L2T Blog

Charge Up Your Strategy for EVs

Current State of the Electrified Vehicle Market

on April 15, 2022

Contributed by Christian Coomer, Manager of Customer Success, L2TMedia

What Does EV Even Mean?

Electrified Vehicles or EVs is the broad sweeping name applied to three main types of vehicles:

  • Battery Electric (BEV) – All electric
  • Plug-in Hybrid (PHEV) – Chargeable battery with internal combustion engine
  • Hybrid – Powered by a conventional engine, an electric motor, and a hybrid battery
Where is the EV Market Now?

There was a 4% increase in new car sales YOY compared to an 86% increase in electrified sales.

Even with this rapid growth in EV sales, the consideration share is still ahead of their market share​.

  • 1 in 4 shoppers are considering an electrified vehicle​
  • 1 in 3 shoppers purchased an Electrified Vehicle​
  • 51% of EV shoppers still bought a gas car

Who is considering an Electric Vehicle?

EV shoppers are younger, more diverse, and more affluent than the average new car buyer.

  • 72% of are under 45 years old
  • 36% identified as non-white
  • 72% have children in the household
  • 79% are in the top 30% of household income

Why Should I Care About the EV Market?

Electrified Vehicle buyers have a larger consideration set when researching new vehicles which presents your dealership unique opportunities to get in front of them.

  • EV shoppers consider more than double the number of brands a normal new car shopper does
  • They view nearly 60% more online sources than the average new car buyer

What is holding consumers back from buying more EVs?

Several factors are keeping consumers from switching to an Electrified Vehicle, but one of the biggest hurdles is affordability.

  • 52% of all car buyers have a household income under $100k compared to,
    • 42% of Hybrid Buyers
    • Only 29% of BEV buyers
  • The average MSRP for BEVs far outpace that of the average new car
    • Average – $29,907
    • Hybrid – $32,816
    • Electric (BEV) – $42,937
  • At just 10% more, Hybrid vehicles represent a likely bridge for EV shoppers
    • At a 44% increase, BEVs are priced out of most consumers consideration

What does this mean for my dealership?

Whether or not you are selling a lot of EVs right now, electric cars are part of the buying process and will shape a customer’s journey. In fact, EV shoppers represent some of the best buyers in the market today.

Understanding the stages of the EV market is important to knowing when and where to implement EV strategies into your current advertising mix.

Each stage represents a unique touchpoint to access consumers.

In this blog series, L2T will explore strategies and tactics that will help convert shoppers into sales. Remember over half of EV shoppers are still buying gas cars and nearly 2/3 of shoppers are buying gas or hybrid so you can’t afford to miss these shoppers.

Current State of the Electrified Vehicle Market

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