Study: Second Half of Decade Will See Spike in Electric Vehicle Demand

May 16, 2024
Over half of those currently not considering EVs will begin to change their minds within the next three to five years as technology improves.

A recent study from Cox Automotive suggests that there will be a spike in those looking to purchase an electric vehicle within the next few years.

Cox’s 2024 Path to EV Adoption Study showed that nearly half of those currently looking to buy a vehicle are not considering an EV–but that may soon change. 

As improvements in technology and charging infrastructure progress, 54% of those currently not considering EVs–referred to as Skeptics in the study–will become EV Considerers within the next three to five years. Within the next ten years, the study suggests, 80% of current EV Skeptics will transition into becoming Considerers.

Current EV skeptics cite a desire for technological improvements in areas including range, battery life, and reliability to be made before they consider EVs. For current Considerers, they cite high prices as the biggest barrier to purchasing an EV–for Skeptics, their biggest issue is a lack of charging stations.

Between 2026 and 2028, the study predicts 79% of those shopping for both new and used cars will be considering an EV, and that by 2033, 90% of consumers will be looking to purchase one.

Though there’s been a recent slump in EV demand, the study claims it isn’t indicative of a trend dying out, but rather is reflective of market dynamics changing with EV sales entering a new phase of development.

“While we’ve seen EV sales growth slow and consideration dip, we believe this is part of a normal growth curve and not the end of the story,” stated Cox Automotive’s Vice President of Research and Market Intelligence, Isabelle Helms. “With more infrastructure, education, and technological innovation and improvements, we believe electric vehicle sales will continue to grow in the long term.”

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