Sales of electric vehicles (EVs) have declined worldwide in recent years. But if electric vehicle manufacturers become more mainstream, 57% of drivers are likely to have an electric vehicle in 10 years, according to consulting firm Accenture.
Nearly 14 million electric vehicles were sold worldwide last year, up 35% from the previous year. But it was much slower than the 55% revenue growth in 2022 and the 121% growth in 2021.
“Has the EV revolution stalled? No. But a strategic restart is needed,” says Accenture. “So far, electric vehicle manufacturers have responded successfully to technology enthusiasts and environmentally conscious pioneers. But mainstream riders are different.”
Most mainstream drivers value reliability, safety and affordability, according to an Accenture survey of 6,000 car buyers from the US, Italy, Germany, France, China and Japan.
The survey found that 43% of non-electric vehicle drivers are already considering an electric vehicle for their next purchase, while 47% of all drivers believe that electric vehicles are the future.
Accenture also created five different profiles of potential electric vehicle buyers. The Strategist and Individualist profiles value luxury, status and cutting-edge technology. However, according to Accenture, these early adopters only make up 45% of potential electric vehicle buyers.
The remaining 55% are found among carers, conservatives and frugal drivers who value reliability, affordability and integrating electric vehicles into their everyday lives.
“Issues such as charging infrastructure, high upfront costs and potential lifestyle disruptions continue to deter many from making the transition,” says Accenture.
Meanwhile, charging infrastructure in the U.S. has continued to grow this year, led by networks like ChargePoint, Tesla's SuperCharger and Electrify America. Big box retailers like Costco and Walmart are expanding electric vehicle charging capacity.
But the race to make electric vehicles more affordable is now running into hurdles as Chinese-made electric vehicles face steep tariffs in both Europe and America.
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