Forecaster Puts EVs at Nearly a Quarter Market Share Soon
J.D. Power report says current adoption rates to result in 24% new-vehicle share by 2026.
Premiums models by Tesla and other makers still dominate the market, so as more mass-market models are launched, adoption will increase, J.D. Power says.
IMAGE: Pixabay/capitalstreet_fx06
Though electric vehicles aren’t taking off as fast as legacy automakers had thought they would, U.S. adoption is growing, and at least one prognosticator says EVs will become much more mainstream in just a few years.
A report by J.D. Power predicts EVs will make up nearly a quarter of new-vehicle sales by 2026.
The data provider points out that various factors impact EV sales volume, from price and incentives fluctuations to available models. Therefore, temporary shifts can result in unusually large short-term numbers.
EVs hit an 8% U.S. new-vehicle market share for the first time in the third quarter, still well behind that of Europe, for instance, where battery-electric registrations reached 14% market share year-to-date in October. Meanwhile, U.S. consumer interest in EV purchases was flat in AAA’s latest annual poll.
But based on current adoption rates, J.D. Power predicts U.S. EV market share will hit 13% by the end of next year and 24% by the close of 2026, despite temporary slowdowns during the period.
It said the launch of more mass-market EVs will be a crucial factor in the upswing, since luxury EVs still dominate the segment. Tesla, which occupies that premium space, is still the U.S. EV market leader.
The higher price tags of typical EVs, along with limited public charging infrastructure, are consistently cited as a top reason consumers opt for hybrids or gas-powered models.
Originally posted on Auto Dealer Today
More Showroom
Focus on Vehicle Cabins
The market for interior materials will grow in coming years as automakers look to meet consumer demand while staying competitive with changeups to sourcing and included features.
Read More →
State Follows Federal Warning on Auto Ads
The Massachusetts attorney general cautioned the state’s automotive dealers to be upfront with the consuming public about their vehicle prices or risk punishment.
Read More →
European EV Market Hits Record
Seven out of the top 10 electric vehicles sold so far in 2026 in Europe are by European brands, and automakers are seeing the power train fill up their order books.
Read More →
Used EVs Outpace New
While North American electric-vehicle sales remain down year-over-year, May sales saw a 3% increase from April’s numbers as used EVs led the market.
Read More →
New Vehicles Down for Most Brands
Healthy May sales cut into inventory as automakers kept a tight reign on supply, though some brands ended the month with excess units on the ground.
Read More →
Auto Prices Ride May Moderation
Flat ATPs and asking prices clocked in below long-term averages for the month, though some segments saw significant price gains, reported Cox Automotive.
Read More →
Mitsubishi Sets Growth Strategy, Structural Transformation
The Japanese automaker aims to 'strengthen products and technologies that embody its brand identity,' focus on its strongest markets and expand value-chain businesses 'that leverage its unique strengths.'
Read More →
Affordable, Safe Cars for Teen Drivers
Families looking to balance affordability and safety in vehicles for their teen drivers can look to the updated list of recommended vehicles by IIHS and Consumer Reports.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →
Holman Opens Porsche Dealership in Miami
The North Miami store features the brand’s signature Destination Porsche design concept, combining contemporary architecture and technology to create what the auto group calls an ultra-luxury experience.
Read More →