The adoption rate is lower than expected, J.D. Power cuts its EV market share in the U.S. to 9%

Automotive research firm J.D. Power said that battery-powered vehicles would account for just 9% of the U.S. market this year, down from a previous forecast of 12.4%, as most car buyers continue to shun electric vehicles.

Data showed that while U.S. electric vehicle sales fell short of expectations, they were still growing steadily. Sales of electric vehicles in the U.S. rose 11.3% year-on-year to a record 330,463 units in the second quarter.

Automakers have announced a raft of changes to their ambitious electric vehicle production targets this summer, including a major shift by General Motors and Ford. Despite some positive factors, such as the opening of Tesla's supercharging network and the fact that mass-market and high-end pure electric vehicles are now on par with or cheaper than gas-powered alternatives in total cost of ownership, thanks to manufacturer incentives, federal and state incentives and lower operating costs.

“The transition to electric vehicles takes time, as several interdependent variables affect adoption rates, but the foundation is strengthening as consumers try to match their car choices to their lifestyles,” J.D. Power said about the electric vehicle backdrop.

J.D. Power still expects the adoption of electric vehicles to reach a tipping point. After weighing recent developments, the firm believes that by 2030, electric vehicles will account for 36% of the U.S. retail market, and 58% by 2035. “Current sales are below expectations at a pace driven by a series of relatively short-term variables that will gradually dissipate as the adoption of electric vehicles continues to reach a tipping point,” J.D. Power emphasized.

Media New Energy Finance expects the U.S. market share of electric vehicles to be 10% this year.

Just a week ago, Ford Motor had adjusted its electric vehicle strategy. The company said it was planning to cancel the launch of a three-row electric SUV and delay the launch of a new electric version of its best-selling F-150 pickup truck by nearly two years, as it focused on cutting costs to stimulate demand.

Other automakers, including Volkswagen and General Motors, have also delayed or canceled plans to launch new electric vehicle models to avoid pouring large sums of money into vehicles whose sales are not as fast as expected.