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Insight of the Day: JD Power’s EV survey suggests 2024 is the year that buyers just start losing their interest

Thank you for sharing the link! It’s interesting to see how consumer interest in electric vehicles (EVs) has evolved. According to the J.D. Power 2024 U.S. Electric Vehicle Consideration (EVC) Study, there are several factors impacting EV demand:

  1. Consumer Cooling: The study reveals that consumer demand for EVs has cooled down due to persistent growing pains in the industry. For the first time since the study’s inception in 2021, new-vehicle buyer consideration has dropped from the previous year. Only 24% of shoppers now say they are “very likely” to consider purchasing an EV, down from 26% a year ago. Additionally, the percentage of shoppers who say they are “overall likely” to consider an EV has decreased to 58% from 61% in 2023

  2. Charging Concerns: One of the main roadblocks to widespread EV adoption is the lack of charging infrastructure. Among shoppers who are “somewhat unlikely” or “very unlikely” to consider an EV, 52% cite a lack of charging station availability as a reason for rejection. This concern has increased by 3 percentage points year over year, indicating that worries about public charging infrastructure are growing

  3. Affordability and Incentives: The shortage of affordable EV models remains a challenge. Approximately 40% of shoppers admit they do not have a solid understanding of EV incentives. Educating consumers about the EV ownership proposition, including available incentives, is crucial for market growth. As understanding of these incentives rises, so does the likelihood of consideration

  4. Model Availability: While the number of viable EVs meeting shoppers’ needs increased substantially in previous years, this year’s growth has been more incremental. Some automakers have deferred EV launch and production plans, shifting focus toward hybrids and plug-in hybrids. As a result, many shoppers still haven’t found an EV that checks all the boxes

As the EV industry continues to evolve, addressing these concerns and improving affordability, charging infrastructure, and model availability will be crucial for sustained growth and consumer adoption.

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