Hankook EV Survey: Cost and Convenience Spark EV Interest

News provided by

Dec 18, 2023, 10:00 ET

Hankook Tire's Gauge Index: EV Edition Examines What Factors Drive EV Decisions

NASHVILLE, Tenn., Dec. 18, 2023 /PRNewswire/ -- The decision to purchase an electric vehicle (EV) is driven by cost and convenience, according to Hankook Tire. Amid high vehicle and fuel costs, the leading tiremaker's latest Gauge Index: EV Edition examines what drivers need to know before hitting the gas on an EV purchase.

Hankook Tire's Gauge Index: EV Edition asked which next-gen mobility solutions Americans were most interested in, and 65% said electric vehicles or autonomous vehicles (65%) followed closely by connected vehicles (62%).

Hankook found drivers are most likely to consider overall cost (49%) and accessibility of charging stations on long drives (46%) when deciding whether or not to purchase or lease an EV. Tax and government incentives took a far backseat, as only 16% said it would influence their purchasing decision.

Cost has continuously been top-of-mind for drivers looking to make the EV switch. Earlier this year, Hankook found more Americans said they would drive EVs if they cost the same as their gas-powered counterparts. What's more, according to an October 2022 Gauge survey, savings on gas or maintenance were the most appealing reasons for nearly two-thirds of drivers (65%) to switch.

Americans also remain mindful of the overall EV charging infrastructure. Over half (55%) of drivers Hankook surveyed in September said they would be more likely to consider driving an EV if charging stations were more accessible to where they work and live. In April, Hankook discovered one of the primary reasons Americans would not be comfortable driving an EV was concerns over finding somewhere to charge it (23%).

When looking at the broader mobility landscape, Americans have a favorable view of EVs. Hankook asked which next-gen mobility solutions Americans were most interested in, and 65% said electric vehicles or autonomous vehicles (65%) followed closely by connected vehicles (62%).

"There is no denying that electric vehicles continue to interest customers," said Intae (Ted) Choi, Vice President of Marketing, Hankook Tire America Corp. "This latest round of Gauge data emphasizes that in order to get EV interest fully charged, EV makers must address buyers' most top-of-mind questions: how much will this cost me, and how far can I go."

The Hankook Tire Gauge Index is a survey of Americans' attitudes and opinions about driving. The latest survey, conducted November 16-20, 2023, polled 1,000 randomly selected Americans age 18 and older who have a valid U.S. driver's license. The Gauge Index: EV Edition is a special edition of the ongoing consumer survey dedicated to keeping an acerated pulse on American attitudes towards the EV market.

About Hankook Tire America Corp.
Hankook Tire America Corp. is a growing leader in the U.S. tire market, leveraging investments in technology, manufacturing and marketing to deliver high-quality, reliable products that are safer for consumers and the environment. Headquartered in Nashville, Tenn., Hankook Tire America Corp. markets and distributes a complete line of high-performance and ultra-high-performance passenger tires, light truck and SUV tires as well as medium truck and bus tires in the United States. Hankook Tire America Corp. is a subsidiary of Hankook Tire & Technology Co., Ltd., a Forbes Global 2000 company headquartered in Seoul, Korea.

SOURCE Hankook Tire America Corp.