Not exactly breaking news for Car Pro Show listeners, but a new study from J.D. Power finds that consumer demand for electric vehicles (EVs) has cooled as the industry grapples with persistent growing pains. The J.D. Power 2024 U.S. Electric Vehicle Consideration (EVC) Study finds that consumer interest in EVs is subsiding, while charging concerns continue to grow. Researchers also cite a lack of affordable EVs as well as poor incentive knowledge as two issues that are adding to the problem.
J.D. 2024 U.S. EVC Study
For the first time since the study’s inception in 2021, J.D. Power says new-vehicle buyer consideration when it comes to EVs has dropped from the previous year. Here are the numbers:
- 24% of shoppers say they are “very likely” to consider purchasing an EV, down from 26% a year ago.
- The percentage of shoppers who say they are “overall likely” to consider purchasing an EV decreases to 58% from 61% in 2023.
“As the industry inches toward mass consumer adoption, the main roadblocks to getting consumers behind the wheel of an EV are the continued shortage of affordable vehicles, charging concerns and a lack of knowledge regarding the EV ownership proposition, including incentives,” said Stewart Stropp, executive director of EV intelligence at J.D. Power. “As understanding of EV incentives rises, so does the likelihood of consideration. However, approximately 40% of shoppers say they do not have a solid understanding of such incentives. Prioritizing initiatives and efforts to educate consumers about the EV proposition—including available incentives and how they work—is vital to accelerating market growth.”
To see the full J.D. power report, click here.
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