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November 30th, 2023
The essential 3-point guide to electric
vehicle forecasting for dealers
The automotive industry is undergoing a seismic shift towards electric vehicles (EVs) and staying ahead of the curve is crucial for dealers. Whether you’re ready or not, electrification is here to stay. This year, San Francisco became the first DMA in the United States to achieve over 50% of all new retail vehicle sales as electric vehicles. This achievement underscores the larger trend sweeping across the U.S., with several other regions making significant strides. While still fairly slow, more consumers are purchasing EVs. Understanding consumer adoption in major metropolitan cities can act as a guide for future success. Using San Francisco’s record-breaking milestone as an example, here are our three key takeaways for automotive dealers in the era of EVs:
1. EV sales are surging – where to find customers
In addition to San Francisco, places like San Diego and the Seattle-Tacoma market are seeing substantial increases in retail EV market share. Even traditionally conservative states like North Carolina and Texas are witnessing impressive growth, with markets like Charlotte, Dallas and Houston showing the highest growth percentages, with over 50% EV share growth this year. This trend transcends regional boundaries and resonates with diverse demographics, indicating the widespread appeal of EVs. Urban Science is able to predict consumer trends, giving you a crystal ball into where to find customers.
2. Accurate forecasting is essential – prepare for the future
Knowing when customers will be ready to purchase is an essential component to dealer EV readiness. As a leader in automotive market analysis, Urban Science accurately forecasted the surge in EV adoption. Our Q4 2022 EV Forecast for San Francisco predicted a 53% EV market share, closely aligning with the actual 51%. Accurate forecasting is the compass guiding dealers as they strategize inventory management, charging station placements and marketing tactics to meet the new demand for EVs.
3. Strategic planning is key – tools to help you achieve success
As the automotive landscape transforms, dealers must identify specific types and quantities of EVs and related services to effectively meet evolving consumer demands. Leveraging accurate forecasts and data on factors like brand preferences, demographics, regulatory changes and psychographics is crucial for a comprehensive understanding of the market. Having a clear picture of future customers ensures dealers are prepared to not only meet their needs but exceed them.
Urban Science: your trusted partner
In the EV era, embracing change and relying on trusted partners like Urban Science is the key to success for automotive dealers. Our expertise, insights and forecasts are delivered with an impressive 98% accuracy rating and empower automakers and dealers to make informed decisions in this fast-paced EV world. By harnessing a wealth of data and expertise – and applying our custom-made, dealership performance solution to enhance dealership operations – Urban Science ensures you remain ahead of the curve and meet the evolving demands of the electric vehicle market.
To learn more about the future of EVs and access cutting-edge insights,
don’t hesitate to reach out today..
Tom Kondrat
Global Lead, Advanced Analytics
tlkondrat@urbanscience.com
