There has been a perception that only early adopters want to buy BEVs, and that there is an increasing lack of interest across subsequent consumer segments. However, SBD Automotive’s recent survey data disproves this by demonstrating a strong, consistent confidence in EV purchase interest across all segments of the market.
As expected, early adopters have the most confidence in EVs. And while hesitancy does increase through each following consumer segment, overall confidence remains strong. For example, 82% of participants in the early majority and 69% of participants in the late majority would still consider purchasing an EV – a small decrease in the number of ‘yes’ responses between these segments further illustrates this strength. Even in the laggard’s segment, 48% of participants were still open to buying an EV overall. A market opportunity across the board.
EVs are not only an environmentally friendly means of transportation, but they are also revolutionizing the entire automotive industry and will soon play a critical role in our electrical grids. With consumer appetite rising, automotive OEMs rapidly shifting to EV model line-ups, new battery technologies expanding range, governments introducing policies and incentives, as well as start-ups exploiting new electrification business models, staying up to date on EV activity has never been more important.
Globally, the EV market has made impressive gains in the last few years, but much of this growth comes with a hidden cost: government-funded incentives. As EVs become cheaper to produce and the purchase premium continually falls, incentives and price will be less dominant in the consumer purchase decision. However, automakers and the ecosystem still face significant adoption and EV experience barriers to understand and overcome for success.
Over the last few years, the EV market has made impressive gains and doesn’t show any signs of slowing down. As EVs become cheaper to produce, purchase incentives and vehicle premiums will become less dominant in the consumer purchase decision. Cost, however, is only one of several factors that play an important role in the consumer purchase journey.
By specializing within the electrification space, SBD Automotive’s EV team is able to take a holistic view of electric vehicles and the real-world scenarios they encounter. From benchmarking the latest EV vehicle entrants and features, testing real-world range and infrastructure, surveying consumer needs, tracking upcoming legislation & incentives, and anticipating market trends, our EV team is able to ensure our clients have fast access to the support, data and analysis when it is needed.
SBD Automotive's EV experts publish key insights on the electric vehicle landscape through deep analysis across a variety of topics, including consumer barriers to EV adoption, analysis of EV charging infrastructure, legislation and incentives, as well as the regularly updated EV Guide covering new vehicles and business models. Across its research, the team assesses and compares features offered by different OEMs across their EV lineups while taking a deep dive into the charging infrastructure provided for EV users.
These off-the-shelf reports give fast access to the data, analysis and insight needed to succeed in the rapidly changing EV market.
Although the opportunities to benefit from electric vehicles are rising, so are the risks associated with implementing the wrong strategy or falling behind competitors. It's therefore important to ensure that you always have the latest, most comprehensive, and reliably accurate support at hand.
As more OEMs announce and release new EVs, and as more measures are put into place by governments worldwide to promote their use, the prospect of widespread electrification is drawing closer. However, this can only happen once consumers are confident enough in EVs to make the purchase decision and commit to these efforts. As such, it is essential to break down the barriers that are holding consumers back from purchasing EVs."
Robert Fisher
EV Domain Principal
SBD Automotive
-170.jpg)
