Are you ready for the Electric Revolution?

The Electric Revolution

Whether on two, three, or four wheels, the way in which we move is changing and will continue to transform how we live and work. It also and has the potential to change everything around us, including how our urban infrastructure is imagined, how we receive goods and services, where we work, and where we live. The electrification of mobility has accelerated rapidly since the COVD-19 crisis, as consumers worldwide adjusted how they commute and many other behaviors in their daily lives.

U.S. Electric Vehicle Market

Mass-market EVs have been available in the U.S. for more than a decade, but there have been only small, incremental changes in electric car sales for most of that time.

However, in the first three months of 2022, EV registrations shot up a huge 60% even as the overall market was down 20%, according to a report by Automotive News. We are seeing upwards of a 60% increase in EV sales in Q1 alone and a growth trend in Q2.

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Electric vehicles accounted for 4.6% of new vehicle registrations in the first three months of 2022. This is far below the goal of 50% of sales by 2030, but does show that consumers are becoming increasingly more receptive to purchasing electric vehicles.

83% of electric vehicles sold in the first quarter of 2022 were made by Tesla.

The largest beneficiaries of this growth in 2022 were Tesla, KIA, Ford, and Hyundai. However, the Nissan Leaf and the VW ID.4 were in the top ten of EV registrations in 2022.

Solar-charging vehicles will have an advantage in the marketplace as higher U.S.

EV sales put a strain on the limited number of charging stations. Add to this the crisis in electricity generation in a number of states, especially California, which accounts for the largest share of electric vehicle ownership in the country.

While most charging happens at home, the perception of a lack of large-scale development in public charging will have an effect on consumer behavior, ultimately leading to a growth in the acceptance of electric vehicles.

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Other manufacturers making inroads in the electric vehicle market include GM, Rivian, NIO, Volvo, and a number of startup custom manufacturers such as Aptera, Canoo, Vanderhall Motors, and Fiskers.

Based on end use, the private use segment is expected to account for the largest share of the North American electric car market in 2021. However, the commercial use segment is expected to witness significant growth during the forecast period.

The rapid growth of this segment is mainly attributed to the increasing use of electric cars in shared mobility services and corporate taxi fleets. Two-thirds of all EV sales in the U.S. since 2011 have occurred in California, where the urban infrastructure, consumer attitudes, and regulatory approach are ideally suited.

Electric vehicle owners in the U.S. are more likely to be educated, Gen X, high-income-earning managerial and professional-class individuals, slightly leaning towards male ownership.

These tech-forward vehicle owners spend a great deal of their lives online. They are 28% more likely to spend 10+ hours daily using the internet, and more likely to read digital newspapers and take in podcasts.

Through our Zenzi research we identified key value types that had the highest intent to purchase an electric vehicle. As part of our research, we found what mattered most to consumers about a vehicle—in this case the Aptera, a solar-powered EV—is that it is unique from anything on the road, has advanced autopilot to navigate any condition, and frees them from the hassles of charging.

The electric vehicle revolution is well underway. The importance of understanding the customer and the market is key to winning, as this market continues to spark change in the automotive marketplace.