Most Americans Still Want Gas Cars and the Numbers Are Not Even Close
The Combustion Engine Stubbornly Holds Its Ground
There was a point in time not very long ago when everyone was saying that polluting gas-powered vehicles were on the brink of losing favor to electric cars. However, it looks like buyers’ preferences are moving back to sticking with the tried and tested formula of internal combustion. A new study from Deloitte reports that 61% of US consumers would choose a gas engine in their next vehicle, compared to just 5% who would switch to electric and 21% who would consider a hybrid.
America led the charts in ICE-favoritism, with the next highest being 53% of respondents in Southeast Asia leaning towards gas for their next purchase, followed by India at 50%, Germany at 49%, and the UK at 44%. Looking at key insights from previous year’s studies, where in 2018 consumers were interested in moving away from ICE, while as recently as 2022, Deloitte surmised that interest in EVs continued to grow, these new findings paint a different picture.
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It All Comes Down To Price
Of course, the economic side is the main driving factor in this story. As manufacturers continue to electrify their product lines, consumers face the harsh reality — new car prices have gone up, up and up. For 62% of US consumers, getting a good deal remains the most important part of their next vehicle purchase decision, followed by 47% who value transparent pricing.
Of the people who would consider an EV for their next purchase, 52% of consumers would do so to lower their fuel costs, meaning that US consumers still very much care about the total cost of ownership of their cars. That’s the catch with EVs, though, the higher up-front cost. US buyers see driving range, time to charge and cost as major deterrents to switching to electric. With so many consumers concerned about cost, some major auto manufacturers are delaying the transition to fully electric models and finding ways to keep ICE alive.
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The Global Retreat From Combustion Bans
Other countries are having second thoughts about banning combustion engines. Several European countries have postponed or softened their combustion engine bans due to conflicting views between the market realities and the policies of governments. For example, the UK has pushed back its ban from 2030 to 2035, while Germany secured exemptions for synthetic fuel for gasoline-powered cars.
All these changes support Deloitte’s research that shows that consumers don’t want to give up on internal combustion for alternative technology they view as expensive and inconvenient. In response, U.S. lawmakers have enacted legislation that supports the continued development of gasoline engines, including new federal regulations that allow gasoline engines to meet efficiency requirements until at least 2032. The bottom line is that while the future may be electric, the present remains gas-powered.
