BEVs Attracting More Well-Off Multi-Car US Consumers

Paul Myles

TU-Editor

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26th May 2022

Well-heeled multi-car owning consumers are the most likely to consider buying a BEV for their next automotive purchase.

That’s the findings from J.D.Power’s 2022 US Electric Vehicle Consideration (EVC) Study released today. The percentage of shoppers who say they are “very likely” to consider an EV for their next purchase or lease climbs to 24%, four percentage points higher than a year ago. While several factors are at work in prompting the increase, the introduction of new EV models, including in largely untapped segments such as pickup trucks, is also a primary reason for the increased consumer interest.

One hurdle to EV adoption revolves around shoppers’ living and working situations. There is a substantially higher ratio of shoppers who own their home who say they are “very likely to consider” an EV (27%) than those who rent (17%). Not only are homeowners more affluent, on average but are more likely to be able to charge an EV at their residence. Perhaps most tellingly, 34% of those who indicate they are unlikely to consider purchasing an EV say they lack access to any charging capabilities at home or work.

The study also 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. However, 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.

Personal experience of EV also counts with just 11% of respondents with no personal experience at all with EVs say they are “very likely” to consider an EV. That percentage more than doubles to 24% among those new-vehicle shoppers who have simply been a passenger in an EV and rises to 34% among those who have driven an EV. Owners of EVs are also sold on the technology, as 48% of owners say they are “very likely” to consider another EV for their next vehicle purchase.

Stewart Stropp, senior director of automotive retail at J.D. Power, said: “The addition of new EV models has moved the needle on consumer consideration. 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.”

— Paul Myles is a seasoned automotive journalist based in Europe. Follow him on Twitter @Paulmyles_