EV Interest Varies Regionally
U.S. consumer interest in electric vehicles lags behind other countries despite the rising gas prices caused by the ongoing war in the Middle East.
EV adoption in the U.S. is still largely driven by affordability challenges, charging infrastructure and consumer confidence.
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As the war in the Middle East remained unresolved, early data shows that consumer interest in electric vehicles is on the rise, though it varies by country.
Benchmark Mineral Intelligence reported that almost every global market with released data has shown a year-over-year increase in battery electric vehicle sales in March after the start of the war.
New Zealand had the biggest jump with a 263% sales growth rate. And Norway made a strong reversal from being down 44% year-over-year in January and February to being up 51% in March.
However, in the U.S. the response has been milder, according to Edmunds data. EV consideration on its site rose just 2% month-over-month in March, and market share remained relatively flat.
The car-shopping website postulated that EV adoption in the U.S. relies “less on volatility at the pump and more on fundamentals like affordability, access to charging, and consumer confidence.”
With affordability pressures high and the average transaction price of a new EV around $55,000 in March, it’s safe to say many consumers might not be able to make the switch. But that could be an opportunity for the used EV market to continue the sales growth it saw in the first quarter.
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