Electric vehicles (or EVs) had received a big boost off the heels of the pandemic as consumer interest over environmental issues coupled with hearty government subsidies helped fuel a respectable boom in the market. However, according to new research from a Parks Associates consumer study, it seems that EV sales boom has slowed to the point of flattening.
After sending out a survey to 8,000 U.S. internet households, Parks Associates found that electric vehicle has regressed to just about 5% of respondents reporting ownership. If applied to the U.S. population, that would mean roughly six million households currently own an EV.
According to Parks Associates, 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.
“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.”
According to the Parks Associates study, the breakdown of EV interest is as follows:
While prior studies showed EV owners largely remaining undeterred in the face of these issues, this new research by Parks Associates seems to show that the combined headaches of cost and lack of infrastructure is finally starting to wear on owners, thereby impacting sales.
“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,” Holcomb continued.
From the article, "EV Sales Growth Flattens Following Pandemic Peak" by Nick Boever
To many people, a connected TV simply means connecting their new television to the Internet so they can stream movies. The latest tally from eMarketer forecasts that 97 million homes will have connect...
According to research from Parks Associates, 35% of the U.S. households that switched broadband providers last year did so to get a faster Internet connection. Comparatively, only 18% switched because...
The number of smart home products owned by consumers increased more than 50% over the last year, according to a new study by Parks Associates. Growth is projected to continue, with 43% of U.S. househo...
"...An updated view of IoT, at least from a percentage standpoint, with the source of each at the end: 43% -- Percentage of U.S. households with broadband that plan to purchase a smart home device...
