Electric vehicles gained unprecedented momentum in 2018. Not only did EV sales grow 81% in the US versus 2017, but we also noticed some remarkable growth trends for EVs on the Turo car sharing marketplace. All signs indicate that EVs have gone mainstream, and their skyrocketing popularity is augmented by the car sharing phenomenon.
On Turo, three of the top 11 most frequently booked models in 2018 were fully electric vehicles. Furthermore, both the supply of and demand for EVs have grown faster than any other vehicle segment on the Turo marketplace — EV supply grew 1.6x faster than hybrid or internal combustion engine vehicles in 2018, with EV demand growing 1.5x faster.
So what does this mean?
It means that car sharing is accelerating electric vehicle adoption, as consumers are able to access EVs more easily, and EV owners are able to reduce the high cost of entry with their car sharing income.
On the awareness side, consumers who are curious about making the switch to electric can sample the lifestyle through car sharing. You simply can’t get the same feel for the drive, performance, range, and charging experience when you’re on a 15-minute dealership test drive. By taking an extended, multi-day test drive in an EV, you get a more complete taste of the holistic experience.
Once consumers are persuaded by the allure of the electric lifestyle, financing continues to be a stumbling block, as EVs fetch a higher price than your typical combustion engine, or even hybrid, vehicle. Those lofty price tags, however, start to seem a lot more tenable when you factor in the logic and financial appeal of sharing. Buying with the intent to share upfront, coupled with the inherent fuel savings, maintenance savings (fewer mechanical parts mean way less time spent at the shop), and sizeable tax credits, collectively help offset the cost of affording it. Once you kick your sticker shock and buy your green dream machine, you’ll start absorbing some significant savings — and earnings — pretty quickly.
Furthermore, people who have already taken the plunge into EV ownership have drank the electric kool-aid. Our quantitative and qualitative data show that people who own EVs like to drive them when they travel, too, indicating their commitment to the green lifestyle, at home and on the road.
And all of these personal and financial benefits don’t even address the environmental benefits. EVs are low-emissions (and, depending on the electricity source, sometimes emissions-free), and simply better for the environment.
By the numbers, it’s clear electrification is here to stay. With a growing global focus on sustainable energy sources and combating climate change, the myriad benefits of electric vehicles are only made more plain by the opportunity to share and evangelize those benefits.
Which is why, just in time for Earth Day, we’ve made it even easier to find and book green vehicles on Turo! Now, travelers can now filter their searches to see EVs, hybrids, or both EVs and hybrid vehicles on Turo.
Which is why, just in time for Earth Day, we’ve launched a stand-alone EV filter to make it even easier to find and book green vehicles on Turo! Now, travelers can filter their searches to find EVs, hybrids, or both EVs and hybrids. Given the tremendous popularity of low-emission vehicles on Turo, we are very excited to empower hosts and guests alike to embrace eco-friendly travel.
This Earth Day, I’m happy to report on these electrifying trends, as we accelerate into a cleaner, more collaborative future.
Happy Earth Day!