Search Tracking Program Concludes “Today’s Electric Vehicle Consumer Is Predominantly Affluent, Educated, And Married Without Children”
A company called Connexity provides a service called Hitwise that “unlocks the secrets of consumer behavior. Get a birds eye view into your competition.”
Essentially, they track searches for one reason or another. Recently, the company focused on the search terms surrounding “electric car”, “electric vehicle”, (and various other terms or brands related to the subject). They uncovered some interesting information.
Global director of content and insights at Hitwise, Rochelle Bailis, shared:
“Today’s electric vehicle consumer is predominantly affluent, educated and married without children. No doubt this is a valuable segment, but it still fails to connect with the majority of the potential market share — specifically middle class families.”
“Clearly, there is an interest in electric cars out there, but parents remain skeptical. Due to the compact size of most electric vehicles available on the market, families with young children aren’t convinced of their practicality just yet.”
“As automakers such as Toyota, Chevy and Nissan continue rolling out improved models, and more charging stations crop up across the country, the prices will inevitably become more accessible. Should electric vehicles nail the affordable family vehicle, expect the market to open up more quickly than it has.”
Connexity has the ability to use a service called AudienceView, in order to project the future, based on today’s profiling. Below are the takeaways from the analysis gathered from a group of U.S. adults searching online for electric vehicle-related information:
- Electric vehicle ownership is dominated by people age 35-44
- Electric vehicle leasing is dominated by both Millennials and Gen Xers
- Electric vehicles owners and lessees are highly-educated
- Tesla owners are likely to have a college degree
- Tesla owners are 54.5% male
- Tesla owners have a median age of 39
- Cost is the top factor inhibiting electric vehicle purchases
- Tesla and Tesla Model 3 are the top two electric vehicle-related automotive searches
- Prius is the next most common search (falling just outside the top ten in related searches)
- Tesla owners have a median income of $422K
- Affordable EV owners and lessees (Toyota Prius, Chevy Volt, Nissan LEAF, BMW i3) have a median income between $118K and $184K
- Consumers with a median income under $75K are highly unlikely to own an EV
What does this all mean? We think it’s pretty obvious that it says that people are interested in electric vehicles, and more specifically, in Tesla. However, Tesla vehicles are too expensive for the masses. Many are taking notice that the Model 3 is on the way and that Tesla is dedicated to offering competitively priced vehicles.
In terms of EVs in general, consumers are primarily still those with higher than average incomes, and kid-free. But, with the increased awareness and education, availability and infrastructure, and more economical and family-friendly offerings, these types of trends make the future of EVs seem remarkably viable.