The Next Cohort of EVs Buyers is Coming Soon
As the automotive industry navigates the shift towards electrification, recent opinion research from BCG sheds light on the massive potential of electric vehicles (EVs) in the United States, who is likely to be the next wave of EV adopters and what they are looking for in their EVs. According to BCG's findings, an astonishing 70% of US consumers are actively considering purchasing an electric vehicle, signaling a seismic shift in consumer preferences towards sustainable electric mobility solutions. This surge in interest reflects a tangible shift in future consumer behavior that OEMs cannot afford to overlook if they are to be successful long term.
The next EV adopter wave is coming and its is massive
Delving deeper into BCG’s data, while only 6% of Americans currently own an EV, a staggering 38% express intentions to make their next vehicle purchase electric, with an additional 27% contemplating EV ownership in the future. These statistics underscore the growing appetite for EVs among American consumers and highlight the immense potential for market expansion in the coming years.
According to BCG, the next wave of EV adopters will be predominantly college-educated millennials with higher incomes. Predictably, this group skews towards those in two vehicle households with the ability to install home chargers. They are also more open minded and likely to embrace new technology. Notably, their willingness to embrace EV technology transcends mere functionality; it reflects a broader cultural shift towards sustainable living and technological innovation.
The profile of this next wave of adopters: charging at home, green and able to pay for new technology
This cohort of future EV buyers, according to BCG, is looking for greater variety, seamless access to high-speed charging infrastructure and an improved product with 20 minute charging times, ranges above 350 miles and prices under $50,000. While they point out that only one EV meets that standard today (Hyundai’s Ioniq 6), automakers are working to improve their technology and efficiency so that we can expect many more models to meet this criteria in the coming years as battery technology improves.
BCG's research also offers a compelling glimpse into the future trajectory of EV adoption in the US. Optimistic projections suggest that up to 30% of American buyers could be reached with next-generation EV offerings, translating to a potential demand of approximately 4.5 million units. Even under more conservative estimates, demand is expected to hover around 20%, representing significant market growth for EVs in the US.
The data presented in BCG's report paints a compelling picture of the electric vehicle revolution unfolding in the United States. With a growing majority of consumers expressing interest in EV ownership and promising growth projections on the horizon, the future of electric mobility is bright as long as automakers keep innovating and diversifying their offerings. If they succeed, they will be able to seize the vast opportunities presented by the burgeoning EV market.
