Six million US Internet households own an
EV
DALLAS,
July 11,
2024 /PRNewswire/ -- New research from Parks
Associates' consumer study of 8,000 US internet households
finds electric vehicle (EV) ownership has seen a slight
decline, with 5%, or six million internet households, reporting
ownership. The firm's latest research, EV Charging at Home: User
Demand and Preferences, shows the familiarity with EVs
increased in 2019, peaking before the pandemic, and has since been
decreasing.
"Inflation and interest rates are up, and
consumers perceive electric vehicles as expensive, challenging to
charge outside the home, and limited in range," said Daniel Holcomb, Senior Analyst, Parks
Associates. "With many car manufacturers scaling back ambitions on
EV production, familiarity has dropped to 19%, a low not seen since
2018. At the same time, current EV and hybrid owners, among the
most affluent consumer segments, have the highest purchase
intentions to buy an EV, which indicates a relatively flat growth
rate for the near future."
Intentions to buy an EV in the next year vary by
vehicle ownership type:
- 22% of EV owners plan to buy an EV
- 14% of hybrid owners plan to buy an EV, but that segment
is more likely to buy a hybrid
- Just 3% of internal combustion engine owners plan to buy
an EV
Many manufacturers are experiencing financial
challenges due to slower-than-expected sales and failure to scale.
The recent bankruptcy filing in June
2024 by Fisker comes as a result of the broader challenges
faced by manufacturers as they navigate an increasingly competitive
and economically volatile market.
"Industry players must counter consumer
perceptions as well as economic headwinds," Holcomb said. "Our
research shows key inhibitors are the perceived cost and lack of
charging stations — 65% of consumers shopping for a vehicle cite at
least one of three charging-related factors as a reason not to buy
an EV. Companies in this space need to use aggressive strategies to
bring in new customers, with deals that account for the current
economic climate, and with an expansion of available charging
stations to ensure users have the convenience, accessibility, and
peace of mind they want when buying a car."
This research is available for purchase, with a
special 20% discount available until July 31. Use the discount code EV-20P-2024
on checkout to secure this discount offer.
To schedule an interview or to request data,
please contact Mindi Sue
Sternblitz-Rubenstein at
mindi.sue@parksassociates.com or 972-490-1113.
About Parks Associates
Parks
Associates, a woman-founded and certified business, is an
internationally recognized market research and consulting company
specializing in emerging consumer technology products and services.
Founded in 1986, Parks Associates provides business intelligence
and research services through its proprietary methodologies
developed over decades, including quarterly surveys of 10,000
internet households.
The company's expertise crosses many industries:
home security and smart home, streaming video, broadband and pay-TV
services, digital media and platforms, gaming, Wi-Fi and home
networks, connected health, support, consumer electronics, home
control systems, energy management, and tech solutions for the
multi-dwelling (MDU), small-to-medium business (SMB), and
commercial building markets.
Each year, Parks Associates brings thousands of
leaders together for its webinars and annual events. The firm hosts
the annual executive research and strategy conferences
CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart
Spaces, and Future of Video.
https://www.parksassociates.com
Follow Parks Associates on LinkedIn, Facebook,
and Instagram.
Mindi Sue
Sternblitz-Rubenstein
Parks Associates
972.490.1113
380285@email4pr.com
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SOURCE Parks Associates