Car-Sharing, Entrepreneurship, Future, EVs

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【Summary】The global electric vehicle market is expected to reach 14 million units by 2023, with a market share of 18%. Environmental benefits and familiarity with the ownership experience are key factors influencing EV purchasing and rental decisions, according to a Consumer Reports survey. 51% of respondents cited environmental benefits as a motivation, while 67% considered themselves familiar with EV ownership.

FutureCar Staff Aug 18, 2023 4:28 PM PT

Car-Sharing, Entrepreneurship, Future, EVs

The International Energy Agency predicts that the global sales of electric vehicles (EVs) reached over ten million in 2022. It is projected that by the end of 2023, the number of EVs sold will increase by 35%, resulting in an annual total of 14 million. This growth indicates a significant shift towards electrification in the automotive industry, with EVs expected to capture an 18% market share worldwide, compared to just 4% in 2020.

With the rapid expansion of the EV market, it is crucial to understand the factors that influence consumers' decisions to purchase or rent these vehicles. In April 2022, Consumer Reports conducted a survey called the Battery Electric Vehicles & Low Carbon Fuel Survey, which included responses from 8,027 US adults. The survey revealed that currently, only 2% of American drivers use an EV.

Among the key motivations for considering a switch to EVs, environmental benefits were cited by 51% of the respondents. This finding is not surprising, as EVs are known for their lower carbon emissions compared to traditional gasoline-powered vehicles. However, another important factor identified in the survey was familiarity with EV ownership. Approximately 67% of those who expressed interest in purchasing or renting an EV considered themselves 'very' or 'somewhat' aware of what the ownership experience entailed.

The survey also highlighted that knowledge about EVs plays a significant role in consumers' decision-making process. About 71% of respondents who were knowledgeable about EVs stated that their next vehicle would be an electric one. This suggests that awareness and understanding of EVs contribute to the likelihood of adoption.