Date: December 19, 2024 PDF: 17.0 MB
Consumers have many questions and opinions about vehicles and the new technology and energy options offered to them that will fit their needs and preferences. Ultimately, they will be the decision maker, so it is essential to understand what they think and how they behave to ensure that the best solutions are being offered.
For this reason, TEI frequently commissions or participates in consumer surveys, to provide insight into what consumers are thinking at a given period of time. This white paper, conducted during the first quarter of 2024, presents findings from the 2024 consumer survey supported by the Institute. These results are presented as an additional tool to better understand the driver.
As with all surveys, the results reflect how respondents answered questions at a given moment in time. The timing of the annual surveys is deliberate; they are designed to assess consumer sentiment and insights early in the transition to summer-blend fuels often before consumers have observed related price increases linked to the transition.
The results of this survey appear to shed light on a divide among demographics groups regarding their attitudes and opinions about alternative transportation options. For instance:
- Older consumers and those in the rural markets seemed least optimistic about the economy, which corresponds with older and rural consumers being the least likely to acquire a vehicle within two years.
- By contrast, younger and urban consumers were both more optimistic about the economy and likely to acquire a vehicle in the near future.
- Attitudes about alternative transportation were likewise split, with older and rural consumers holding less positive attitudes towards rideshare, electric, and autonomous vehicles.
- Younger and urban consumers were the most positive about each option. In fact, consumers aged 18 – 34 were the only age group in which a majority (53%) held positive views about electric vehicles and these consumers said they were willing to spend more time charging their vehicle than any other age group. As older consumers age out of the car buying market,As older consumers age out of the car buying market (in 2024, the average age of a new car buyer is 55 years, according to Baum & Associates), the future of the transportation sector will be more heavily influenced by these younger buyers. It will be very important to pay attention to their evolving perspectives over time and ensure that vehicles, energy and infrastructure satisfy their needs and interests.
While these summary observations are generalizations of society, they do provide some insight to help guide expectations regarding where transformation may blossom and where it may struggle. Tapping into consumer sensitivities regarding energy and vehicle pricing, along with their preference for acquiring energy for their vehicles, can help guide strategies to successfully introduce transportation alternative options.
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