London – In a surprising reversal of recent automotive trends, global consumers are reconsidering the shift to electric mobility. The latest EY Mobility Consumer Index (MCI) indicates that the rapid momentum behind Battery Electric Vehicles (BEVs) is slowing, with buyers increasingly returning to Internal Combustion Engine (ICE) vehicles.
The comprehensive survey reveals a 13-point surge in the number of car buyers planning to choose a traditional engine for their next purchase. Currently, 50% of global consumers intend to stick with ICE vehicles, highlighting growing skepticism toward an all-electric future.
The “Reality Gap” in Infrastructure
The cooling demand for EVs does not reflect a rejection of green technology but underscores persistent logistical hurdles. EY researchers identified several key “pain points” in the EV sector:
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Range Anxiety: Despite advances in battery technology, fears of running out of power before reaching a destination remain significant.
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Infrastructure Gaps: The rollout of public charging stations has lagged behind EV sales in many regions, causing long waits and frustration.
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Geopolitics and Supply Chains: Rising geopolitical tensions and trade barriers have fueled concerns over the long-term cost and availability of battery components.
“We are seeing a ‘reality gap’ between the ambition of a fully electric transition and the practical experience of the average driver,” said Aparna Sankaran, EY Global Media Relations Assistant Director for Energy and Private Equity.
Cost of Ownership and Technology Priorities
The survey also highlights a shift in how consumers evaluate automotive technology. While manufacturers have rushed to incorporate high-tech “connected” features, buyers are increasingly selective.
Nearly 40% of respondents cited high service and maintenance costs as a barrier to EV adoption. Although EVs have fewer moving parts than ICE vehicles, the specialized nature of repairs and the expense of battery replacement remain major concerns.
Regarding technology, consumers are favoring functional connectivity—such as real-time navigation and safety alerts—over expensive subscription-based digital add-ons and advanced autonomous features.
A Crossroads for the Industry
These findings pose a challenge for automakers that have invested heavily in all-in EV strategies. With half of the market leaning back toward gasoline and diesel, manufacturers may need to sustain diverse vehicle portfolios longer than initially anticipated.
For EV enthusiasm to rebound, the industry must move beyond early adopters and address practical concerns of the mass market. This includes offering more affordable vehicles and a reliable, transparent ecosystem for charging and maintenance.
As the automotive landscape evolves into 2024 and beyond, one thing is clear: the path to electrification is not a straight line, and the internal combustion engine remains very much alive.
