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Insight of the Day: New Study Finds 16% Of EV Owners Have Run Out Of Juice

Key Findings of the Study

  • Range Anxiety Persists: 16% of EV owners have experienced running out of charge, and 44% report range anxiety negatively impacting their satisfaction with EV ownership.

  • Charging Frustrations: 75% of EV owners have encountered full charging stations, with 10% waiting an hour or more for a spot. This highlights a need for expanded charging infrastructure.

  • Home vs. Public Charging: The majority (70%) of EV owners mostly charge at home, while 16% mainly use public stations. The remaining 14% use a mix of both.

  • Willingness to Pay:  42% of EV owners would pay extra to reserve a charging spot, with an average willingness to pay $15.

Implications

  • Not a Deal-Breaker: Despite some challenges, 91% of EV owners say their next car will also be electric, indicating strong overall satisfaction.

  • Room for Improvement: The study reveals range anxiety and charging station availability remain areas where the EV ownership experience can be improved.

  • Investment Opportunities: The demand for convenient charging solutions and the willingness to pay for them present business opportunities to address these pain points.

Bottom Line While there are challenges in EV ownership, the study confirms that the benefits outweigh the drawbacks for most owners. There is significant room for the industry to improve the charging experience and further reduce range anxiety.

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