Just because automakers are building them, it doesn’t mean they will come. Maybe ever. Consideration for electric vehicles is running short of juice according to the J.D. Power E-Vision Intelligence Report released Monday.
The proof is in the stagnating numbers. EV market share shot up from 2.6% in February 2020 to 8.5% in February 2023, but then hit the skids in March, retreating to 7.3%. However, J.D. Power sees this retrograde as more than a simple seasonal speed bump, but rather a building brick wall.
“Although some month-to-month volatility is to be expected, a closer look at the barriers to EV adoption shows that many new vehicle shoppers are becoming more adamant about their decision to not consider an EV for their next purchase,” the report stated.
Proof of an increasing number of consumers digging in their heels against opting for an EV, according to the report the percentage of U.S. consumers who say they are “very unlikely” to consider an EV for their next vehicle purchase has been growing steadily for the past three months, reaching 21% in March, up from 18.9% in February and 17.8% in January.
Forget the rule of capitalism let’s talk about a law that can’t be broken. If you don’t understand your consumer and you think you’re going to force them to see things your way through coercion, bribery, and intimidation. you are sorely mistaken.
When change seems forced that pushback can be the most forceful. Especially in the United States of America where people have ingrained in their DNA that you will not tread on me.
So it’s not surprising to me at all that EV adoption is going to hit the perivial brick wall at a high rate of speed very soon. So let’s hope that government agencies and their ESG partners come to their senses sooner than later. So, fasten your seat belts the crash data on this experiment is going to be very interesting to study.