Car consumers in America are now more likely to buy a fully electric vehicle. Accordingly, the new entries from known vehicle manufacturers are one reason for their consideration. According to the J.D. Power 2022 U.S. Electric Vehicle Consideration (EVC) Study via Yahoo, people who are skeptical of buying EVs before are now considering turning electric.
The study suggests that they are “very likely” to consider one is 24%, four percentage points higher than a year ago. Although several factors are considered for the increase, one main reason is the introduction of new models, mainly pickup trucks.
Stewart Stropp, senior director of automotive retail at J.D. Power, said: “The addition of new EV models has moved the needle on consumer consideration.”
Adding that “In fact, several new models from perennial mass market brands are at the top of that consideration list. Even so, more remains to be done in terms of transitioning from early to mass adoption.”
He also expressed that the study shows that the majority of the respondents still wouldn’t consider an EV. “Though the study findings show a shift in favor of EVs, about 76% of new-vehicle shoppers say they are not ‘very likely’ to consider buying one. With new EV model introductions coming at a rapid pace, automakers must continue their efforts to persuade more shoppers to give these vehicles a try.”
The study also shows that 27% of homeowners are very likely to buy an EV. It may be because they can charge their cars in their garage. 17% of people who rent are also considering one. Additionally, 34% said they do not have access to charging infrastructure at home or work.
The study also suggests that the more vehicle owners drive, the more likely they will consider an EV. Those who take frequent vacations and road trips may be less likely to buy an EV.
People who are heavy commuters or always on the road may likely consider an EV as they might consider the advantage that an EV would save them more, especially in petrol, than traditional cars.
Following are key findings of the 2022 study:
- EV consideration stronger among premium buyers: It is known that an EV costs more than a gasoline-powered car. 37% of premium vehicle owners are likely to consider, while only 21% are those who own mass-market vehicles.
- EV consideration by owners of mass-market vehicles on the rise: Owners of mass-market vehicles have increased up to six percentage points, suggesting that they are receptive to more affordable EVs.
- More information engenders more consideration: 30% of those who reject EVs said they lack knowledge. Since most people still don’t have much first-hand experience with EV technology, shoppers need to know more about owning one.
- EV consideration by geographic location: Respondents that are very likely to consider an EV are:
- 31% from the West Region
- 26% from the South Region
- 22% from the Northeast
- 22% from the North Central
- Legacy automakers turn in strong showing: It also shows that owners of premium brands such as Tesla said they are less likely to buy an EV on their next purchase. The study noted that new-vehicle shoppers are considering buying from legacy brands.
The survey was conducted on 10,030 respondents from February through April 2022.
The U.S. Electric Vehicle Consideration (EVC) Study is used as a standard in the industry to measure how interested EV shoppers are. It includes model-level consideration details such as cross-shopping and “why buy” findings and an analysis of reasons for EV rejection. The study’s content consists of an overall look at EV by:
- Geography
- Demographics
- Vehicle experience and use
- Lifestyle
- Psychographics
