast charging to enhance EV infrastructure.
3 min read

Power2Drive 2024

FLEXECHARGE showcased HARMON-E, BESS integration, and "DNO Control" at a trade show, highlighting super-fast and megawatt charging trends and integrated battery chargers. Excited for May 2025!
5 min read

Germany in focus: How FLEXECHARGE helps you go low in voltage and be compliant

Germany aims for 15M EVs by 2030. FLEXECHARGE aids compliance with the 2019 TAR Niederspannung regulation, ensuring smart load management and seamless integration with varying DNO requirements via their HARMON-E platform and Gateway CONNECT.

Get started with FLEXeCHARGE

Contact our team to learn more about what we can help you achieve with our open, vendor agnostic platform and powerful solutions.