There's no denying that we are well and truly on the pathway to phase out fossil fuel powered vehicles. However, unlocking the full potential of electric vehicle (EV) adoption requires addressing a significant generation gap in interest and understanding.
Working directly within the sector, at times it can often feel like you are in your own little EV bubble. As someone who loves everything about electric vehicles it is easy to ask the question - why isn't everyone driving one?
There is an appeal of EVs across all age groups. However, a closer look reveals a stark generational divide, with younger demographics, particularly Generation Y and Z, leading the charge towards cleaner, zero-emission transportation.
Reports indicate that three-quarters of Generation Y/Z consumers are open to considering the switch to fully electric, while less than 30% of Boomers sharing the same sentiment. Coincidently, I find myself battling almost on a daily basis with many Boomers who are somewhat anti-EV.
Millennials, like myself are considered the frontrunners in EV consideration and adoption, with 63% contemplating an electric car compared to just 38% of Baby Boomers.
Crucially, the electric vehicle generation gap extends beyond interest to brand preferences and purchasing power. While Baby Boomers favour established brands like Toyota and Ford, younger generations lean towards innovative brands like Polestar, Tesla, Volvo, BMW and Audi, signalling a potential shift in market dynamics. Notably, Tesla maintains cross-generational appeal, dominating EV sales globally.
The awareness and concern for climate change are more pronounced among Generations X, Y, and Z, making them more supportive of EVs. However, the challenge lies in overcoming barriers such as price, convenience, and the availability of charging infrastructure, especially for those living in multi-family units or rural areas. Homeownership is also a significant facilitator of EV adoption, as it simplifies the charging process whilst concerns around charging infrastructure still remains a barrier that impacts all age groups.
Addressing the electric vehicle generation gap requires a constant and coordinated effort from governments, companies, organisations, and EV advocates. Bridging the generation gap is not just a necessity but an opportunity to accelerate the shift towards cleaner mobility for generations to come. Industry players must prioritise education in their marketing efforts, simplifying and easing the switching process and specifically targeting on those who are less convinced and most reluctant to making the change - Baby Boomer's.
At Hyperion Executive Search, we work with some of the most innovative companies who are enabling the shift to electric vehicles. From EV Manufacturers to Charge Point Operators, Installers and eMobility Service Providers, our experience, track record and established network means we are well placed to hire exceptional talent at the CxO and Senior Leadership level. To learn more about our experience and how we can support your business, please get in touch.