Summary
- Accenture suggests a shift in focus from tech-savvy early adopters to mainstream buyers to drive global EV sales growth
- Study predicts that 57% of drivers will have switched to EVs within the next 10 years
- EV sales growth rate has slowed down, with a 35% increase in 2023 compared to 55% in 2022
- Majority of car buyers prioritize reliability, safety, and affordability over tech features when considering EVs
- Different psychographic profiles of potential EV buyers include Strategist, Individualist, Carer, Conservative, and Frugal, who are driven by various factors in considering an EV purchase
Article
A new study from consulting firm Accenture suggests that the rate of acceleration for global electric vehicle (EV) adoption has slowed, and automakers need to focus beyond tech-savvy early adopters to mainstream buyers. The study predicts that 57% of drivers will have switched to EVs within the next 10 years, with 43% of non-EV drivers already considering an EV for their next vehicle purchase. The study also revealed that 47% of drivers believe that the future belongs to electric vehicles. However, while global EV sales saw a 35% year-on-year increase in 2023, this is a decrease from previous years, indicating the need for a strategic reset to generate more EV sales.
Accenture identified psychographic profiles of different types of potential EV buyers, including the “Strategist,” “Individualist,” “Carer,” “Conservative,” and “Frugal.” While early adopters like the “Strategist” and “Individualist” value luxury and technology features, mainstream buyers prioritize factors such as reliability, safety, and affordability. The firm believes that automakers should focus on these practical concerns instead of tech features to attract mainstream buyers. It is essential for automakers to understand the preferences and needs of different types of potential EV buyers in order to drive increased adoption.
Other studies have also shown a lag in EV interest among consumers. A Gallup poll from last year revealed that fewer Americans are aspiring to own an EV compared to the previous year. Additionally, a 2023 J.D. Power study found that U.S. EV adoption is becoming more polarized by state. The findings suggest that there is a need for automakers to shift their focus towards addressing the practicality and affordability concerns of mainstream auto buyers if they want to increase EV sales significantly over the next decade.
In the early days of EV adoption, pioneers and early adopters were willing to pay high prices for EVs with limited range. However, these consumers differ significantly from mainstream auto buyers in terms of their priorities and preferences. Accenture emphasizes that automakers need to prioritize factors like practicality and cost, which are important to mainstream shoppers, to increase EV sales. By focusing on what matters most to mainstream buyers, automakers can better appeal to a larger segment of the market and drive growth in global EV adoption.
The study conducted by Accenture surveyed 6,000 car buyers in the U.S., China, Italy, Germany, France, and Japan to understand their attitudes towards EVs. The results showed that a significant portion of non-EV drivers are already considering an EV for their next vehicle purchase, indicating a growing interest in electric vehicles among consumers. To capitalize on this interest and drive increased adoption, automakers must shift their focus towards meeting the practical and affordability needs of mainstream buyers, rather than solely appealing to early adopters with technology features.
Overall, the study from Accenture highlights the need for automakers to refocus their efforts on mainstream buyers to increase global EV sales over the next decade. By understanding the psychographic profiles of different types of potential EV buyers and prioritizing factors like reliability, safety, and affordability, automakers can appeal to a broader audience and drive growth in EV adoption. As consumer interest in EVs continues to grow, it is essential that automakers adapt their strategies to meet the changing preferences and needs of the market.
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