The auto market continues to see shifts in consumer openness to considering an electric vehicles (EV). In 2024, 50% of U.S. vehicle owners likely to replace their vehicle within a year would consider an EV, a decline from 2023 due to waning interest among mass-market owners. Mass market willingness peaked at 49% in 2023 but has since fallen by 3%, returning to 2022 levels. Sedan owners remain about 5% more likely than SUV owners to consider an EV. Since 2021 the share of customers who would not consider an EV because of purchase cost or because of maintenance cost have both increased by >5%.
In contrast, luxury market interest has remained stable at at 67%, with minimal variation between sedan and SUV owners. The gap in EV consideration between mass-market and luxury owners has widened to over 20%, the largest since 2021.
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