EVs shift from niche to mainstream selection

Cars.com said the first half of 2024 revealed notable changes to the automotive industry — especially where electric vehicles are concerned. 

In a news release, and based on the company’s Industry Insights Report, Cars.com said the EV market has experienced a dramatic transformation, shifting from a niche segment to a mainstream selection for many consumers. The demand for new EVs surged 930 per cent over the last five years.

“The car market continues to recover and evolve, with June seeing ongoing price stabilization. When you take a step back for a broader perspective, however, the market has seen sweeping changes since the first half of 2024, particularly with the growing influence of electric vehicles as consumer demand and inventory continue to increase,” said Rebecca Lindland, Senior Director of Industry Data and Insights at Cars Commerce, in a statement.

She added that today’s market is almost unrecognizable when compared to five years ago, the last time the market was stable. Lindland said consumers are paying higher prices for new and used cars by more than 30 per cent, with more than a million fewer vehicles available on each side of the market — “but they’re also making significantly more on trade-ins.”

The past five years have seen the average price for used EVs jump nearly 50 per cent from $25,096 to $36,908, while supply increased almost 500 per cent. Furthermore, in the first half of 2024, demand for used EVs surged nearly 40 per cent compared to the first half of 2023.

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