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Tuesday, 16 November 2021 15:28

Price and Range Continue to Hold Back EV Market

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Sales of battery-powered electric vehicles (EVs) in the U.S. are on track to set an all-time record in 2021, with sales up more than 88% through the end of September.

With new players entering the field and consumer choice expanding rapidly, the EV market is on course to grow to 400,000 vehicles this year, and Cox Automotive is forecasting EV sales to double in the next 24 months.

 

Still, despite the rapid growth, EVs will account for only 3% of the new-vehicle market this year and, according to new research released by Cox Automotive, many barriers to EV adoption remain.

 

The 2021 Cox Automotive Path to EV Adoption Study provides a look at the major consumer barriers that continue to slow EV adoption. It also uncovers market perceptions and customer experiences with the EV shopping and buying process.

 

The research was conducted in June and July and included a survey of nearly 5,000 in-market consumers who owned, considered or rejected a pure battery-electric vehicle in that timeframe. Additional Cox Automotive studies were considered in the analysis.

The study had three objectives: to understand the nuances of EV adoption and the key barriers to overcome, explore how the shopping experience for EV and traditional gas-powered vehicles differ, and uncover market perceptions and consumer experiences with EVs.

 

Overall, the 2021 Cox Automotive Path to EV Adoption Study illustrates, while barriers remain, consumers in the U.S.---particularly younger Millennial and Gen Z buyers---are becoming more open to the idea of an electric vehicle future.

 

Availability of charging stations, vehicle range and battery concerns have become less of a barrier for potential buyers. Vehicle price, however, continues to be a major obstacle for many.

 

"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. "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."

 

During the research phase of the study over the summer, consumers had nearly 300 different models to choose from, but less than...


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