CarsGuide Media Q1 consumer pulse

Uncovering today’s consumer sentiment and adoption to new energy vehicles

CARSGUIDE MEDIA Q1 CONSUMER PULSE

Uncovering today’s consumer sentiment and adoption to new-energy vehicles

Anticipate the rise of EV adoption, with a growing movement towards sustainability.

We spoke to over 550 CarsGuide users to uncover the key consumer shifts and emotional drivers to new energy vehicle adoption.

New energy vehicle intent is on the rise…

Consumer sentiment towards new energy vehicles has seen a serious shift, with 66 per cent of CarsGuide users more interested in purchasing an EV/Hybrid vehicle than they were five years ago.

70%

1-in-5 52%

of new car auto intenders are more interested in purchasing

an EV/Hybrid vehicle than they were five years ago.

auto intenders are

likely to buy a pure Electric Vehicle (EV) as their next car.

more than half are likely to buy a new energy

vehicle (EV, PHEV or Hybrid) as their next car.

Source: CarsGuide Onsite Consumer Pulse Survey March 2022. N = 550

CARSGUIDE MEDIA Q1 CONSUMER PULSE

Uncovering today’s consumer sentiment and adoption to new-energy vehicles

TOP MOTIVATIONS FOR EV OWNERSHIP

SUSTAINABILITY FIRST

The top motivation for purchasing an EV is sustainability, with more than

1-in-3 stating the environmental benefits and reduction in emissions

as the leading reason to purchase.

Source: CarsGuide Onsite Consumer Pulse Survey March 2022. N = 550

THE PETROL PRICE EFFECT

The much publicised rise in fuel prices is also top of mind, with close to 1-in-3

(29 per cent) EV intenders stating

decreased operating costs and rising petrol/diesel prices as the key motivator.

TECH CONNECTED

EV’s next generation technology and a desire to be an early adopter is the third highest reason to purchase. With EV intenders keen to get on the front foot with technology.

Source: CarsGuide Onsite Consumer Pulse Survey March 2022. N = 550

Metro matters: The strength of suburban areas

When it comes to differing preferences amongst geographic locations, people living in metro areas are earlier adopters.

People living in metro areas are:

70% 61% 84%

more likely to buy an EV as their next vehicle compared to those in regional areas.

more likely to buy a Hybrid/Plug-In Hybrid as their next vehicle compared to regional areas.

CARSGUIDE MEDIA Q1 CONSUMER PULSE

Uncovering today’s consumer sentiment and adoption to new-energy vehicles

TOP BARRIERS FOR EV OWNERSHIP

PRICE POINT PINCH

The top barrier in purchasing newenergy vehicles is higher initial

purchase price and lack

of government subsidies, with 1-in-4 (25 per cent) stating it as their primary concern.

Source: CarsGuide Onsite Consumer Pulse Survey March 2022. N = 550

EV EDUCATION

Charging infrastructure, vehicle range and access to at home charging facilities are mentioned as main secondary concerns, highlighting the need for consumer education as key.

OFF ROAD HIATUS

Interestingly, 1-in-8 (13 per cent) have stated that they are not

interested in EVs, due to functional factors. Having to

regularly drive off-road and tow heavy items.

The Solar Effect

With the ongoing shift toward sustainability, those with solar panels installed at home, are more likely to purchase a new-energy vehicle.

People with solar panels installed are:

63%

more likely to purchase a Plug-In Hybrid as their next vehicle.

86%

more likely to purchase an EV, compared to those who don’t.

People intending to install solar panels within the next 12 months are: 1.1x more likely 1.7x more likely

to purchase a PHEV (112 per cent), compared to those who don't. to purchase an EV (167 per cent), compared to those who don't.

Source: CarsGuide Onsite Consumer Pulse Survey March 2022. N = 550