The electric vehicle (EV) market is on course to grow to 400,000 vehicles this year, EV sales are forecasted to double in the next 24 months according to a Cox Automotive study. With sales up more than 88 percent this year through the end of September, the 2021 Cox Automotive Path to EV Adoption Study “provides a look at the major consumer barriers to slow EV adoption.” The research was conducted in June and July of 2021 and included a survey of nearly 5,000 in-market consumers who owned, considered, or rejected a pure battery-electric vehicle in that timeframe
Here are some of the highlights of the study:
- EVs will account for only 3% of the new-vehicle market this year
- Lack of charging infrastructure is the top barrier to electric vehicle adoption, however, availability of charging stations, vehicle range, and battery concerns have become less of a barrier for potential buyers
- Among EVs offered today, the average range is approximately 257 miles, 18% more than the minimal accepted range of 217 miles from a 2021 study
- EVs are too expensive, according to more than half of the consumers not considering an EV for their next vehicle—in fact, only 3% of shoppers in the study indicate that their next will, for certain, be an EV
- The average price paid for a new EV was close to $60,000, before rebates, and well above gasoline-equivalent vehicles—that number jumps to 71% in a case where EVs are priced $5,000 below an equivalent gas vehicle
- Nearly 60% of vehicle intenders would consider an EV if there was no price premium
- Consumers in the U.S. – particularly younger Millennial and Gen Z buyers – are becoming more open to the idea of an electric vehicle future
- Few auto dealers feel well prepared to handle an increase in EV sales in the future— 71% indicated they were "only somewhat" or "not at all" prepared to sell EVs
"This latest round of EV research opened our eyes to a number of shifts in the market," said Vanessa Ton, senior industry intelligence manager, Cox Automotive in a company news release. "As the traditional barriers come down, attributes like styling and affordability move to the front, much like traditional gas-powered vehicles. That's an indication that consumers are looking at EVs more like automobiles, less like science projects."
Kevin Clemens is a Senior Editor with Battery Technology.