Recently, GM Authority reported that 70 percent of U.S. consumers were considering an EV as their next vehicle purchase, and that consideration is expected to surge in the second half of the 2020s. That being said, J.D. Power has found that demand for all-electric vehicles has dropped as would-be customers continue to fret over concerns of affordability and range.
According to the J.D. Power 2024 U.S. Electric Vehicle Consideration Study, EV consideration from the year prior has dropped for the first time since 2021. More specifically, 24 percent of shoppers claim that they are “very likely” to consider purchasing an electric vehicle, which is down from 26 percent of folks in 2023.
It’s worth noting that the percentage of potential buyers who claim they are “overall likely” to consider picking up an EV decreased from 61 percent in 2023 to 58 percent in 2024.
“As the industry inches toward mass consumer adoption, the main roadblocks to getting consumers behind the wheel of an EV are the continued shortage of affordable vehicles, charging concerns and a lack of knowledge regarding the EV ownership proposition, including incentives,” J.D. Power EV Intelligence Executive Director Stewart Stropp claimed in a prepared statement. “As understanding of EV incentives rises, so does the likelihood of consideration. However, approximately 40 percent of shoppers say they do not have a solid understanding of such incentives. Prioritizing initiatives and efforts to educate consumers about the EV proposition – including available incentives and how they work – is vital to accelerating market growth.”
Some additional factors contributing to waning interest in electric vehicles include lower fuel prices, high inflation and interest rates, and underwhelming growth in availability.
Finally, this study featured several notable findings, including:
- “Very likely” consideration dropped among Gen Z and Gen Y shoppers
- The top five reasons for electric vehicle rejections were largely related to inadequate charging infrastructure
- Those with longer commutes are less likely to consider EVs
- Shoppers with a single mode of transportation are much less inclined to consider an all-electric vehicle
For background on the study itself, J.D. Power polled 8,179 consumers from January 2024 through April 2024 on EV consideration by geography, demographics, vehicle experience and use, as well as lifestyle and psychographics.
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Comments
EVs aren’t the answer. They should be an OPTION, but not the only one.
EV’s will be an option when, the time to travel 400 miles is the same as an ICE vehicle and the cost for the vehicle is the same. Funny, every GM representative visiting my dealership drives a truck or SUV with a 6.2 V8. I haven’t seen the first one driving an EV.
That, FYI, will be never. Problem is your assuming that ICE tech will be stationary. Massive increases in efficiency are coming (6th gen small block, Cummins/achates teaming up/liquid piston X-engine drone trials/Mahl-ford indirect injection engine) which will make engines smaller (cheaper/lighter) and more powerful than ever. One of the EV hurdles is the promised solid state battery, which will actually allow for good mild hybrids like the E-boost Silverado was. Problem with mild hybrids is they still require a 12V system for starting in freezing weather. A solid state battery would allow for just the one system, saving costs, adding power and 20-25% efficiency around town. Those solid state EV’s will be competing with a whole new animal.
EV Consideration Drops Due To outrageous prices, obscene curb weights, rising cost of electricity, the lack of range, horrible resale value, crippling cost of battery replacement, extreme fire hazard, possibility of the car being totaled for a minor collision, lack of any real advantage of ownership, unwillingness to own outside of warranty and lack of any value to the car enthusiast community since EVs are as much fun as riding around in a coffin. There’s also probably a growing element of customers asking ‘why?’ since there’s no clear reason for them to exist in the first place as they add ZERO value to the equation.
It was fun while it lasted but like pet rocks and Michael Jackson jackets, EVs will be over soon and we’ll all be pretty embarrassed about it when we look back on this bizarre period of political manipulation.
so you are saying 58% of people considering one is a sign that EVs are dead? Got it!
I’m sorry but Cox Automotive predicting how I may feel in 5 years is an extremely weak and pathetic argument when I don’t even know where I will be in 5 years let alone if I will be alive.
“Considering” is just people saying, “yeah, if the stars align, I’ll consider buying one, yet It doesn’t currently fit my needs, so no I’m not looking at it.” FYI, that’s really bad news for EV’s that nearly 1/3 consumers wouldn’t be caught dead in an EV.
The “strongly considering” or the people who are out looking at prices and if it fits their lifestyle was a measly 24%.
I’m a huge Silverado fan. I would “consider” a Toyota tundra, if I was able to get one half off, sure. But I’m not “strongly considering” a vehicle that is considerably overpriced and under performing in its class.
It’s wild and hilarious how hate filled you are towards something you don’t understand. Reading your post makes me realize the emotional response that early humans must have gone through when fire was discovered. It would be nice to see you actually take part in a constructive discussion about EVs, without using lies, statements fueled by emotions, and anti-EV propaganda.
I’d consider a EV if they looked cool.
Not sure why this is getting so many downvotes. A large percentage of buyers of cars do so based almost exclusively on body style.
Makes many wonder if the automakers all got together to challenge each other to build as many EVs as fast as possible regardless of what buyers want. Just like they conspired with the “COVID supply shortages”. ICE and HEV buyers lose again with higher prices. Come on, recession!
It wasn’t really just “automakers”, it was the hedge funds that are their largest shareholders and also own their banks and the folks meeting together in Davos. They have planned all of this for years, in the auto industry, entertainment industry, energy industry, banking… every industry and almost every company in the world that matters has the same top shareholders. How is this not common knowledge in 2024?
What? People don’t have $100,000 to plop down on a new vehicle? Who could have possibly foreseen this lack of enthusiasm for expensive vehicles?
Hey marketing boneheads — that user base was consumed by Tesla long ago when their website went to great extents interactively justifying the purchase of a $70,000 EV to replace practically any other gas powered car.
Like no kidding … nobody spending 50k a 320 ev range car or truck
Looks like a bot farm found this site, lol. I’ve never seen the voting change so massively and quick before.
Probably more likely that certain articles are being passed around and read in various other communities.
I found this article being discussed on a discord server.
That’s possible, too. The numbers have never changed this quickly in this amount before here that I’ve seen.
This forum tends to be V8 loving good old boys as well. Most comments even are skeptic of EV claims on this particular thread. I don’t even think Ive eve seen 50+ downvotes on an individual comment. Most here are positive enough to not downvote unless there is an obvious troll.
Yeah I’m not sure how my comment got missed from the downvote rain storm. Maybe I was missing key words as my comment was more bashing Cox Automotive for making assumptions instead of the EVs themselves.
FWIW, I found this story on Google News since I’m no longer directly visiting the site daily.
When I went to order a 2024 Jeep Wrangler Sport S Unlimited, the dealership talked me into a ‘24 Wrangker Sahara 4xe. With $12,500 in discounts and incentives it ended up being the same price as the Sport S I optioned out. So I went for it. I wasn’t even thinking about a hybrid. Never had anything electric before. Now I love it. I charge it every night. I get 20-22 miles on a charge which pretty much covers most of my daily driving during the work week. I love driving silent with the top down. It’s nice getting 35 mpg combined on average in a Wrangler. None of my Acadias got close to that ever. But I will say I like that it’s a hybrid because there’s no range anxiety. If I don’t charge it I run out of charge it just switches over to the ICE engine.
Scott, I thank you for the honest review. You also answer, per your purchase, one of the biggest reasons I will never purchase a totally electric vehicle. Hybrid, maybe, but never full electric. For the type and distance I drive, and with no real electric charging capability in my area, an ICE will always be better for me and my family . Again, for ME. Individual results may vary. I appreciate your thoughtful review though.
The range is a problem. The charging is a problem. The looks are a problem. The technology overload is a problem. Even the way they drive feels like $hit. It’s too different from the real vehicles I know and love. Don’t tell me “not to be afraid of change.” It’s my life and my money they’re expecting me to give up way too much of for an unproven car that no one really asked for, that equals a sub-par experience at best. No. I will not be owning an EV.
thats great. Thanks for that. I do not understand why people who hate EVs feel the need to drop their commentary in EV related posts to make sure everyone knows they will never own one. Some of the stuff you are complaining about (such as they drive like $hit” makes no sense.
I’ll take an ICE vehicle here in the Midwest, get more charging stations available, make the vehicles charge faster, have more range, and also MORE AFFORDABLE!
Odd that those with long commutes are less interested. They should be the target audience given “fuel” and maintenance costs.
I totally get the single mode of transportation thing. I wouldn’t buy one if it were my only car. I don’t want to have to deal with longer trip recharging stops that take over 5 minutes, even if those are maybe only a once a year thing.
My budget is under $50k, not because that’s all I can afford, but because I don’t want most luxury car items in my vehicle. They are not only unnecessary, but I find them annoying. So, for example, I hate power liftgates. It’s possible to simply not use unwanted heated seats, but you need to use a power liftgate if the vehicle has one. And while there are a number of EVs under $50k, there are no good options. Shockingly the Bolt is one of the better options, and it’s over 5 years old (and no longer produced). The manufacturers have yet to find their way. Just this morning I was reviewing the list of EVs I checked out late last year. It’s a sad list given the poor offerings.