Tesla maintains an 87% brand retention rate, with Lexus (68%) and Toyota (54%) trailing, according to a new Bloomberg Intelligence survey.
Moreover, 81% of prospective US Tesla drivers are new customers switching from competing EV brands.
Bloomberg Intelligence, the research arm of Bloomberg, interviewed 1,000 adults planning to buy or lease a brand-new car in the next year. (It used criteria to reflect a nationally representative sample of geography and gender.)
Bloomberg Intelligence asserts that US BEV penetration is likely to reach 25% by 2030. That’s because EVs continue to pick up major traction in the US, with adoption continuing to accelerate even amid charging infrastructure challenges and overall affordability.
The survey found that 42% of respondents were considering purchasing a BEV as their next car, and 23% were considering hybrid EVs, in contrast to the current 7% penetration in hybrid EVs. Nine percent of those surveyed favored BEVs – an increase on the 7% BEV penetration last year.
Bloomberg Intelligence’s research shows that prospective auto purchasers who already own a BEV are extremely loyal to their cars. The report found that 93% would stick with their current powertrain for their next purchase, compared to 34% of gas car owners who are considering switching to an electric car.
Fuel-type stickiness suggests that EV penetration is unlikely to reverse course as the benefits of an EV could continue to outweigh the costs to current owners. This continuous preference for EVs is consistent across hybrid, plug-in hybrid, and BEV owner segments.
Steve Man, global lead director for auto & industrial market research at Bloomberg Intelligence and the lead author of the report, said: “Tesla, GM, and Stellantis’ slew of affordable EV models, set for debut by 2026, may tap more mass-market buyers. Despite this, the market still has a long way to go to mature, with charging network inadequacy, range anxiety, and extended charging wait times topping the list of concerns for all car buyers.”
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