The J.D. Power 2025 U.S. Electric Vehicle Experience (EVX) Ownership StudySM released this week shows that BEVs took a market share of 9.1% in 2024, up from 8.4% in 2023. This was non-fossil fueled in part by a growing number of mass market BEV models entering the market. However, more than half of BEV buyers named tax credits as a reason for purchasing their vehicle, which is one of the most influential purchase drivers. As a result, J.D. Power is forecasting EV share of retail sales to remain flat in 2025.

“The elimination of EV tax incentives and public charging funding has the potential to affect two critical barriers to EV adoption: public charging availability and vehicle prices,” said Brent Gruber, executive director of the EV practice at J.D. Power. “This temporary slowdown in market share growth for EVs creates a unique challenge for the industry as manufacturers forge ahead with new vehicle introductions. The EV market will be faced with expanded product offerings and flat share, creating increased competition.”