Who is buying electric vehicles and how can you best market to them? — John Howard, Experian

Did you know there are more than 1.7 million EVs in operation in the US today? Well, that is just one of the surprising findings from Experian Automotive’s recently released Q2 Automotive Consumer Trends Report, which offers insights into particular car segments and customers on a quarterly basis. The electric vehicle (EV) market is the main topic of this quarter, and John Howard, Experian’s Director of Product Management for Automotive, joins Inside Automotive today to share more insights from the study.

The report, which covers a review of the market and industry as a whole, found that electric vehicles are becoming more popular with customers, particularly in certain demographics.Experian Automotive Consumer Trends & Analysis Q2 2022: Electric Vehicles

This is good news for dealerships preparing for the influx of electric vehicles in the market. The report provides valuable insights into who the EV buyers are and what trends are emerging.

With more name-brand manufacturers coming out with EVs, Tesla is losing their dominance in the market. Customers are coming from all over the nation and looking for something different in their vehicles. EVs are becoming more popular in unexpected places like Florida and Texas. California is still the number one area for EVs, but some of these other market areas are slowly coming online.

Experian Automotive Consumer Trends & Analysis Q2 2022: Electric Vehicles

OEMs’ increased awareness and PR efforts appear to resonate with consumers, especially in mainstream brands. Tesla has long been a leader in marketing, but mainstream brands are now beginning to invest more heavily in marketing their own electric vehicle offerings. This increased competition is sure to benefit consumers in the long run.

When discussing data points from the report that stood out to Howard, he said, “We’ve seen a lot of information come out about plug-in hybrid customers and how they are having a more seamless transition to EVs than traditional ICE vehicle owners making the switch, and the data in the report is backing up that information.”

Experian Automotive Consumer Trends & Analysis Q2 2022: Electric Vehicles

When discussing what proportion of newly sold automobiles will be electric vehicles in ten years, Howard had this to say, “We still have a way to go, in my opinion. Although I don’t believe we will reach the OEMs’ desired figures, I do believe we will be moving in that direction. There will be further change as more vehicles go online and as more states introduce possibilities. Because range anxiety is still a problem, infrastructure will be crucial to what happens over the next 5 to 10 years.”

With the release of more affordable electric vehicles from mainstream brands, the EV market is becoming more accessible to consumers. However, some brands are still pricier than others.

Nissan was one of the first brands to release a mainstream EV, the Leaf, and it remains one of the most affordable options on the market. Other brands, like Tesla, have been criticized for their high prices.

However, as technology improves and more brands enter the EV market, prices become more competitive. Hyundai and Kia, for example, have recently released electric vehicles that are more affordable than some of their competitors.

This is an exciting time for the automotive industry as the EV market continues to grow. It will be interesting to see how EV prices will change in the coming years.

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