The Path to EV Adoption is Paved with Brand Loyalty and Content Marketing

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2021 Path to EV Adoption Study

In addition to the microchip shortage and other industry challenges, there is major buzz around the future of electric vehicles and accelerated adoption rates. Auto manufacturers are launching more EVs, opening more factories, and investing in more battery innovations. In fact, EV market share is predicted to grow nearly seven times by 2030.¹ With this current climate in mind, Cox Automotive conducted research in June and July of 2021 with more than 4800 consumers to better understand market perceptions and provide insights to OEMs around barriers to EV purchase.  

EV Consideration is Healthy 

Nearly 4 in 10 consumers are currently considering an EV for their next vehicle purchase, with Gen Z and Millennials leading the growth in consideration.² However, when we dive further into asking consumers how certain they are on purchasing an electric vehicle, their intentions wane. Conversion from consideration to sales will be challenging as shoppers are still trying to solidify their decisions based on the purchase barriers holding them back.  

Barriers to Adoption  

What’s interesting is that the top five barriers to electric vehicle adoption remain consistent when compared to our previous EV study in 2019. The good news is that some of these concerns are decreasing when compared to the previous results. Across consumers, anxiety is lowering around lack of charging stations, battery holding a charge and limited mileage range, as innovations in this segment address these concerns. However, costs including EV price and battery replacement are still high on the list of apprehensions for consumers.  

Brand Loyalty and Content Marketing Pave the Path to Purchase 

Brand loyalty is crucial to driving electric vehicle adoption. Our research asked respondents how likely they would be to purchase or lease from the same brand if their current brand produced only EVs after 2030. A whopping 84% of considerers said they would likely re-purchase from the same brand, while nearly 50% of Non-Considerers said the same.² Most current brands have low to moderate brand awareness, as consumers are not savvy on what EVs are available in the marketplace. There is a massive opportunity for brands that want to win in the EV segment to invest in CRM, elevate brand trust, and maintain strong quality for the consumers to stay with the brand. Start introducing consumers to any EV concept vehicles or upcoming EV launches to gear them up for your brand’s future line-up. 

Third-Party Online Presence is Key to Future EV Success 

Three in four vehicle buyers leverage third-party sites for their research and shopping needs. Autotrader and KBB.com were the top two most visited sites among EV buyers.² This is because one of the most effective ways to reach electric vehicle buyers is through content marketing. Ninety-three percent of EV purchasers consumed content marketing as a part of the research process.² This type of content can provide objective testimonials for shoppers to better understand the EV ownership experience. Expert and consumer ratings and reviews, articles, and side-by-side comparisons were crucial to guiding consumers to make the best-informed decisions for their EV purchase.  

As an industry, we are on the path to widespread EV adoption. While perception and consideration are improving among consumers, it will be crucial for OEMs to strategically focus on marketing initiatives that inform and educate EV shoppers.  

Learn more about how CAMP 360 can connect you to EV shoppers.  

1 IHS Markit’s Power Train Forecast 

2 2021 Cox Automotive Path to EV Adoption Study