• Portfolio Marketing

Every month the FOX Portfolio & Solutions team will bring you strategic marketing intelligence, insights, and solutions that focus on your brand needs and marketplace trends. This month’s update focuses on the Electric Vehicles Industry and shares some key findings on the latest electric vehicles trends, what’s new in the industry and how your brands can break through with the power of the FOX Portfolio. Below you’ll find the Electric Vehicles Category Insights Newsletter.

Category Outlook

EV Sales Overview

The all-electric car segment is thriving in the U.S., with first-half 2021 sales of over 255k units, up +133% YoY. The market share for all-electric cars stands at about 2.6%, vs. 1.6% a year ago, with California leading the way with ~36% of EV registrations, followed by Florida (7%) and Texas (6%).

  • There were 19 dedicated EV models on sale in the first half of 2021, and virtually all new upcoming car and truck models promise to have an electric option.
  • According to data from Experian, Tesla is the largest player in the all-electric segment with 168K registrations (+75% YoY), which is almost 66% of total EV sales. A year ago, Tesla’s share was closer to 80% share, demonstrating how other manufacturers (in particular, Audi, Ford, and GM) are gaining share. 
  • According to MAGNA, advertising for the EV market is still a small percentage of overall Auto media. In 2021, automakers are bringing their EV messaging mainstream as they position themselves for future growth and brand recognition.

EV Future Adoption

HS Markit forecasts EV sales could be as high as 32% of total light-vehicle sales by 2030 and could reach 45% by 2035. The Biden administration said in August that it was aiming for half of all new vehicles sold by 2030 to be electric-powered, however, some analysts feel that goal is unlikely.

  • In the short term, more compelling models, especially in the pickup truck segment, should help increase EV adoption.
  • According to Bank of America, 119 electric vehicles are expected to be offered for model years 2022–2025, and many of them will be in the light truck segment.
  • Charging station infrastructure and range anxiety are still the biggest barriers to acceptance.

Insights & Intelligence

Car owners expect to own an EV in the next ten years, up from just 34% in 2018 
(Source: CarGurus)

Tesla continues to be the most trusted brand to develop EVs, but nearly 80% of those interested in EVs say they’re open to several brands when it comes time to buy 
(Source: CarGurus)

Evolution of Key EV Buyer Demographics

Top Selling EVs (1H 2021)

For Questions or more detail

Please contact the FOX Portfolio Strategy & Solutions team to help you with strategic marketing intelligence, insights and solutions.

STEPHANIE CHUA | Director, Portfolio Strategy & Solutions | stephaniekline.chua@fox.com

JEFF FOSTER | Senior Manager, Portfolio Strategy & Solutions | jeff.foster@fox.com

RISTEN CLARKE | Specialist, Portfolio Strategy & Solutions | risten.clarke@fox.com

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