Amid skyrocketing gas prices seen across much of the nation, a new report has revealed that electric vehicle (EV) searches have risen almost two-fold since last year. As reported by Fox Business, searches for EVs on the automotive site Cars.com have surged 173 percent from February 24 to March 25.
“The war in Ukraine, proposed infrastructure legislation, rising gas prices and supply-chain issues are just a few drivers of market volatility that have spurred consumer interest in EVs,” according to Cars.com.
“Perceived as a purchase that hedges against market swings, especially gas prices, EVs are gaining awareness and popularity, but actual purchases still lag due to extremely limited supply and several barriers to entry, with EVs constituting less than 1 percent of vehicles on the road,” the report continued.
Cars.com added that 55 percent of non-EV owners indicated that they are considering purchasing an EV for their next vehicle. In addition, more than two-thirds would consider switching to an EV if gas prices continue to rise.
More than half of recent EV buyers cited gas price savings as the chief reason for their purchase, and nearly 85 percent of current EV owners admitted that they would buy an EV again for their next vehicle purchase.
The report stated that states like California, Florida, Texas, and Illinois are showing the strongest interest in EVs. Meanwhile, Georgia, Virginia, Pennsylvania, and Arizona also have interest, but they do not have the necessary inventory supply to keep up with increasing demand.
Will They Wait to Buy EVs?
However, “although we’re seeing EV interest on Cars.com at historic levels, today’s consumer momentum may not translate into action tomorrow,” Jenni Newman, editor in chief for Cars.com, said in a statement.
“If gas prices stabilize, the public is likely to get complacent about making a change, a path they may regret during the next market swing,” she continued. “Even if gas prices remain at record highs, factors such as cost, availability, infrastructure, education and awareness still present barriers to widespread adoption.”
Impressive Forecast for EVs
However, as reported by the South Florida Sun Sentinel, the future still looks bright for EVs.
Sam Fiorani, vice president of global vehicle forecasting for AutoForecast Solutions, told the paper that the market share of EVs is expected to quickly increase over the next six years as manufacturers begin to introduce a wider variety of models and styles. Newman had noted that fifty new EV models are being planned by 2025.
In fact, by the year 2028, roughly 53 percent of all new vehicles sold in the United States will feature an electric motor, Fiorani claimed.
Ethen Kim Lieser is a Washington state-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.