Electric vehicles in trouble? Study shows 46% of EV owners in the US want to switch back to conventional vehicles

McKinsey Mobility Consumer Pulse 2024: 46% of EV owners in the US said they would go back to conventional fuel cars on their next purchase.

According to a new study by McKinsey & Co., nearly half of EV owners in America said they would go back to internal combustion-powered cars for their next purchase.

The new 2024 study by McKinsey stated that 46% of EV owners in the USA were likely to make the switch back to ICE cars – a number, which surprised even the consulting firm.

“I didn’t expect that,” the head of McKinsey’s Center for Future Mobility, Philipp Kampshoff, told Automotive News. “I thought, ‘Once an EV buyer, always an EV buyer.'”

According to this study, 49 percent of electric vehicle users in Australia, 46 percent in the United States, and 38 percent in Brazil are considering switching back to fuel-based vehicles. Overall, 29 percent of the world’s electric vehicle users wish switching back to fossil fuel-based vehicles.

The poll is said to have interviewed 37,000 consumers worldwide. The report further mentions that 35% of owners cited the lack of charging infrastructure as the main reason for wanting to return to ICE cars. Another top reason was that the total cost of owning an EV was too high. In addition to this, 1 in 3 respondents also stated that their driving patterns on long-distance trips were affected too much due to owning an EV.

Importantly, this number is expected to be even higher in India because, given the early stage of the electric vehicle revolution in India, the survey is yet to be conducted. The primary reason cited by respondents from 9 major countries of the world was inadequate charging system.

Click here to read full report by McKinsey

McKinsey found that consumers’ satisfaction globally with charging availability has improved some since last year’s survey but noted it “still has a long way to go.”

Of the EV owners across all countries, 11% said the infrastructure where they live is well set up in terms of charge points, 40% said there were not enough chargers along highways and main roads, and 38% said there were not enough chargers in close proximity to them.

Despite advances in vehicle range and electric vehicle charging times, the lack of a widespread, reliable charging infrastructure remains a significant barrier. This problem is especially big in America. The US government has earmarked a whopping $7.5 billion to expand charging infrastructure, with a goal of installing 500,000 electric vehicle charging stations by 2030.