Electric

New Data Confirms That Demand For EVs Is Increasing Dramatically

It’s a given that automakers are shifting to all-electric vehicles but the rate of customer demand might be rising faster than some realize. A new study has found that just over the last month, searches for all-electric vehicles are up 173 percent.

Cars.com just launched an EV buying guide and in the process reported the findings of a new study that includes the aforementioned findings. It also describes the situation in-depth and highlights the challenges that manufacturers and buyers are facing as the transition to electrified vehicles takes place.

The vast majority of the United States has seen gas prices rise sharply over the last month due to a number of factors including the war in Ukraine. At the same time, manufacturers were already struggling to build enough electric vehicles. Those factors have combined with others to limit EV availability.

“Recent macro events including historic inflation, rapidly rising gas prices, and debate over oil production and supply have transformed consumers’ mere curiosity about EVs to an unprecedented level of interest,” said Jenni Newman, editor-in-chief for Cars.com.

“Automakers need to ramp up production, but until the supply-chain shortages level out, the extreme lack of available EVs can’t keep up with the growing demand in the current market. There is hope, with almost 50 new EV models planned by 2025, car shoppers will have more styles and inventory to choose from — eventually,” Newman added.

The study also revealed other major challenges that Americans are facing when it comes to the purchase of an electric vehicle. Among them are pricing, availability of home charging, and what kind of daily commute they have. Interestingly, some of the largest states across the nation have the highest online interest in EV models.

California somewhat unsurprisingly ranks first with EV searches making up 16.3 percent of all Cars.com queries. Florida comes in second at 7.4 percent and maybe most surprising is Texas which lags just behind at 7.1 percent.

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Supply Vs. Demand: Top 10 States According to Cars.com, states such as California, Florida, Texas and Illinois are showing the strongest interest for EVs. (PRNewsfoto/Cars.com Inc.)

DEMAND

EV Visits on Cars.com by State

SUPPLY

EV Inventory on Cars.com by State

California*

California*

Florida*

New York*

Texas*

Texas*

Illinois*

Florida*

Georgia

Illinois*

New York*

Washington*

Virginia

New Jersey

Pennsylvania

Colorado

Washington*

Maryland

Arizona

Ohio

 *Appears in both lists



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