Electric Vehicles continue to pick up major traction in the US, with adoption continuing to accelerate even amidst growing challenges with charging infrastructure and overall
affordability. A new survey from Bloomberg Intelligence found that despite these hurdles to growth, US battery electric vehicles (BEV) penetration is likely to reach 25% by the end of the decade.
We talk to Steve Man, Global Lead Director for Auto & Industrial Market Research at Bloomberg Intelligence and the lead author of this report. He spoke to use from Princeton, NJ where he just bought his first EV, a Chevy Blazer EV.
Applogies for the audio issues, it was a day when nothing was going right.
The survey, conducted with 1,000 prospective auto purchasers, found that 42% of respondents were considering purchasing an electrified vehicle as their next car, with 23% opting for hybrid electric vehicles, in contrast to the current 7% penetration in hybrid electric vehicles. 9% of those surveyed favoring battery EVs, which is higher than the 7% battery EVs penetration last year.
BI’s research shows that prospective auto purchasers who already own an electrified vehicle are
incredibly loyal to BEVs, with the report finding that 93% would stick with their current powertrain for their next purchase, compared to 34% of gasoline vehicle owners who are deciding to opt for an electric car. Fuel-type stickiness suggests that EV penetration is unlikely to reverse course as the benefits to an electric vehicle could continue to outweigh costs to current owners; and this continuous preference for EVs is consistent across HEV, PHEV, and BEV owner segments.
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