EV Market Trends & Quora Audience Insights
Table of Contents
The global race to decarbonization is on, and one of the frontrunners is the electric vehicle (EV) industry. Adoption of this greener form of mobility is accelerating as new buyers across the world increasingly prefer this eco-friendly option over the more traditional ICE (internal combustion engine) vehicles.
On the supply side, numerous new models and manufacturers are entering the market, increasing options and driving innovation. Tech-savvy upstarts like Rivian and Lucid offer a glimpse into a greener future by pioneering the development and production of EVs that combine sustainability, innovation, and performance. In turn, legacy automakers are developing their own EV offerings to keep up with the changing industry landscape. Established companies like Ford, General Motors, Volkswagen, and BMW recognize the growing demand for electric vehicles and are investing heavily in research, development, and production of their own electric models. Their entry into the EV market brings a wealth of experience, manufacturing capabilities, and established dealer networks, which can help accelerate the adoption of EVs on a larger scale and play a crucial role in the transition to a sustainable and greener transportation ecosystem. As economies of scale and technological advancements take hold, EV costs are expected to decrease, making them more accessible to the public. Further, ongoing research is improving battery technology, addressing a key challenge to charging infrastructure.
Commercial solutions will also become cleaner and greener as road transport increasingly transitions to EVs and solar energy, prompting government policies worldwide to continue supporting EV adoption for climate change mitigation. All these unfolding trends suggest a decadal opportunity for stakeholders in the industry. From producers of all forms of EVs (cars, two-wheelers, public transport vehicles and commercial carriers) and distributors to charger manufacturers and ancillary enterprises, the early-mover advantage can drive growth in sales and deliver market dominance.
So the question is: how can EV industry stakeholders seize the early-mover opportunity? Brands should capitalize on the power of digital marketing to reach and educate a broader audience about the benefits of EVs, driving awareness, and stimulating adoption. Those that take advantage of this opportunity will be best suited to capture the imminent inflection in demand.
#GlobalEVMarketStats
Global EV market stats & trends
“The market is growing. It’s growing fast. And it’s growing everywhere.”
– Virta
To achieve sustainability goals, most leading nations are crafting policies and incentives to accelerate global EV sales. This has led to an exponential spike in the global electric car fleet in 2022, which is expected to continue in 2023.
Beyond electric cars, there has been a rapid growth in demand for electric vehicles overall, including vans and trucks, buses, two-wheelers, and more.
10M+ Units
Global sales of EVs in 2022
14%
of all new cars sold in 2022 were electric
18%
Estimated portion of EVs among total car sales in 2023
Although this growth appears strong, we’ve only scratched the surface of what’s sure to become the new normal. The advantages of electric vehicles are still unfurling and adoption will only accelerate in the coming years as technology improves and costs continue to fall. In turn, many of the transient disadvantages of electric vehicles will likely get resolved, giving way to a more robust ecosystem.
#EVAdMarketOutlook
EV advertising market outlook
Alongside the spurt in sales, players in various segments of the EV industry have been intensifying their battle for market share. This is reflected in significant investments in advertising and marketing in the space.
According to MediaRadar, in the first three quarters of 2022, advertisers in the EV sector collectively spent $228 million, reflecting a 143% YoY increase compared to the same period in 2021. This upward trend in ad spending has been consistent throughout the year, with Q1 seeing a 222% YoY increase, Q2 a 106% increase, and Q3 a 131% increase. Notably, five major EV manufacturers, including Hyundai, General Motors, Lucid Motors, Moke America, and Volkswagen, were responsible for 94% ($213 million) of the industry’s ad spending during this period, underlining the fierce competition and growth in the EV market.
Marketing agency Driftrock also reports a significant increase in impressions for EV ads. Since 2019, impressions have grown 309% from 4 billion to 17 billion. However, EV awareness still lags behind traditional internal combustion engine (ICE) vehicles, necessitating a strategic approach. The agency advises that spreading top funnel awareness is critical to successful advertising, specifically when it comes to EVs. An omni-channel marketing strategy for electric cars to reach and educate diverse customer segments with targeted messaging, in turn broadening awareness.
#EVAdDigitalTrends
EV advertising digital trends
As EVs spearhead a transformative change in the automotive industry, manufacturers could benefit by aligning their marketing strategies with this shift. Digital marketing offers a range of opportunities for EV industry stakeholders to effectively promote their brands, showcase technological advancements, and engage with potential customers.
Leveraging digital platforms, such as social media, targeted advertising, and content marketing, can help create awareness, address misconceptions, and highlight the environmental, economic, and performance benefits of electric vehicles, ultimately accelerating the transition to a greener and more sustainable transportation future. By reaching consumers where they spend their time and ensuring message consistency, marketers can establish stronger top-of-mind recall for their EV brand.
The following digital ad formats could help drive awareness for EV players.
Video ads
Video ads provide EV companies with a dynamic and engaging platform to showcase the features, performance, and environmental advantages of their electric vehicles. By visually demonstrating the technology, range, and charging infrastructure of electric vehicles through compelling video content, companies can effectively capture the attention and interest of potential customers. Additionally, video ads allow EV companies to convey their brand identity, values, and aspirations, fostering emotional connections and building trust among viewers, ultimately driving customer acquisition and brand loyalty.
Image ads
Image ads offer EV companies a visually captivating medium to highlight the sleek design, cutting-edge features, and eco-friendly nature of their electric vehicles. By carefully selecting impactful visuals, such as a striking electric car in a scenic environment, companies can effectively convey the message of sustainability and technological advancement associated with their brand. These image ads have the potential to capture attention, spark curiosity, and create a positive brand impression, ultimately driving customer interest, consideration, and engagement with the EV company’s offerings.
Native ads
Native ads, like Quora Promoted Answers, provide EV companies an opportunity to engage potential customers in an informative and non-intrusive manner. By crafting native ad content that integrates seamlessly with the platform and subtly introduces readers to electric vehicles, companies can establish thought leadership while remaining a part of the reader’s natural browsing experience. These native ads can educate users about the benefits of EVs, address common questions or concerns, and foster brand credibility, thereby increasing the likelihood of customer conversion and advocacy.
#EVAdOnQuora
EV advertising on Quora
Over 400 million monthly unique visitors come to Quora to research solutions before making important decisions.
Unlike other social media platforms used for scrolling or socializing, Quora is centered on asking questions and getting specific answers. Our users are often consideration-phase buyers inquiring about brands, products and services. They are a highly engaged and intent-driven audience coming to the platform at critical decision-making points.
Advertising on Quora gives marketers and brands from across the EV arena a unique opportunity to connect directly with an engaged audience. EV marketers can create ads targeting users interested in specific vehicles or batteries or other EV accessories. The question-and-answer format also allows EV marketers to provide targeted information to users actively researching vehicle options, building goodwill and brand awareness in the process.
Popular EV related topics on Quora
Electric Vehicles
151.4K Followers
Battery Electric Vehicles
60.1K Followers
Electric Cars
153.6K Followers
Hybrid Electric Vehicles
39.6K Followers
Automotive Industry
519.7K Followers
At the global level, people on Quora show growing interest in the following EV-related topics during the end of the year:
Topics with an increase in question count in November:
- Electric Motorcycles: +123%
- Hybrid Cars: +122%
- Plug-in Hybrid Electric Vehicle (PHEV): +62%
- Electric Bikes (E-Bikes): +28%
- Electric Scooters: +23%
Topics with an increase in question count in December:
- Battery Electric Vehicles (BEV): +11%
- Electric Vehicles: 11%
- Electric Cars: +9%
- Electric Vehicle Charging Stations: +8%
- Hybrid Electric Vehicles (HEV): +3%
Popular electric vehicle questions on Quora
EV advertising strategies on Quora
For marketers and brands from the EV industry, Quora offers a range of advertising solutions tailored to meet your specific needs.
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Targeted Advertising Quora provides precise targeting options to effectively position your ads for this specialized audience. |
Topic Targeting Display ads alongside questions and feeds related to EV-specific topics. |
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Keyword Targeting Show ads next to questions containing keywords relevant to the EV industry. |
Question Targeting Place ads on specific questions that resonate with the highly focused audience interested in electric vehicles. |
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Exceptional Reach Connect with a captive audience by sharing your industry expertise in the EV ecosystem. |
High-Intent Audience Tap into the intent-driven audience on Quora, as people actively seek solutions and advice on EVs and related issues. |
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Search Visibility Benefit from Quora’s strong presence in Google searches, with answers often ranking on the first page, and sometimes even securing the top spot. |
Thought Leadership Elevate your brand’s reputation by joining forces with other notable experts and leaders from the electric vehicle domain. |
Quora ad formats
Quora offers an array of ad products to help you engage your target EV audience.
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Promoted Answers Amplify the reach of your existing answers on Quora, clearly labeled as “Promoted by” your brand, to connect with a larger EV-focused audience. |
Video Ads Stand out in the EV space with captivating video content, ensuring your brand leaves a lasting impression on this text-based platform. |
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Image Ads Utilize visual content to grab the attention of the EV audience and effectively convey your message. |
Craft concise and compelling text-based ads that resonate with the EV community and drive engagement. |
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Collect valuable leads through tailored forms appended to your ads, capturing intent at the source. |
Best practices for advertising on Quora
To advertise effectively on Quora, consider these best practices:
Audience Understanding: Tailor content to your EV audience’s specific needs.
Keyword & Topic Focus: Utilize Quora’s targeting options to reach users interested in EV-related keywords and topics.
Quality Content: Create compelling ad copy to inform and engage your audience.
Visual Appeal: Enhance ads with eye-catching EV-related images or videos.
A/B Testing: Experiment with ad creatives and targeting for audience resonance.
Ongoing Optimization: Continuously analyze and adjust ad performance for better EV campaign results.
Community Engagement: Engage with the Quora community by addressing EV-related questions and discussions.
Adherence to Guidelines: Ensure your ads meet Quora’s advertising specifications for maximum impact.
By following these best practices, you can create successful advertising campaigns on Quora that effectively engage your target audience.
Get your brand’s message in front of over 400 million monthly unique visitors on Quora.
Quora’s global EV audience stats
#EVUS
US
According to CleanTechnica, while it took eight years for the first million EV sales in the US, more than a million have been sold in the 12 months between October 2022 and September 2023. In fact, in just the first half of 2023, over 670,000 EVs were sold with over 80% of those fully battery electric vehicles (BEVs).
Further, by the first half of 2023, EV sales, including plug-in hybrids and fuel cell vehicles, accounted for 8.9% of the US market, marking a 2.6% rise over the corresponding figure for the previous year, per Reuters. In terms of supporting infrastructure, the number of public EV charging stations across the US stands at over 46,000 and is rapidly increasing.
Views on Quora conversations related to electric vehicles in the US
Get your brand’s message in front of 147 million monthly unique visitors on Quora in the US.
#EVEU
Europe
Several European countries are emerging as leaders in the EV revolution, setting the pace for the region. According to data from the European Automobile Manufacturers’ Association (ACEA), fully electric models accounted for over 20% of new car sales in the EU in August 2023. Despite a lull in EV sales in 2022, compared to the exceptional growth seen in 2020 and 2021, the continent still remained the second largest EV market, according to Virta.
Views on Quora conversations related to EV charging stations in Europe
Get your brand’s message in front of 48 million monthly unique visitors on Quora in Europe & the UK.
APAC
#EVIndia
India
Electric vehicles in India are experiencing a surge in manufacturing, with government incentives of $3.2 billion attracting investments of $8.3 billion. As of September 19, over a million electric vehicles were registered in India, constituting 6.4% of total automobile sales. Ola electric vehicles lead with a 35% market share, selling over 200,000 electric scooters from January to October 2023. Initiatives like FAME-II and the expanding charging infrastructure are driving the growth of EVs. The future of electric vehicles in India is promising and charged with opportunity.
Views on Quora conversations related to electric vehicles in India
Get your brand’s message in front of 100 million monthly unique visitors on Quora in India.
#EVSEA
Southeast Asia
The Global EV Outlook 2023 by the International Energy Agency (IEA) has reported promising developments in the electric vehicle markets of Southeast Asia, albeit over a relatively small base. While electric car sales are generally modest in regions outside major markets, there was notable growth in 2022, particularly in Thailand and Indonesia. Along with India, these countries saw electric car sales more than triple, reaching a total of 80,000 units.
Quora users in Southeast Asia are showing growing interest in the sector. This is visible in the steady increase in conversations related to EV charging stations on Quora in Southeast Asia, particularly in the second half of 2023.
Get your brand’s message in front of 29 million monthly unique visitors on Quora in Southeast Asia.
#EVANZ
Australia & New Zealand
Australia and New Zealand have seen a rising preference for EVs in recent years. According to a report – State of Electric Vehicles – July 20203, 8.4% of all new cars sold in 2023 (until June 2023) were EVs. In terms of growth, this marks a 120% increase over the figure for the full year 2022. Further, while the supply is still in small volumes, there are 91 electric car, van and UTE models available in the country.
New Zealand too is making significant strides in boosting its electric vehicle adoption rates, driven by the Clean Car Discount initiative, which offers rebates for low CO2-emitting vehicles while imposing fees on higher CO2-emitting ones. In 2023, a robust 26% growth in passenger EV sales is anticipated (Fitch Solutions), taking the total to 28,900 units.
Get your brand’s message in front of 12 million monthly unique visitors on Quora in Australia & New Zealand.
#EVMEA
Middle East
According to Mordor Intelligence, the automotive EV market size in The Middle East and Africa is expected to grow at a CAGR of 23.20%, from USD 2.70 billion in 2023 to USD 7.65 billion by 2028. This growth will be driven by governments’ across the region focusing on promoting the use of electric vehicles and an increased awareness about energy storage solutions in the renewable-based power sector.
Quora users in the Middle East have shown particular interest in electric scooters, which have seen a steady increase throughout the second half of 2023.
Get your brand’s message in front of 10 million monthly unique visitors on Quora in the Middle East.
Cruise into a world of opportunity with Quora Ads
The current window of opportunity within the EV ecosystem is wide open, and the time to act is now. With Quora offering specialized advertising tools and access to a high-intent audience, there’s no better moment to engage, educate, and connect with potential customers.
Seize this chance to establish your brand’s presence and influence the conversation in the EV space. Get active on Quora today and get a head start.
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