Demand for electric vehicles appears to have passed a key inflection point and there is some evidence that it is driven by product rather than traditional aspects like gas prices.
Appearance Tesla Model Y there’s a lot to do with it.
The consulting firm AutoPacific for years, as part of a bimonthly study of 500 US car owners focusing on the impact of fuel prices, has been asking the question: “If you replace your car yourself today, what kind of engine will you choose. select?”
As seen in the answers to this question in the green trendline below, the intention to use electric vehicles gradually increased over a long period from 2010. After that, it stagnates around 4-5% for a period of time. long time, basically from 2016 and the arrival of Tesla Model 3. to March 2020. Then the same month with the first deliveries of the Model Yit produced the only quarterly spike in intent that the company has measured – suddenly to about 9% – and it’s been up almost since, now 11%.
Hybrid, PHEV, EV intent vs gas price – AutoPacific
AutoPacific notes that while interest in hybrids, plug-in hybrids and electric vehicles is trending upward, EV intent stands out. Despite being led by the Model Y, the sheer number of EV nameplates arriving in the past two years has led to more awareness.
“The market is seeing exponential growth in the number of electric vehicle signs available to consumers, making electric vehicles more visible to vehicle buyers and thereby increasing consumer consideration. them for them,” said Ed Kim, president and principal analyst at AutoPacific this week.
At face value, the arrival of the Model Y, in March 2020, is unlikely to except the beginning of the pandemic and changes in some of our driving habits. Is it part of a soul search on global warming and the environment, and Best air quality in decades due to pandemic shutdown?
While that may be part of it, Kim says the increase in intent to use electric vehicles during the pandemic “is largely attributed to new and exciting electric vehicle products, most notably is the Model Y.” Though he noted that in general, during the pandemic, more affluent consumers are buying new cars, and those shoppers, in particular, aren’t driving less than before.
2022 Hyundai IONIQ 5 at Electrify America DC fast charging station
According to the company’s survey, 83% of electric vehicle users say they would choose an electric vehicle because “charging is cheaper than gas.” However, pump prices have actually fallen during the times when electric vehicle interest rates have risen the most, which further suggests that the rise in EV interest rates over the past few years may have little to do with gas prices.
Why did the Model Y cause a spike in EV intent while the Model 3 didn’t? “Americans want SUVs and are increasingly disinterested in sedans,” Kim said green car report, cite a simple market fact. “So the introduction of Model Y, along with other electric SUVs introduced during the pandemic as Mustang Mach-Eled to a dramatic increase in demand in a way that the Model 3 sedan couldn’t, despite its popularity. ”
Ford Mustang Mach-E 2021
AutoPacific predicts total electric vehicle sales of around 700,000 units by 2022, with total sales increasing to more than 900,000 units by 2023, then accelerating over the following few years, surpassing 2 million units by 2026 and reaching 2.5 million units by 2027.
The company notes that 75% of consumers see EVs as “the way to the future,” but 89% of respondents still plan to buy something other than an EV as their next vehicle.
“Convincing consumers from petrol, diesel and hybrid vehicles — none of which require changes in daily habits to accommodate recharging — will continue to be a challenge,” the summary company said. difficult consciousness for many years to come”.
Fortunately, it’s a challenge with many creatives public and Home page solutions, as well as federal investmentand the market will follow.
