P&A Providers & Administrators
MenuMENU
SearchSEARCH

EV Picture Coming into Focus?

New studies show mixed results and adoption forecasts.

by Hannah Mitchell
July 11, 2024
EV Picture Coming into Focus?

Two studies put U.S. EV adoption at 8% of new-vehicle sales, though that's down from peak levels.

Credit:

Pexels/Kindel Media

2 min to read


Multiple electric-vehicle reports released this week give a mixed picture of adoption patterns.

One thing is clear: Buyers now have options if they choose to switch to electric, so it will be telling how adoption unfolds from this point.

Ad Loading...

J.D. Power pointed out that since multiple mainstream EV launches and trim expansions in the past couple of months, most premium and mass-market consumers now have EV options in their price points. It also pointed out that prices have fallen to their lowest levels so far, the average total cost of ownership for a premium EV dropping to $62,600 in May and to $58,100 for mass-market shoppers. In fact, many EVs are now more in reach than comparable gas-powered models, it said.

When polled, about 60% of consumers in the market for a new vehicle in the next 12 months said they’re very or somewhat likely to consider an EV, up about one percentage point month-over-month though down from peak levels seen in the fourth quarter. Actual EV adoption rates have plateaued at a little over 8% since March, J.D. Power said.

“Consumer response to these changing market dynamics during the next several months will be a key indicator of future EV demand,” J.D. Power said.

In the second quarter, U.S. EV sales jumped 11% year-over-year to more than 330,000 units and 8% of new-vehicle deliveries, according to Cox Automotive, which called that a record that came despite 6% lower Tesla deliveries. Along with more model choice, it credits greater discounts and increased leases.

“This increased competition is leading to continued price pressure, gradually boosting EV adoption,” said Cox Industry Insights Director Stephanie Valdez.

Ad Loading...

The quarterly results may reflect enough sustained growth to point to mass-market adoption. A study released by startup Recurrent and based on Boston Consulting Group and International Energy Agency projections estimates that EVs will reach 50% market share in the U.S. by 2030.

Recurrent, which provides battery reports for used EVs, anticipates used EV sales growth triggered by a coming wave of off-lease vehicles in the first quarter of 2026.

Meanwhile, worldwide EV sales growth slowed last year, according to a report by Munich-based management consultancy Roland Berger. Global EV deliveries grew 33%, down sharply from the more than 100% bump in 2022. The average EV share of new-vehicle registrations rose 20% - up from 14% the previous year - but fell in some established markets, such as Germany and South Korea.

The study blamed inflation, high electricity prices and curbed subsidies as governments focus more on building charging infrastructure, the lack of which curtails adoption.

LEARN MORE: Final Fuel-Economy Rule Sets Lower Bar

 

 

 

 

 

 

 

 

Originally posted on Auto Dealer Today

More Industry

EV charger inserted into dark-colored car port
Industryby Hannah MitchellAugust 18, 2026

EV Market Humming Along

July sales show steady growth as the segment stabilizes from last year’s artificial surge following pullback of federal support.

Read More →
blue sky, yellow and orange rollercoaster with riders going up an incline
Industryby Lauren LawrenceAugust 12, 2026

EV Sales Recover in Q2

The EV sales roller coaster continues as numbers show improvement, but industry experts predict a year-over-year third-quarter decline and fourth-quarter jump.

Read More →
Photo of blue Toyota Prius parked next to body of water with city skyline in background
Industryby Hannah MitchellAugust 5, 2026

The Cheapest Hybrids to Fuel

The powertrain is increasing in popularity, in no small part due to its fuel economy. A new report lists the most efficient hybrids on the market.

Read More →
Ad Loading...
white SUV parked in front of a body of water with a gray sky background
Industryby Lauren LawrenceAugust 5, 2026

Hybrids and SUVs Gaining Ground

The most recent Kelley Blue Book Brand Watch found that only two nonluxury brands increased in shopper consideration, buoyed by their hybrid and SUV offerings.

Read More →
red, black, and yellow car in a car dealership showroom, Growth Beyond Sales text box, Auto Dealer Today logo
Industryby Lauren LawrenceJuly 31, 2026

Dealership Profits Decline

While new and used retail sales stagnated, dealerships have been particularly supported by fixed operations and finance-and-insurance profits, according to a new report.

Read More →
Photo of four men involved in sale of three auto dealerships, standing in front of the sold Chevrolet store
IndustryJuly 28, 2026

New Mexico Stores Change Hands

Three dealerships owned by three brothers are renamed for a new partnership bridging the founders’ family and a new auto retail leader.

Read More →
Ad Loading...
inside of automotive manufacturing plant, robotic assembly
Industryby Lauren LawrenceJuly 28, 2026

International Automakers Overpower Domestic Output

As the current U.S. administration pushes for domestic automotive production, a new report sheds light on the prevalence of international automakers here.

Read More →
Photo of gray SUV plugged into public electric-vehicle charger in parking lot
Industryby Hannah MitchellJuly 21, 2026

World EV Adoption Set to Grow

A new report says the segment, despite recent setbacks in some regions, is poised for acceleration as many countries look to reduce pollution.

Read More →
Bar chart of truck and SUV segments' weekly value change
Industryby StaffJuly 21, 2026

Black Book: Weekly Market Update

Wholesale automotive auction business stayed steady last week as bidders encountered lower prices, analysts observed.

Read More →
Ad Loading...
laptop with blue car on screen on a shopping website, Clear Costs Convert
Industryby Lauren LawrenceJuly 21, 2026

Pricing Transparency Drives Purchase Consideration

An annual study by JD Power found that clear pricing matters to consumers on automaker websites, so much so that it increases their purchase consideration.

Read More →