Providing Market Intelligence for 40 Years

In The News

EV Sales Growth Flattens Following Pandemic Peak

Electric vehicles (or EVs) had received a big boost off the heels of the pandemic as consumer interest over environmental issues coupled with hearty government subsidies helped fuel a respectable boom in the market. However, according to new research from a Parks Associates consumer study, it seems that EV sales boom has slowed to the point of flattening.

After sending out a survey to 8,000 U.S. internet households, Parks Associates found that electric vehicle has regressed to just about 5% of respondents reporting ownership. If applied to the U.S. population, that would mean roughly six million households currently own an EV.

According to Parks Associates, the recent bankruptcy filing in June 2024 by Fisker comes as a result of the broader challenges faced by manufacturers as they navigate an increasingly competitive and economically volatile market.

“Inflation and interest rates are up, and consumers perceive electric vehicles as expensive, challenging to charge outside the home, and limited in range,” said Daniel Holcomb, Senior Analyst, Parks Associates.

“With many car manufacturers scaling back ambitions on EV production, familiarity has dropped to 19%, a low not seen since 2018. At the same time, current EV and hybrid owners, among the most affluent consumer segments, have the highest purchase intentions to buy an EV, which indicates a relatively flat growth rate for the near future.”

According to the Parks Associates study, the breakdown of EV interest is as follows:

While prior studies showed EV owners largely remaining undeterred in the face of these issues, this new research by Parks Associates seems to show that the combined headaches of cost and lack of infrastructure is finally starting to wear on owners, thereby impacting sales.

“Our research shows key inhibitors are the perceived cost and lack of charging stations — 65% of consumers shopping for a vehicle cite at least one of three charging-related factors as a reason not to buy an EV,” Holcomb continued.

From the article, "EV Sales Growth Flattens Following Pandemic Peak" by Nick Boever  

Previously In The News

Ring Wired Doorbell Pro Sees First Discount

Google’s wired doorbell excels with on-device detection and tight Nest integration, and Arlo’s wired unit is known for a tall field of view and strong notifications. But Ring continues to lead brand r...

TP-Link Wi-Fi 7 Mesh System Is Now 20% Off

Homes now juggle well over a dozen connected devices on average, according to researchers like Parks Associates, and that number climbs quickly with smart speakers, security cams, and gaming consoles....

Walmart’s NewFront Vision: Content-to-Commerce

Vizio is central to Walmart’s vision of transforming from a retail media network into a full “content-to-commerce” ecosystem, able to finally compete head-to-head with Amazon. The companies emphasized...

SSI Introduces Industry Hall of Fame Class of 2026 at ISC West

SSI will induct five new members into its Industry Hall of Fame on Thursday afternoon at ISC West in conjunction with PSA Network, honoring five industry legends who have left their marks on the secur...

Phone:
972-490-1113
Mailing Address:
2301 West Plano Parkway, Suite 210, Plano, TX 75075
Expertise
Smart Home: Management and Safety Consumer Electronics Connected Health and Wellness Connectivity and Mobility Small-to-medium Business (SMB) MDU
Services
Research Memberships Visibility Memberships Streaming Video Tracker Smart Home and Security Tracker Broadband Market Tracker Channel Analytics
Events
CONNECTIONS™ CONNECTIONS™ Summit/CES Smart Energy Summit Connected Health Summit Future Of Video Smart Spaces
Resources
Press Releases Analyst Blog Parks in the News
Store
View Your Cart
About Us
Overview Team Contact Us Privacy Policy

Follow:

© 2023-2026 Parks Associates. All Rights Reserved. Privacy Policy

Design & Developed By Agency Partner Interactive