FI showroom red and grey logo
MenuMENU
SearchSEARCH

EV Picture Coming into Focus?

New studies show mixed results and adoption forecasts.

by Hannah Mitchell
July 11, 2024
EV Picture Coming into Focus?

Two studies put U.S. EV adoption at 8% of new-vehicle sales, though that's down from peak levels.

Credit:

Pexels/Kindel Media

2 min to read


Multiple electric-vehicle reports released this week give a mixed picture of adoption patterns.

One thing is clear: Buyers now have options if they choose to switch to electric, so it will be telling how adoption unfolds from this point.

Ad Loading...

J.D. Power pointed out that since multiple mainstream EV launches and trim expansions in the past couple of months, most premium and mass-market consumers now have EV options in their price points. It also pointed out that prices have fallen to their lowest levels so far, the average total cost of ownership for a premium EV dropping to $62,600 in May and to $58,100 for mass-market shoppers. In fact, many EVs are now more in reach than comparable gas-powered models, it said.

When polled, about 60% of consumers in the market for a new vehicle in the next 12 months said they’re very or somewhat likely to consider an EV, up about one percentage point month-over-month though down from peak levels seen in the fourth quarter. Actual EV adoption rates have plateaued at a little over 8% since March, J.D. Power said.

“Consumer response to these changing market dynamics during the next several months will be a key indicator of future EV demand,” J.D. Power said.

In the second quarter, U.S. EV sales jumped 11% year-over-year to more than 330,000 units and 8% of new-vehicle deliveries, according to Cox Automotive, which called that a record that came despite 6% lower Tesla deliveries. Along with more model choice, it credits greater discounts and increased leases.

“This increased competition is leading to continued price pressure, gradually boosting EV adoption,” said Cox Industry Insights Director Stephanie Valdez.

Ad Loading...

The quarterly results may reflect enough sustained growth to point to mass-market adoption. A study released by startup Recurrent and based on Boston Consulting Group and International Energy Agency projections estimates that EVs will reach 50% market share in the U.S. by 2030.

Recurrent, which provides battery reports for used EVs, anticipates used EV sales growth triggered by a coming wave of off-lease vehicles in the first quarter of 2026.

Meanwhile, worldwide EV sales growth slowed last year, according to a report by Munich-based management consultancy Roland Berger. Global EV deliveries grew 33%, down sharply from the more than 100% bump in 2022. The average EV share of new-vehicle registrations rose 20% - up from 14% the previous year - but fell in some established markets, such as Germany and South Korea.

The study blamed inflation, high electricity prices and curbed subsidies as governments focus more on building charging infrastructure, the lack of which curtails adoption.

LEARN MORE: Final Fuel-Economy Rule Sets Lower Bar

 

 

 

 

 

 

 

 

Originally posted on Auto Dealer Today

More Industry

Orange BMW with windshield wipers sticking up.
Industryby Hannah MitchellMay 18, 2026

Inventory of New Units Stable

Auto brands spent April clearing out most of their 2025 supply with incentives while holding firm on 2026 prices, striking a balance to meet demand and protect their bottom lines.

Read More →
Car exhaust pipe blowing exhaust.
Industryby Lauren LawrenceMay 18, 2026

Auto Trade Group Supports Emissions Delay

The Alliance for Automotive Innovation announced its support of a delayed timeline for federal emission standards for light- and medium-duty vehicles.

Read More →
interior car dashboard, infotainment system, showing rearview backup camera
Industryby Lauren LawrenceMay 13, 2026

Backup Cameras Causing Concern

Research has shown that the devices bring significant safety benefits, though many recalled U.S. units have yet to be repaired.

Read More →
Ad Loading...
Cover image for a BOK Financial report titled “Timing the market: How avoiding volatility entirely can hurt long-term reinsurance program performance.” The image shows several road construction barricades with flashing amber warning lights lined up in a nighttime work zone. Beneath the image, red text explains that avoiding volatility can mean falling behind inflation and missing market rebounds that drive long-term surplus growth. The BOK Financial logo appears at the bottom right.
SponsoredMay 8, 2026

Timing the Market Can Hurt Long-Term Program Performance

For dealer-owned reinsurance entities, avoiding volatility entirely can mean falling behind inflation and missing market rebounds that drive long term surplus growth. Missing just a handful of strong market days can materially impact cumulative returns—an important reminder for long horizon trust and investment strategies.

Read More →
Closeup photo of 'airbag' stamp on a car dash
Industryby Hannah MitchellMay 6, 2026

Air Bag Inspections Urged

ASE has issued guidance for service technicians to inspect units in vehicles they work on to ensure they’re not suspect air bags linked to deaths.

Read More →
aerial view of Fireside Honda in Ohio
Showroomby Lauren LawrenceMay 6, 2026

Michigan Auto Group Acquires Ohio Rooftops

Feldman Automotive Group added two new brands, Honda and Toyota, to its portfolio with its latest acquisition of four Fireside dealerships in Ohio.

Read More →
Ad Loading...
BMW i Ventures Fund III $300 million
Industryby Lauren LawrenceMay 4, 2026

BMW Group Invests in AI

Its venture capital arm, BMW i Ventures’, third fund will focus on agentic and physical artificial intelligence, as well as sustainable industrial processes and materials.

Read More →
Jim Pernas and Todd Lawrence
Industryby Lauren LawrenceApril 29, 2026

Subaru Exec Retires, Role Evolves

Subaru of America is revamping its fixed operations department to emphasize the automaker’s commitment to enhancing customer ownership experience.

Read More →
road winding through redwood trees, California EV Market Cools, F&I and Showroom logo
Showroomby Lauren LawrenceApril 22, 2026

California Holds EV Lead Despite Annual Decline

At nearly 14%, California had the lowest zero-emission vehicle market share in the first quarter since the fourth quarter of 2021, according to the California New Car Dealers Association.

Read More →
Ad Loading...
Portrait of Todd Sands with Brown & Brown branding, announcing his appointment as chief revenue officer and vice president of alternative markets.
Industryby StaffApril 20, 2026

Brown & Brown Appoints Executive

The new chief revenue officer joins the company from one of its partner firms and is an industry thought leader in participation programs.

Read More →