EV Sales Dropping
Electric vehicle sales might be falling now before going higher, as concerns about climate change and sinking prices are increasing the spotlight on EV sales. A recent survey shows that many Americans still do not believe electric vehicles can help address climate change, and that significant obstacles still exist for potential customers. According to the poll, approximately 4o percent of Americans think that using EVs helps address climate change, which indicates that a significant portion of the population is still skeptical about the benefits of electric vehicles.
The poll also reveals that only about 4% of Americans currently own an EV, while 12% are seriously considering purchasing one. While this shows some potential for growth in the electric vehicle market, it is important to note that 41% of respondents unequivocally stated that they would not consider buying an electric vehicle in the future.
The results of the survey suggests that the age of the potential buyer is a significant factor in determining the likelihood of purchasing an electric vehicle. Most people born before 1965, whom JD Power describes as Boomers and pre-Boomers, are least likely to consider an EV.
Price and charging infrastructure are also significant obstacles for a wide spectrum of potential customers, according to the poll. While electric vehicles are becoming more affordable, they still remain more expensive than their gasoline counterparts, and the lack of charging infrastructure in many areas can be a major deterrent.
Geography and education also play a role in the likelihood of owning an electric vehicle. Americans living in the Western U.S. and college graduates are more likely than their counterparts to report that they currently own an electric vehicle, are seriously considering the purchase, or might in the future.
While there is certainly potential for more growth in the market, significant obstacles still exist for further EV conversion adoption. Electric vehicle manufacturers may need to work to overcome skepticism about the environmental benefits of EVs and address concerns about price and charging infrastructure in order to see increased sales.
Moreover, stakeholders should recognize the different demographic factors that affect purchasing decisions. Marketing efforts and policy initiatives should target younger generations and individuals with higher levels of education, as they are more likely to own or consider owning an electric vehicle.
While the electric vehicle market may experience a dip in sales, it is likely that it will eventually grow as concerns about climate change continue to mount and prices continue to drop.
