J.D. Power’s annual U.S. Electric Vehicle Consideration (EVC) Study was released today, and it shows that more Americans said they are “very likely” to buy an electric car for their next vehicle now more than ever.
The study showed that 24 percent of respondents said they were “very likely” to buy an EV for their next purchase or lease, a 4 percent increase from a year ago. Several factors contributed to the increased interest in purchasing an EV, but the biggest contributor was the expansion of the electric pickup truck market, which was labeled “important” and “largely untapped.”
“The addition of new EV models has moved the needle on consumer consideration,” J.D. Power’s Senior Director of Automotive Retail, Stewart Stropp, said. “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. 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.”
Living situations also attributed to whether people were considering an electric vehicle for their next car. People who owned their homes were much more likely to say they were “very likely” to consider an EV next, with 27 percent of respondents giving that response. Only 17 percent of those who rented their living quarters said they would consider an EV.
Charging infrastructure also played a substantial part in whether people were considering an EV. Thirty-four percent of people said they were unlikely to consider an EV gave this response because they said they lacked access to charging capabilities at home or at their place of work.
Interestingly, the study found that the respondents who drove more frequently than others were more likely to consider an EV. This is likely due to gas prices, which have skyrocketed in 2022. The study says:
“The study, now in its second year, finds that the more vehicle owners drive, the more they are likely to consider an EV. While daily commuters who are encountering higher fuel prices are logical candidates to switch to EVs, those who take frequent vacations and road trips might be assumed to be less likely to adopt EVs. But, like heavy commuters, heavy road-trippers have a higher EV purchase consideration tendency than those who use their vehicles less often for this purpose. It could be an indication that frequent drivers are increasingly seeing the advantages of EVs compared with their gasoline-powered counterparts.”
Hands-on experience also was a heavy factor, as only 11 percent of people who had never had any personal experience with an EV said they were “very likely” to purchase one as their next vehicle.
Additionally, 48 percent of current EV owners said they were “very likely” to purchase another EV for their next car.
Keyword: Americans are ‘very likely’ to buy an EV as their next car now more than ever