Parks Associates: After a Pandemic Peak, Familiarity with and Ownership of EVs Have Decreased

Six million US Internet households own an EV

DALLAS, July 11, 2024 /PRNewswire/ -- New research from Parks Associates' consumer study of 8,000 US internet households finds electric vehicle (EV) ownership has seen a slight decline, with 5%, or six million internet households, reporting ownership. The firm's latest research, EV Charging at Home: User Demand and Preferences, shows the familiarity with EVs increased in 2019, peaking before the pandemic, and has since been decreasing.

"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."

Intentions to buy an EV in the next year vary by vehicle ownership type:

• 22% of EV owners plan to buy an EV
• 14% of hybrid owners plan to buy an EV, but that segment is more likely to buy a hybrid
• Just 3% of internal combustion engine owners plan to buy an EV

Many manufacturers are experiencing financial challenges due to slower-than-expected sales and failure to scale. 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.

"Industry players must counter consumer perceptions as well as economic headwinds," Holcomb said. "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. Companies in this space need to use aggressive strategies to bring in new customers, with deals that account for the current economic climate, and with an expansion of available charging stations to ensure users have the convenience, accessibility, and peace of mind they want when buying a car."

This research is available for purchase, with a special 20% discount available until July 31. Use the discount code EV-20P-2024 on checkout to secure this discount offer.

To schedule an interview or to request data, please contact Mindi Sue Sternblitz-Rubenstein at [email protected] or 972-490-1113.

About Parks Associates
Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.

The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.

Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com 

Follow Parks Associates on LinkedIn, Facebook, and Instagram.

Mindi Sue Sternblitz-Rubenstein
Parks Associates
972.490.1113
[email protected] 

SOURCE Parks Associates