AutoPacific Press Release issued 12/12/23 at 10:00AM PST
LONG BEACH, Calif. (December 12, 2023) – Electric vehicles (EVs) aren’t just for homeowners with convenient garage charging capability. Interest in acquiring an EV in the future is even greater from those living in multi-unit housing than those who own their own detached single-family home. In AutoPacific’s Electric Vehicle Consumer Insights Study, the most recent study published by the noted automotive research and consulting firm, acceptance and rejection of EVs is deeply explored to better understand what is needed to increase sales and market penetration in the future. “When we look at interest in EVs from people living in various types of structures, we see that there is real potential for EVs in multi-unit housing,” says AutoPacific director of marketing and consumer insights, Deborah Grieb. According to data from AutoPacific, 70% of surveyed respondents who currently reside in a condo complex, and 67% of those who live in an apartment building, either intend to purchase, or will consider purchasing an EV in the near future, compared to 63% of those who own a single-family home. At the current time, however, relatively few apartments and condos offer onsite charging for residents, meaning most of these EV considerers will have to be reliant on public charging, which is less convenient and generally much more expensive than charging at home.
Presence of On-Site Charging at Apartment and Condo Complexes Can Help Increase EV Market Penetration
42% of all EV rejectors cite lack of a place to charge at home or work is a reason why they don’t want an EV, ranking 3rdin their list of rejection reasons. When looking at apartment and condo dwellers specifically, residents are more likely to consider an EV when on-site EV charging is available, with 53% of acceptors saying “A charger is already installed to plug in an electrified (EV or PHEV) vehicle,” compared to just 18% for rejectors (59% say there is no charger installed and another 23% say they don’t know).
“People want to know that they can conveniently and cost-efficiently charge their vehicle at home and not have to rely on public charging. Apartment and condo complexes can really help drive EV market penetration by providing this perk to renters and eliminating that rejection reason,” says Grieb. AutoPacific’s data also show that the vast majority, 79%, of EV owners who live in an apartment or condo actually do have EV charging available to them where they live. This strongly suggests that most EV considerers who live in an apartment or condo won’t make the switch to electric unless their property managers install EV charging on site.
As AutoPacific has also recently explored, overnight home charging is the most ideal way to keep an EV charged, and the public charging infrastructure is not sufficiently expansive or reliable enough to serve as a suitable substitute for home charging for most people. As development continues, apartments and condos across the country can serve a significant role in the continued adoption of EVs.
About AutoPacific
AutoPacific is a future-oriented automotive marketing research and product consulting firm providing clients with industry intelligence and sales forecasting. The firm, founded in 1986, also conducts extensive proprietary and syndicated research and consulting for auto manufacturers, distributors, marketers, and suppliers worldwide, including its highly recognized Future Attribute Demand Study (FADS) and new EV Consumer Insights Study. The company is headquartered in Long Beach, California with affiliate offices in Michigan, Wisconsin, and the Carolinas. Additional information can be found at http://www.autopacific.com.
Contact: Deborah Grieb, deborah.grieb@autopacific.com