Study Suggests EV Generational Gap
June 10, 2022—Generational gaps are present for consumers regarding electric vehicle interest and purchases.
According to a press release, nearly one-half of potential car buyers in the United States said that they would consider purchasing an EV as their next car. This is according to data from the Ipsos Mobility Navigator Study, and these numbers suggest that EV interest is up almost 400 percent since 2018.
In addition to noting that EV sales currently make up only 5 percent of the light vehicle sales market, the Ipsos study said that EV volume is up over 70 percent from the first quarter of 2021 to the first quarter of 2022.
Furthermore, the study found that there seems to be a stark difference in how older generations view EV purchases versus younger generations.
In general, Boomer generations represent a larger percentage of new vehicle sales than Generation Y/Z. Three-quarters of Generation Y/Z would consider an EV for their next car while 30 percent of Boomers would do so. The EV interest for Generation Y/Z is growing more rapidly than Boomers overall.
The study also suggested that Boomers are in a category that allows them a greater chance of affording the higher price tag associated with some EVs. Boomers are also more likely to lean towards what the press release labels as "mature" vehicle brands such as Toyota, Honda and Ford while Generation Y/Z mentioned BMW, Audi and Apple.
Both generations, however, agreed on the continued relevance of Tesla across the EV market.