US electric vehicle adoption slipping amid increased concerns about charging infrastructure ↺
J.D. Power's Automotive Forecast for April 2023 has been released, and it shows a marked decrease in US EV market share for March 2023, compared to February 2023. According to the forecast, EV adoption is down from 8.5% in February to 7.3% in March, thanks to reduced shopper confidence in the new tech. J.D. Power's EV practice vice president, Elizabeth Krear, states in the report that 21% of new shoppers are "very unlikely" to buy an EV in the next 12 months and notes that 49% of those shoppers blame a lack of charging infrastructure for their decision.
It has been reported that the number of people with doubts about going electric is up 2.3% from January 2023. The renewed scepticism is in spite of the recent changes to both EV pricing and US federal tax incentives that have brought EV prices to an all-time low. According to the J.D. Power EV Index, 26.9% of shoppers are "very likely" to consider buying an EV in the next year, despite the Index citing infrastructure as one of the electric market's weakest points. It's to be expected that public charging infrastructure would play a role in EV adoption. A 2022 Electric Vehicle Consideration Study found that home owners are far more likely to consider an EV than renters, specifically because they have somewhere to charge the vehicle.
Meanwhile, in Europe, it has been detailed that BEVs made up 12% of new passenger vehicle registrations in February 2023, which is also down from the 23% reported for 2022. Interestingly, this is almost to be expected when it comes to new technology. As MakeUseOf explains, there is a break in momentum in the adoption curve after the early adopters — about 15% of people — have all gotten on-board. If this is just a gap in adoption, we're likely to see an increase in EV adoption again, but it may require prices to continue their decline and a continued investment in infrastructure.