Before 2020, several territories had already pledged to steadily phase out internal combustion engine vehicles in exchange for zero-emission electric cars. The going was slow, however, and few drivers were willing to ditch gas-powered cars for electric vehicles (“EVs”). But while COVID–19 and the resultant financial crisis struck most industries and left them struggling to recover, the fledgling electric vehicle sector enjoyed increased sales as more people opted to make EVs their next purchase.
During the first days of lockdown, there were fewer vehicles on the roads and planes in the air, leading to less pollution and much cleaner air in the short term. Some urban regions even reported 45% less air pollution with the improvement in air quality remaining even as these regions lifted their lockdown measures. Coupled with the increasingly apparent effects of human-caused climate change, more consumers than ever are willing to embrace electrification.
According to the latest EY Mobility Lens Consumer Index, there has been a major shift in consumer intentions and motivations across 13 international markets, with at least 41% of consumers saying they are considering an EV as their next purchase. A reported 66% of consumers indicate that they may purchase an electric vehicle as their next vehicle within the next 12 months. For most of these drivers, environmental concerns topped the list of factors that encouraged them to switch to zero-emission vehicles, a first in the industry’s short history.
As the United States goes through extreme weather fluctuations from heat waves to freezing temperatures, attitudes toward carbon emissions and climate change have been shifting. However, the coronavirus pandemic had a significant role in changing people’s perception towards these issues, and a lot of drivers have come out of the pandemic thinking about reducing their carbon footprint. At least 78% of the drivers who said they would likely make an EV their next purchase stated that the pandemic raised their levels of environmental awareness, hence their desire to purchase low emission vehicles.
The work from home culture has also had a hand in changing people’s purchasing choices, especially towards vehicles in general. More people are willing and ready to work most of the time from home with fewer trips to the office, and with the coronavirus still an ever-present issue, vehicles present a safe space for travel. Thus, demand for all types of vehicles may be poised to grow in the post-coronavirus era. And thanks to EV mandates that require one-half of the vehicles sold in the U.S. to be electric by 2030, as well as reducing production costs, people will have more affordable zero-emission vehicles to choose from.
The survey showing that nearly half of the people who plan to buy a vehicle in the near future intend to go electric is good news for players in the electric vehicle industry, including DSG Global Inc. (OTCQB: DSGT), because they will have lots of potential customers in the foreseeable future.
NOTE TO INVESTORS: The latest news and updates relating to DSG Global Inc. (OTCQB: DSGT) are available in the company’s newsroom at http://ibn.fm/DSGT
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