Sales of electric vehicles (EVs) have slowed globally over the past few years. But should EV makers cater more to the mainstream, it’s likely that 57% of drivers will have an EV in 10 years, consulting firm Accenture says.
Last year, nearly 14 million EVs were sold globally, representing a 35% year-on-year increase. But it was much slower than the 55% sales growth recorded in 2022 and the 121% growth in 2021.
“Has the EV revolution stalled? No. But it needs a strategic reset,” Accenture says. “So far, EV manufacturers have successfully catered to tech enthusiasts and eco-conscious pioneers. But mainstream drivers are different.”
Most mainstream drivers prioritize reliability, safety, and affordability, according to Accenture’s survey of 6,000 car buyers from the U.S., Italy, Germany, France, China, and Japan.
The survey revealed that 43% of non-EV drivers are already considering an EV for their next purchase, while 47% of overall drivers are convinced that the future belongs to electric vehicles.
Accenture also established five different profiles of potential EV buyers. The strategist and individualist profiles value luxury, status, and cutting-edge technology. But these early adopters only represent 45% of potential EV buyers, Accenture says.
The remaining 55% are to be found among carers, conservatives, and frugal drivers who are more concerned with reliability, affordability, and how well EVs integrate into their everyday lives.
“Issues like charging infrastructure, high upfront costs, and potential lifestyle disruptions continue to deter many from making the transition,” Accenture says.
Meanwhile, charging infrastucture has continued to expand this year in the U.S., led by networks such as ChargePoint, Tesla’s SuperCharger, and Electrify America. Wholesalers such as Costco and Walmart are adding EV-charging capacity.
But the race to make EVs more affordable is facing hurdles now that Chinese-made electric vehicles face stiff tariffs in both Europe and America.