WASHINGTON–Rapidly changing consumer attitudes make it clear credit unions will need to move even faster in 2022 and beyond when it comes to auto lending and relationships with not just dealers, but manufacturers.
That much is clear in a recent survey that reveals half of U.S. consumers say they would consider purchasing an electric vehicle (EV) in the next decade, and the share is increasing.
The change in consumer attitudes is reflected in the market, with 2022 expected to bring an especially dramatic increase in the number of EVs on the U.S. market, growing from the approximately 62 models available at present to at least 100.
The new survey, from Morning Consult polling, shows 51% of U.S. adults say they are likely to consider purchasing an electric vehicle in the next decade, up from 39% in January and 43% in March-April.
Inflection Point
2022 could be an inflection point when it comes to actually getting drivers in EV seats, Chris Harto, senior policy analyst for transportation and energy at Consumer Reports, told Morning Consult.
“There’s all of this pent-up demand from consumers for EVs at a reasonable price, at a reasonable range, in segments they want,” he told the publication. “And they haven’t had that option, up until really this year.”
According to the Morning Consult poll:
- 58% of Gen Zers are "very likely" or "somewhat likely" to purchase an EV
- 60% of Millennials are "very likely" or "somewhat likely" to purchase an EV
- 37% of Americans say they will consider buying an EV if they’re in the market for a new car in the next 12 months; 15% are “very likely” and 22% “somewhat likely”
New Models to Drive New Volume
Credit union lenders should be watching for all those new models to shift the landscape entirely, according to Morning Consult, which said the most significant increase will be in sports utility vehicles and pickup trucks, according to research conducted by the Electric Power Research Institute. As U.S. consumers love to buy pickup trucks, crossovers and SUVs, the EPRI said their arrival on the EV market is one of the main reasons 2022 could be significant for adoption.
Among the most highly anticipated release of the new releases: Ford Motor Co. is beginning production on its F-150 Lightning pickup truck in spring 2022, giving consumers the option of purchasing an electric version of the best-selling car in the country. Ford recently said it already has nearly 200,000 pre-orders for the Lightning, Morning Consult noted.