Electric Vehicle Adoption Depends on Affordable and Accessible Solutions

The electric vehicle (EV) industry is divided into two major markets—mass-market vehicles and luxury vehicles. Consumers are interested in the potential of electric vehicles, especially as inflation and global events affect gas prices. Environmental concerns also drive interest in the technology. However, despite high-interest levels, the adoption of EVs has been sluggish, indicating there are some pain points that still need to be addressed before the technology will become common. Our data demonstrates the key points of interest for both mass-market and luxury EV audiences.

Brand Leaders in the EV Market 

Percentage of Online Activity for Mass Market EV Brands (%):

Nissan created the first mass-market, zero-tailpipe emissions vehicle—the Nissan Leaf—in 2010. Our data shows that the company is still the leader in online activity, commanding 43% of mass-market electric vehicle brand activity. Chevy also released an early mass-market EV, the Chevy Volt, but still trails behind Nissan’s engagement at 17%. 

Percentage of Online Activity for Luxury EV Brands (%):

In the luxury EV market, Tesla receives the most online engagement at 46%. However, other brands are stepping up to share the spotlight. Lucid Motors, a company that exclusively produces EVs, is garnering 28% of online behavior. 

Motivating Interests for EV Buyers

Recent Average Month-Over-Month Behavioral Growth by Trend (%):

Electric vehicles are among the more expensive cars on the market, with costs usually starting at $25,000 or higher. This is one of the most likely reasons for the slow adoption of the technology by the population at large. However, the government is now offering tax credits to those who purchase EVs—a motivating factor that’s accompanied by car manufacturers’ continued efforts to decrease prices and make EVs more accessible. 

Our data shows a 63% average increase month-over-month in engagement with tax credit keywords, indicating these tax incentives may make all the difference in consumers’ decision to purchase an electric vehicle. Other major interest points include software-enabled vehicles, with an average growth rate of 45% month-over-month, and biometric data, with an average growth rate of 33% month-over-month. 

Recent Average Month-Over-Month Behavioral Growth by Trend (%):

For luxury EV drivers, the focus is not on saving money but rather on increasing vehicle options. Online interest in electric SUVs has grown an average of 9% month-over-month. While small electric vehicles are the norm, luxury car buyers would like the option of more space and power in the future. A variety of brands are answering this call with newer players such as Rivian and Genesis releasing luxury SUVs and trucks and classic brands such as Ford and Cadillac making the top lists as well.  

Like mass-market car buyers, luxury car buyers also show an interest in software-enabled vehicles, with an average month-over-month growth of 8%. The data indicates this luxury EV audience would like more options with their vehicles so they can have their ideal driving experience. 

Top Priorities for EV Buyers

Top Three Most Searched and Shared Categories (%):

Highest Indexing Categories of Interest:

According to our data, the mass-market EV audience is currently more interested in hybrid vehicles than completely electric vehicles. This is a logical trend considering that hybrid cars are currently more affordable than EVs and better supported by limited charging infrastructure. Hybrid vehicles command 39% of behavior across the top three most searched and shared categories of interest and have an index of 13.39x, while electric vehicles have 30% of the top searched and shared categories as well as an index of 11.90x. Vehicle brands and artificial intelligence also spark the interest of the mass market EV audience. 

Top Three Most Searched and Shared Categories (%):

Highest Indexing Categories of Interest:

For the luxury EV audience, brand names are the peak topic, commanding 43% of the top three searched categories with an index of 14.60x. For car buyers with the money to spend on top-of-the-line vehicles, hybrid vehicles are less of an interest, with only 22% of the top category share and an index of 3.23x. While mass markets are still catching up to EV costs, the sustainable nature of electric vehicles appeals more to luxury buyers, with 35% of online engagement.

Online Interest in EV Markets

Online Activity by a U.S. Mass Market EV Audience (%):

Despite inflation levels hitting a record high in 2022, the mass-market vehicle audience has shown fairly consistent online interest in electric vehicles. Increased gas costs and growing concerns around climate change may be keeping EVs at the forefront of consumers’ minds despite the strain on their wallets. 

Online Activity by a U.S. Luxury EV Audience (%):

The world of luxury EVs has been more variable than that of mass-market EVs, most likely precipitated by significant events at Tesla, the leading luxury EV manufacturer. In September, Tesla recalled over one million vehicles experiencing technical issues. Shortly afterward, Tesla revealed a humanoid AI at Tesla AI Day, an annual demonstration of developing technology in the company. Tesla co-founder and CEO, Elon Musk continues to be a public figure whose actions often put him in the news, and data indicates this affects engagement with luxury EVs. 

Luxury EV Sentiment (%):

Despite occasional negative press, online audiences hold either neutral or positive sentiment for luxury EVs, with 44% engaging positively about electric vehicles and only 6% reporting negative impressions. Unprecedented price cuts from Tesla have caused an increase in negative press, due to annoyance from those who purchased the vehicles at a higher price, but this also doubled positive sentiment to those interested in purchasing a Tesla EV in the future at a possibly lower price point. With continuing advances in EV technology and concern about the environment, the positive sentiment around EVs is only expected to rise. 

Conclusion

Until recently, EVs were only available to the wealthy, but in recent years, mass-market EVs have exploded onto the market. Price is an issue for mass-market buyers, but tax incentives and hybrid cars make them more accessible. As technology advances and the vehicles are becoming less expensive to manufacture, consistent interest indicates that more and more buyers will choose EVs. 

In the luxury market, online data indicates consumers are interested in new features like SUVs and software-enabled vehicles, as well as brand names. Controversial public figure and Tesla CEO Elon Musk continues to drive much of the online engagement with luxury brands, but other luxury EV brands—especially relative newcomer Lucid Motors—are rising in popularity. 

The EV market is dynamic and—based on the trends being seen in online interest—will continue to rise in interest and importance as climate change and sustainability drive more economic choices. To learn more about using our data to better understand your audience’s needs, reach out to ShareThis.