Interest in electric vehicles saw a significant increase in 2024, with 31% of gas-car shoppers expressing their intention to purchase an EV, up from 18% in 2023, according to a survey conducted by CDK Global. While the surge in EV interest is evident, there are still prevailing misconceptions regarding the cost of owning an electric vehicle among car buyers.
Despite reports of EV demand “stalling,” the survey results from CDK Global paint a different picture. The data reveals a growing interest in EVs, especially among those considering hybrid vehicles. In 2024, 54% of respondents contemplating hybrids expressed a willingness to switch to electric vehicles, compared to 38% in the previous year.
The automotive industry witnessed a record year in electric car sales in the U.S. in 2024, reaching 1.3 million units, a 7.3% increase from the previous year. This growth was driven by notable gains from automakers like General Motors and Hyundai, despite Tesla experiencing a decline in deliveries. Experts anticipate this trend to continue in the coming years.
However, there are challenges that need to be addressed to further accelerate EV adoption. The survey highlighted key concerns among car buyers, including the need for longer driving ranges, faster charging times, a reliable charging infrastructure, more brand options, and assurance of battery longevity. While misconceptions persist, such as the belief that EVs have higher maintenance costs, studies have shown that electric vehicles are more cost-effective to maintain over time due to their simpler powertrain design.
On a positive note, the survey revealed an improved understanding of charging among gas-car shoppers in 2024. A majority of respondents acknowledged the cost to charge an EV, the average charging time, and the availability of local charging stations, indicating a growing awareness of EV infrastructure.
In conclusion, while the EV market faced challenges in 2024, there is undeniable progress and potential for further growth. Addressing misconceptions, improving infrastructure, and expanding consumer education are key factors in driving EV adoption. As the industry continues to evolve, the shift towards electric vehicles remains a promising and sustainable choice for car buyers looking towards the future.