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EV
According to AutoPacific’s latest U.S. Sales Forecast, sales of EVs will reach 1.4 million units by the end of 2024, accounting for 9.1% of total light vehicle sales. Yet the real growth happens between 2026 and 2029 when EV sales are forecast to grow from 2.5 million units, 15% of total sales, to 4.1 million units, 25% of total sales.
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. 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.
According to data from AutoPacific’s latest Fuel Price Impact Survey (FPIS), 9% of current vehicle owners intend to purchase an EV for their next vehicle, up from 4% just two years ago. The trend survey, issued bi-monthly to AutoPacific’s proprietary VehicleVoice member panel, captures responses from approximately 600 current vehicle owners each survey period.
After hovering around 4-5% for years, the jump in EV intention can likely be attributed to several factors, including more nameplates in the market, financial and driving incentives, environmental concerns, and desire for technology. When asked why they would choose an EV, 85% of respondents agreed with the statement an EV “is better for the environment,” while 80% agreed that EVs are “the way of the future.” It’s exciting to see consumers embrace the future potential for EVs and their place in the world of transportation. With over 120 EV nameplates expected to be on sale in the U.S. in the next 5 years, growing consumer interest is essential.” Can consumer demand grow enough to support 120 EVs?
Source: AutoPacific Fuel Price Impact Survey April 2021
AutoPacific data debunks one past theory surrounding interest - fuel prices. When fuel prices were at their highest, EVs were relatively unknown in the market and not a solution for escaping those high prices. Now that fuel prices have been stable for several years and manufacturers have made significant improvements in fuel economy, consumer choice of an EV can be based on reasons other than desire to save money on gasoline. According to our FPIS data, increases in EV intention are seemingly unrelated to fuel prices, even with recent fuel price increases and future price expectations.
Source: AutoPacific Fuel Price Impact Survey Sept 2010-April 2021
