Summary
– Cox Automotive published a study on the 2024 Path To EV Adoption, showing a growing interest in electric cars
– A second wave of EV Considerers is expected in the market in the next few years
– Electric car sales are predicted to increase significantly in the US
– The market for EVs is becoming more mainstream, attracting a diverse range of shoppers
– Dealers are improving relations with automakers for selling and servicing EVs
Article
Cox Automotive recently released the 2024 Path To EV Adoption study, indicating that the electric car revolution is still thriving. The study surveyed American vehicle shoppers and dealers to gain insight into their perceptions, preferences, and attitudes toward electric vehicles. It revealed that a significant number of shoppers who were initially skeptical about electric cars are now open to considering them, with a predicted increase in EV adoption in the coming years.
While electric car sales in the US exceeded 1 million units last year, there has been a slight decline in interest in purchasing electric vehicles since 2022. However, Cox Automotive believes that this slowdown is just a natural phase of growth in the market as it transitions to a new stage of development. The company remains optimistic about the long-term future of EV sales, especially as more infrastructure, education, and technological advancements become available.
The study forecasts a second wave of EV Considerers entering the market in the next few years, with a significant increase in the number of consumers actively considering electric vehicles. By the end of the decade, a majority of vehicle shoppers, including those looking at both new and used cars, may have electric vehicles on their purchase list. This gradual shift is expected to drive a substantial increase in electric car sales in the US.
The study also highlights the changing demographics of electric car buyers, with a growing interest from Gen Z, multicultural, and less affluent shoppers. Mainstream brands like Toyota, Hyundai, and Kia are gaining traction in the EV market, alongside traditional leaders like Tesla and Ford. Dealers are also becoming more supportive of EV sales, with the majority indicating their willingness to invest in EV charging infrastructure.
Overall, the outlook for electric car adoption appears positive, with the potential for significant growth in the market over the next decade. Despite challenges such as technological advancements and charging infrastructure, the study suggests that the EV revolution is on track to become more mainstream. With continued innovation and support from automakers and dealers, electric vehicles could see a surge in popularity among consumers in the near future.
Read the full article here
