Five Things To Know About The Alternative Fuel Auto Consumer
By Madison Vettorino
February 25, 2022
Did you know that the lifetime cost of fueling an electric vehicle is between $3,000 to $10,500 less than a regular gasoline-powered car? Based on this fact alone, it is understandable why more consumers want to bid trips to the gas station farewell. Electric vehicles are growing in popularity both in the US and abroad, and there’s reason to believe that the industry will continue to prosper in the next decade. Here are five things you should know about the alternative fuel auto consumer.
- There is more demand for electric vehicles than there have been in the past, meaning more consumers. In 2021, it was estimated that there were more than 5.6 million electric vehicles internationally. In 2018, however, that number was 3.4 million. That’s a 64% increase in just three years.
- While more people buy EVs, the target demographic has mainly remained consistent. Despite the industry witnessing exponential growth over the last decade, most EV owners still fall into the same demographic. The average electric vehicle owner has an annual household income of over $100,000, is within the 40-55 age range, and is male. However, the average mileage driven a week has increased from 100 to 250.
- The electric vehicle industry is in a state of evolution—and the average consumer could change as a result. Projections show that 12 to 40% of all light-duty vehicle sales will be electric vehicles within the next ten years. This implies that the average electric vehicle consumer will evolve, too, as the industry broadens. As a result, electric vehicles may become more affordable, the gender distribution of buyers may become more balanced, and the average EV buyer age could change, too. In 2021, millennials were the most likely to consider purchasing an electric vehicle, for instance.
- California has the highest number of EV registrations. China and Germany have the largest markets for electric vehicles, but the US comes in third place. California boasts the highest number of electric vehicle registrations within the US. In less than ten years, it is predicted that there will be approximately 4 million electric vehicles in the state of California alone.
- The most significant barrier for consumers? A lack of charging infrastructure. Last year, it was revealed that the most significant barrier for EV adoption was consumer concern regarding a lack of infrastructure to charge an EV. Therefore, finding a way to address this consumer concern could be vital to getting more electric vehicles on the road.
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Which countries have the largest electric vehicle markets? | World Economic Forum
EV Consumer Behavior | Fuel Institute
US: EV purchase likelihood by consumer age group | Statista
Electric Car Statistics and Facts 2021 | Policy Advice
50 Interesting Electric Vehicle Statistics & Trends | Find The Best Car Price