Study Finds Consideration Of EV Purchases To Surge In Second Half Of Decade

A new study conducted by Cox Automotive has found that there is a major shift in buyer considerations toward electric vehicles (EVs) with a surge expected to occur in the second half of the decade. 

Classified as “skeptics”, where individuals who show a lack of interest in EVs, the amount of these skeptics make up 54% of vehicle buyers and are projected to transition into “considerers” regarding EVs within 3 to 5 years with 80% within 10 years according to the study dubbed “2024 Path to EV Adoption Study by Cox Automotive”.

Moreover, the study shows that 79% of vehicle shoppers will be considering electric vehicles in 2028, with this figure expected to reach 90 percent by 2033. In addition, automakers are also increasing pressure on dealerships to prioritize EV sales with 65% of dealers reporting pressure to meet EV sales targets, which is up from 39% in 2019. As a result, 86% of dealers have shown a willingness to make investments to promote EVs according to Cox Automotive. 

Isabelle Helms, vice president of Research and Market Intelligence at Cox Automotive, expressed the projected trend of EV sales in the U.S. stating, “We remain bullish on the long-term future of EV sales in America, as many Skeptics today will be carefully considering an EV by the end of the decade. With more infrastructure, education, and technological innovation and improvements, we believe electric vehicle sales will continue to grow in the long term.”

With EV adoption expected to reach optimistic numbers in the coming years, the rise of buyers for EVs will lead to higher demand with the path to EV adoption showing great promise. Furthermore, the positive surge in EV adoption will also lead to improved sustainability that will reshape the automotive landscape toward the transition to electric mobility. 

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