New white paper examines consumer trends paving the way for the coming wave of EV adoption
Parks Associates’ latest white paper, Preparing for EV Adoption in Multifamily: The Coming Wave, reveals that 32% of multifamily owners and operators plan on deploying, upgrading, or replacing EV charging stations in at least one of their properties within the next 12 months. In short, the number of communities with onsite chargers is about to grow as owners and operators prepare for rising EV adoption among residents and prospective residents in the coming years.
Developed in partnership with Cox Communities, the white paper examines new trends in EV and EV charger adoption among multifamily owners, operators, and residents. The white paper also shares the plans of key-decision makers for new installations and retrofits.
“The environment around EV charger adoption is changing,” said Kristen Hanich, Director of Research, Parks Associates. “The tailwinds are growing in their intensity: snowballing adoption of BEVs and PHEVs among consumers and increased funding opportunities in the form of grants, tax credits, and rebates as regulators and key decision makers recognize the opportunity in supporting EV charger deployment in multifamily housing.”
The timeline and trajectory of EV adoption are likely to depend on the states and specific consumer market segments, with some areas and segments rapidly adopting BEVs and PHEVs and others taking a longer and more measured approach. Demand in the California market in particular is rising, as EVs make up a continually growing percentage of overall new car purchases – already reaching 25% as of 2023 – and as inventory in the pre-owned market grows.
At present, multifamily owners and operators are readying themselves for the EV demographic by focusing their immediate efforts on offering EV charging as an amenity in their Class A and Class B properties, where they see the highest concentrations of EV owners. However, owners and operators are challenged by poor charger implementation that leaves residents with a frustrating charging experience, plagued by internet disconnections and lack of availability.
“As EV adoption grows, multifamily properties will increasingly need to compete both on charger availability and on the charging experience itself,” Hanich said.
To schedule an interview with an analyst or to request specific data, please contact Mindi Sue Sternblitz-Rubenstein at mindi.sue@parksassociates.com or 972-490-1113.
About Parks Associates
Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.
The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.
Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com
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