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Compatibility problems may be to blame for the recent bumps on the road to an electric future.
That’s the takeaway from the 2024 Edmunds EV Sentiment Survey, a new report that identified “a significant disconnect” between what car shoppers want from an EV versus what today’s market has to offer.
Edmunds found that:
- Car buyers are looking for more affordable options: 47% of respondents reported seeking an EV below $40,000, while 22% said they were interested in EVs below $30,000. The rub is that “there are no new EVs with an average MSRP below $30,000, and there are only four below the $40,000 mark,” per the report.
- The market isn’t aligned with the types of models buyers are looking for: Edmunds reported that 43% of respondents who were interested in an EV want a sedan, and 42% “would consider an SUV/crossover,” while “only 10% would consider a truck.” The EV market, meanwhile, has a glut of electric trucks on offer, from the Tesla Cybertruck to the Ford F-150 Lightning. Edmunds dubbed the electric truck market “bloated.”
- Some of the car brands that consumers trust the most don’t have many EV offerings on the market. Toyota, for example, was ranked third by respondents when asked which company they trust the most. But the Japanese automaker sells just one EV in the US.
Bottom line?
“The electric vehicle market is growing, but consumers have enough reservations about the current options and charging infrastructure challenges to limit more significant growth in the short term,” Jessica Caldwell, Edmunds’ AVP of insights, wrote.
Meanwhile, another recent report identified a gap in EV owners’ knowledge of local utility programs that could support their at-home charging experience.
That’s one finding from J.D. Power’s 2024 US Electric Vehicle Experience Home Charging study, which surveyed 15,617 owners of battery-electric and hybrid vehicles on their satisfaction with three different types of home chargers.
The survey found that nearly half of respondents were “unaware of the programs offered by their electric utility.” J.D. Power noted that it’s “in the interest of both automakers and home charger manufacturers” to educate consumers on utility programs such as ones that offer financial incentives for installation.
This report was initially published in Tech Brew.
