Joining its other marquee research study reports, J.D. Power (JDP) has introduced the J.D. Power EV Index, which will reveal U.S. vehicle electrification efforts on a monthly basis. Like its other studies, JDP will analyze millions of data points and synthesize them into one number that can be applied and deciphered utilizing a familiar 100-point scale. The higher the score, the better the growth in a particular month.
The cumulative score is derived from scores in six individual categories:
- Purchase Interest in EVs based on JDP’s ‘Voice of the Customer’ data.
- Availability of EVs to those in the market for a new vehicle who are considering an electric vehicle.
- Adoption, that is, new vehicle buyers who actually purchased an EV.
- Affordability, including total cost of ownership.
- Infrastructure, including availability, location, speed, and quality and reliability of EV charging stations.
- Customer Experience with the entire sales and service processes.
Making the index more robust and valuable is a comparison each month to internal combustion engine (ICE) vehicles in those same categories.
“Vehicle electrification has industry leaders grappling with billion-dollar decisions, and hyper-detailed data and analytics will help guide their decision making,” said Elizabeth Krear, vice president of electric vehicle practice at J.D. Power. “We’ve created a smart and dynamic way to capture how the EV marketplace is performing in relation to gas-powered vehicles, and the index provides a heightened level of detail never seen before in this arena.”
Initial results from data gathered during the 12-month pilot period ending November 2022 include:
- At 32, Interest level increased by 8 points, mainly due to EV availability and new models coming to market soon.
- With a 12-point uptick from the previous year, the Availability score measured 30, primarily due to new models in more vehicle segments.
- The Adoption tally actually decreased by 4 points to 22, because EV model introduction is proceeding faster than retailers can stock them.
- Affordability declined by 12 points to 84, due to an overall increase in EV prices.
- At 27, the Infrastructure score dropped 4 points with more EVs now on the road than charging station implementation.
- The Experience figure dipped slightly by 2 points to 89 simply because buyers were mildly less satisfied than the previous year.
The new J.D. Power EV Index will provide useful and actionable data to many key players interested in electric vehicles, including OEMs, charging station operators, retailers and government officials. Real-time data will be available to subscribers via an online dashboard.
As in most J.D. Power studies, users will have a query tool to slice and dice the data to better serve their individual needs, including metrics such as national and local markets and vehicle segments, as well as brands and models.
To learn more about the new J.D. Power EV Index, click here.