Summary
– 50% of car buyers in the U.S. are currently only considering purchasing ICE vehicles
– Technological improvements, lower prices, and improved charging network will increase EV demand
– EV Skeptics are expected to become EV Considerers in the coming years
– By 2033, as many as 90% of new and used car buyers could consider an EV
– Tesla is the most considered EV maker in the U.S., followed by Ford, Toyota, Hyundai, and Kia. Cox Automotive predicts increased EV consideration over the next decade.
Article
A recent study conducted by Cox Automotive suggests that about half of all vehicle shoppers in the United States are currently only considering purchasing a gasoline-powered vehicle, not an electric vehicle (EV). These consumers, known as Skeptics in the study, are hesitant to switch to an EV due to factors such as technological concerns, high prices, and a lack of charging infrastructure. However, the study predicts that as technological improvements are made, prices come down, and charging networks expand, as many as 54% of these Skeptics could become ‘EV Considerers’ within the next three to five years.
Despite a recent slowdown in EV sales growth and consideration rates, Isabelle Helms, vice president of Research and Market Intelligence at Cox Automotive, remains optimistic about the future of EVs in the U.S. Helms believes that the current dip in EV sales and consideration is just a temporary setback and not the end of the story. With increased infrastructure, education, and technological advancements, Helms sees a bright future for the EV market in America. She expects that many current Skeptics will eventually consider purchasing an EV by the end of the decade.
Over the next 10 years, Cox Automotive anticipates a significant increase in the consideration of EVs among vehicle shoppers. By 2028, it is estimated that as many as 80% of current Skeptics could become ‘EV Considerers,’ actively thinking about purchasing an EV, whether new or used. By 2033, Cox Automotive believes that up to 90% of new and used vehicle shoppers will be considering an EV. This projection is based on the assumption that technological advancements will address key concerns such as range, battery life, and reliability.
The study highlights that most current Skeptics are waiting for improvements in EV technology before considering making the switch from ICE vehicles. They desire better range, longer battery life, and advanced features to enhance the overall driving experience. Despite the dominant position of Tesla in the EV market, other automakers like Ford, Toyota, Hyundai, and Kia have also seen an increase in EV awareness and consideration since 2021. This shift in consumer perception suggests that there is growing interest and potential for the broader adoption of EVs in the U.S. market.
As barriers to EV adoption continue to fall and consumer awareness increases, Cox Automotive predicts a gradual shift towards a more EV-friendly market in the U.S. The study foresees a transformation of many current Skeptics into confident EV Considerers over the next decade, driven by advancements in technology, affordability, and infrastructure. With the majority of vehicle shoppers expected to consider purchasing an EV by 2033, the automotive industry is likely to witness a significant shift towards electric mobility in the coming years.
In conclusion, the Cox Automotive study highlights the evolving landscape of the U.S. automotive market with regard to EV adoption. Despite the current dominance of gasoline-powered vehicles among consumers, the growing demand for EVs is expected to reshape the industry in the next decade. As technology continues to improve, prices drop, and charging infrastructure expands, more consumers are likely to consider making the switch to electric vehicles. With the potential for up to 90% of new and used vehicle shoppers to consider purchasing an EV by 2033, the future of electric mobility in America looks promising.
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