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What target markets are available for electric cars?
For my high school marketing project, we had to choose an industry, a product, and a target market and I’m currently researching the EV industry. What target markets are available for electric cars?
Marlee John · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sounds like a great project! In an EV Consumer Report study, Fuels Institute found that in 2019, the key demographic of EV buyers was middle-aged (millennial) men around the 100k income bracket.
While the study showed people outside of this category, the top three out of the five personas fit this description. This is only a demographic profile of who bought the most EVs but it gives an idea of the target market.
The EV industry mainly targets those in higher income brackets who are able to afford them and also may view the vehicle as a status symbol. Another target market is those interested in social change. One of the personas in the study represented the category of people who would use the EV as a political statement, not just a status symbol.
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