Rising Fuel Prices
Will it lead to a rise in demand for EVs among Americans?

67%

of Americans said that they felt nervous about the rising fuel prices in the country

49%

said that the running cost of gas-powered vehicles is not affordable

45%

shared their enthusiasm about EVs providing a viable alternative to gas-powered vehicles

40%

of Americans said that they would be inclined to buy electric vehicles over gas-powered vehicles

Fuel prices have witnessed a massive surge in the past few weeks, owing to the geopolitical turmoil in Europe and its eventual fallout. Gas prices are higher than they’ve been in more than a decade, and they are unlikely to come down anytime soon as the Biden administration recently decided to stop U.S. imports of Russian oil amid that country’s ongoing war in Ukraine.

American consumers, feeling the pinch of the high cost of running gas powered cars, might shift their sights towards more fuel-efficient cars rather than gas-guzzling trucks and SUVs. It is here that EVs present a very tempting alternative.

Increasing numbers of exciting new electric vehicle models and historically high gasoline prices have driven up interest in EVs in the U.S. over the past few years. However, they still only account for a small percentage of new cars sold in the US. The reason for the lack of large-scale acceptance of EVs are many, including the higher initial cost, range and charging times among others.

Piplsay polled 1003 people across America to find out the public sentiment regarding the rise in fuel prices and whether it has had any effect on their perception of EVs as a viable alternative to gas powered cars.

How worried are Americans about the rising fuel prices?
a) I feel nervous when thinking about the rising fuel prices
b) To what extent do you feel negative or positive when thinking about prices of fuel in the future?

    • More than 2/3rd of Americans (67%) said that they were nervous about the rising fuel prices
    • Females (71%) felt more nervous as compared to males (64%)
    • Nervousness about the rising fuel prices was higher among younger population (GenX – 71%, Millenials – 70%, GenZ – 64%), while the boomers were not as bothered (61%)
    • The US public were quite downbeat about the future prices of fuel with 70% saying they have a negative feeling about the same
    • About half of the respondents (49%) said that the running cost of gas-powered cars was unaffordable
How does the ordinary American feel about electric vehicles as an alternative to gasoline powered vehicles?
To what extent do you feel enthusiastic about electric vehicles as an alternative to gas powered vehicles?

    • The sentiment was leaning towards acceptance for EVs as an alternative to gasoline powered cars, with 46% saying they were enthusiastic about the change while 37% not being as enthused.
    • Level of enthusiasm was seen to be much higher among males (53%) as compared to females (39%)
    • Respondents from democrat states (49%) showed more enthusiasm with regards to EVs as compared to respondents belonging to republican states (41%)
    • There was a large gap in levels of enthusiasm between the boomers (38%) and Gen Z (59%) with the latter being the most enthusiastic age group by far
How inclined are Americans towards buying EVs over gas powered cars?
I would be inclined to buy electric vehicles over gas powered vehicles

    • When it comes to purchase intent, a higher proportion of the US public said they would be inclined towards buying EVs (40%) as compared to those who were not (32%)
    • Purchase inclination was significantly higher among males (50%) as compared to females (31%)
    • People in the democrat states showed a stronger tilt towards purchasing EVs (44%) while those in the republican states were much less inclined (35%)
    • Boomers were much less inclined towards buying EVs in future as compared to the Millennials (46%) and Gen Z (50%)
Let us dive deeper and explore the reasons behind the enthusiasm for EVs and lack thereof
    • Some of the reasons given for the positive sentiment towards EVs were:
        • ‘Future will be driven by electric power’
        • ‘EVs have a cheaper running cost’
        • ‘They are better for the environment’
        • ‘They reduce oil use and lessen the dependency on oil imports’
    • Some of the reasons given for the negative sentiment towards EVs were:
        • ‘Its uncertain how much the car will run between charges i.e., range anxiety’
        • ‘They have a higher initial cost as compared to gas powered cars’
        • ‘There is a lack of charging infrastructure’
        • ‘Lack of clarity on whether the net impact on the environment is less than gas powered cars’

Survey Methodology: This Piplsay survey was conducted nationwide in the US between March 14th and 15th, 2022. We received 1003 online responses from individuals aged 18 years and older.

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