EV Buying Went from Range Anxiety to Time Anxiety

Escalent, a top human behavior and analytics firm, today released the latest EVForward DeepDive to provide a closer look at key issues impacting the broader, ever-changing electric vehicle (EV) ecosystem. The market report explores several core issues facing firms seeking to position for greater EV adoption, particularly the emergence of “Time AnxietyTM” as a key metric as buyers evaluate the public EV charging landscape.

““As electric vehicle range has increased has increased, new priorities in EV ownership are becoming clearer,” said Mike Dovorany, Automotive & Mobility vice president at Escalent. “In particular, time spent at the charging station has become a chief concern. Consumers have shown they don’t have hours to wait for 100 miles of charge. Availability of direct current (DC) fast charging—which is up to 16 times faster than conventional Level 2 charging—is critical to driving EV adoption as shoppers increasingly compare the time spent charging to a stop at the gas pump.”

The latest EVForward insights demonstrate consumers’ enormous focus on fast charging, with the technology registering twice as important for an improved EV charging experience as the next-ranked feature—the proximity of a charger to the driver’s route. This clearly implies consumers are not simply satisfied with a broad network of available chargers—they need fast chargers to really consider EVs alongside gas and diesel vehicles for their next purchase.

“EV manufacturers and their charging network partners have been very focused on expanding the number of charging stations. But charging speed is a much larger opportunity,” Dovorany added. “They must look for ways to increase the availability of DC fast chargers in public and reduce the time spent at the station.”

Other issues evaluated in this edition of the EVForward DeepDive market report include the importance of home chargers and the potential of EV warranties to instill consumer confidence.

EVForward is the largest, most comprehensive study of the next generation of EV buyers, with more than six million variables encompassing proprietary survey information and additional profiling data. The tool provides rich, actionable analysis based on an unrivaled quantity and quality of inputs to inform the steps industry players need to take today to inspire broader adoption of EVs and ensure their success with future buyers.

To learn more about the findings from the latest EVForward DeepDive market report, join the Escalent Automotive & Mobility team for an informational webinar on Thursday, October 29, 2020 from 2:00 pm to 2:30 pm ET. The team will provide deeper commentary regarding time anxiety, the importance of home charging support and the impact of manufacturer warranties for EVs on adoption.

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