According to the J.D. Power 2024 U.S. Electric Vehicle Consideration (EVC) Study, consumer demand for electric vehicles (EVs) has cooled as the industry faces persistent challenges. Here are some key findings from the study:

1. Decrease in Consideration:

   - For the first time since the study's inception in 2021, new-vehicle buyer consideration of EVs has dropped from the previous year.

   - In 2024, 24% of shoppers say they are "very likely" to consider purchasing an EV, down from 26% a year ago.

   - The percentage of shoppers who say they are "overall likely" to consider purchasing an EV also decreased to 58% from 61% in 2023¹.

2. Challenges Impacting EV Demand:

   - Affordability: The continued shortage of affordable EVs remains a roadblock to mass consumer adoption.

   - Charging Concerns: Worries about charging infrastructure persist, with 52% of shoppers citing a lack of charging station availability as a reason for rejecting EVs.

   - Knowledge Gap: Approximately 40% of shoppers lack a solid understanding of EV incentives, hindering consideration.

   - Fuel Prices and Model Availability: Lower fuel prices, inflation, high interest rates, and limited growth in model availability contribute to waning EV demand.

3. Generational Trends:

   - Among the youngest buyer cohorts (Gen Z and Gen Y), "very likely" EV consideration has declined.

   - Still, 24% of Gen Z and 32% of Gen Y shoppers say they are "very likely" to consider an EV, the highest ratios among all generational cohorts.

In summary, addressing affordability, improving charging infrastructure, and educating consumers about incentives are crucial for accelerating EV market growth. Despite challenges, interest in EVs remains significant, especially among younger buyers.