Plug-in Electric Vehicles (PEV) continue to increase in popularity, with sales in the U.S up 80 percent from 2017 to 2018 due to vehicle improvements including charging station technology. However, knowledge gaps remain among consumers in regard to the operating and purchase economics of PEVs, finds a new report from Navigant Research titled “EV Consumer Profiles.”
Misinformation among consumers interested in buying a PEV is a core market challenge as both state and the federal government offer zero-emission vehicle incentives that many are unaware of. The IRS offers up to $7,500 in tax credit to help lower the cost of electric vehicles for consumers and many states offer additional non-monetary incentives.
Until recently, PEV buyers have been wealthy, young, and educated but as more people across various regions are interested, states may need to adopt policies that educate and offer incentives to a historically untargeted market.
“PEV growth is not equally distributed across the US but rather largely centered in urban areas and states with PEV purchase or zero-emission vehicles (ZEVs) incentives,” says Raquel Soat, research analyst with Navigant Research in a press statement. “These pockets indicate that policy and economics play a large role in the adoption of PEVs, and that educating consumers who are outside the typical early adoption category can improve the perceptions of PEVs and decrease the amount of misinformation in the market.”
