The electric vehicle market has generally been niche, representing only a small share of the population, but demand for EVs is increasing. More than 750,000 new all-electric cars were registered in the U.S. in 2022, 57 percent more than in 2021. Encompassing hybrids, plug-in hybrids, and pure battery-electric vehicles, electrified vehicles are expected to continue to gain more market share from conventional internal-combustion engine vehicles.
As the automotive world goes electric, there are challenges specific to marketing EVs. Safeguard’s automotive marketing experts can help you with innovative marketing for the electric vehicle market.
Is the electric vehicle market growing?
From 2017 to 2022, worldwide EV sales have grown from around 1 million to more than 10 million, according to the International Energy Agency’s (IEA) EV report. Global electric vehicle market sales are expected to grow by another 35% in 2023 to reach 14 million. Morgan Stanley predicts that electric vehicles will account for 90% of auto sales by 2050.
The Rapid Rise of the Electric Vehicle Market
According to Kelley Blue Book, in the third quarter of 2022, EV sales outpaced all other segments of the auto industry, with American buying more than 200,000 EVs in that quarter alone.
This rapid rise in electric vehicle adoption could be partly due to several contributing factors, including a more widely available charging infrastructure, lower battery costs, and stricter emission regulations.
The availability of EVs can also influence the speed of adoption. Many automakers are prioritizing chips for their more expensive vehicles, including EVs, SUVs, and trucks.
Car manufacturers are also enticing car buyers with a new and diverse lineup of electric vehicles. Major car manufacturers have introduced a range of new and various electric vehicles, including SUVs to supercars.
According to Kelly Blue Book, some of the most popular electric cars include Ford, Chevrolet, Volkswagen, Nissan, Audi, Porsche, and Hyundai vehicles. Several of these companies have set exceptionally bold deadlines for their electric vehicle production, including a handful who have pledged to sell only EVs by 2030.
Helping Consumers Understand the Cost of Electric Vehicle Ownership
While battery technology is expensive, often resulting in higher sticker prices for electric cars than their gasoline-fueled counterparts, the purchase price isn’t the only cost a consumer considers.
According to Consumer Reports’ largest-ever nationally representative survey, more than a third of Americans say they would seriously consider buying or leasing an electric vehicle due to the lower overall lifetime costs vs. conventional vehicles. This overall cost is primarily due to lower operating and maintenance costs.
Another study by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) showed that electric vehicles could save consumers anywhere between $4,500 to $12,000.
Consumers may qualify for additional tax credits, which could add up to major savings for EV buyers. The sales staff at dealerships should understand how to discuss these total ownership costs with customers.
3 Innovative Electric Vehicles Marketing Strategies for Dealerships
Potential savings aren’t the only aspects of electric vehicles that consumers enjoy. They also enjoy quick, silent acceleration and balanced handling. Understanding what EV trends prospects want in a vehicle can help you source the ideal options for your inventory.
Dealerships should also remember that the electric vehicle market encompasses the three main types of EVs, including the standard EV, also known as a battery-powered electric vehicle, the hybrid electric vehicle, and the plug-in hybrid electric vehicle, and be able to offer consumers a variety of options.
Competition for a car buyer’s attention is intensifying, and dealers need innovative marketing strategies to help them stay competitive. Being customer-centered and focusing on auto marketing strategies such as email marketing, social media, and promotional products can help ensure auto dealers are well-positioned to reach customers, no matter where they are.
#1: Email marketing – Dealerships can use email marketing to showcase their understanding of their customers and build advocacy through messages that inspire readers to act, including interactive content and personalized experiences.
#2: Social media – Auto dealers can use social media to share new car arrivals, raise awareness of limited-time offers, allow potential customers to ask questions via direct messages, and nurture leads to convert them into buyers.
#3: Promotional products – Promotional products help boost brand recognition and recall, and auto dealers of all sizes can achieve their marketing goals with a low-cost promotional product campaign. Popular promotional products include t-shirts, hats, water bottles, notebooks, totes, mugs, and pens. The more someone uses an item, the more your brand name or logo is seen.
With innovative marketing ideas for automotive dealerships, you can count on Safeguard’s marketing experts for creative strategies that bring customers to your showroom. From digital marketing to daily business essentials, we specialize in engaging and effective solutions that spark interest and drive sales.
- Encompassing hybrids, plug-in hybrids, and pure battery-electric vehicles, electric vehicles are expected to continue to gain more market share from conventional internal-combustion engine vehicles.
- More than 750,000 new all-electric cars were registered in the U.S. in 2022, 57 percent more than in 2021.
- More than a third of Americans would consider buying or leasing an electric vehicle due to the lower overall lifetime costs vs. conventional vehicles.
- Focusing on auto marketing strategies such as email marketing, social media, and promotional products can help ensure auto dealers are well-positioned to reach customers, no matter where they are.
- The automotive marketing specialists at Safeguard can help with marketing strategies for auto dealers that bring customers to your showroom.