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Pike Research Survey on EV Attitudes

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Robert.Boston

Model S VIN P01536
Moderator
Interesting survey done by Pike Research. I'm not willing to pay $2400 to buy the whole, but the executive summary was free. Relevant points (quoting Pike):
  • Nearly three-fourths of respondents (74%) drive 40 miles or less to work daily and
    therefore would be well served by a plug-in hybrid electric vehicle (PHEV) with a 40-mile
    range. Survey participants stated that they drive an average of 22.2 miles to work per
    day. Nearly all plug-in vehicles have been developed to exceed consumers’ daily driving
    distance by providing a minimum of 30 miles of all-electric range under optimal
    conditions. The exception is the Toyota Prius Plug-in Hybrid Vehicle, which has an
    electric range of 15 miles.
  • 81% of respondents stated that improved fuel efficiency would be an important
    factor when purchasing their next vehicle. This preference should serve as a good
    foundation for consumer EV demand and should partially offset demand inhibitors such
    as price sensitivity.
  • Fundamental interest in PEVs was strong among our survey participants, with
    40% stating that they would be “extremely” or “very” interested in a plug-in hybrid or
    all-electric vehicle with a range of 40 to 100 miles and an electricity cost equivalent of
    $0.75 per gallon.
  • Levels of interest in EVs were not dramatically different between demographic segments
    such as age, gender, income, and level of education, suggesting that these vehicles
    should have solid mass-market appeal. That said, consumers under age 30 are
    somewhat more likely to demonstrate interest in PEVs, as are people with higher levels
    of education.
  • Pike Research’s price sensitivity analysis, utilizing the Van Westendorp Price Sensitivity
    Meter methodology, indicates that for a traditional internal combustion engine (ICE)
    vehicle that would ordinarily cost $20,000, the optimal price point of a comparable PEV
    would be $23,750 – a significant price premium. While this indicates an understanding
    among consumers that PEVs will be priced at a premium, the amount is significantly less
    than automakers’ intended prices. We believe that this gap between actual pricing and
    consumer willingness to pay will be a significant inhibitor of demand for PEVs.
  • Our results indicated that one size does not fit all when it comes to consumer PEV
    preferences. When asked to choose between five different PHEV and EV range/price
    options, respondents did not state a clear preference for any one configuration. Of the
    choices offered, the electric-only model with a 100-mile range of had the greatest number
    of respondents showing interest with 24%. It is notable that another 25% of respondents
    stated that they would not purchase any of the options provided.
  • A vast majority of survey respondents (80%) indicated that they would be “extremely” or
    “very” interested in upgrading to a residential “fast-charging” EV charging unit that would
    utilize the same amount of electricity but reduce charging times from 8 to 12 hours to 2 to
    4 hours.
  • However, Pike Research’s survey results indicate that pricing is once again an issue with
    fast-charging equipment. Although our analysis suggests that the first generation of
    residential fast-charging equipment will cost between $500 and $800, only 28% of
    panelists stated that they would be willing to pay $500 or more for this capability. The
    average price consumers were willing to pay was $408.
  • PEV intenders in our survey expressed strong interest in workplace, private, and public
    charging stations. The most popular choices for charging stations were the workplace
    (74%) and roadside charging stations (82%).