Concept: The Consumer Technology Adoption Lifecycle Curve

As applied to the consumer EV market

Source: https://www.copilotsearch.com/ev-wreckage-04-2024/

Overview of segments:

• Innovators: 2.5%
• Early adopters: 13.5%
• Early majority: 34%
• Late majority: 34%
• Laggards: 16%

Tesla initially focused on higher end of the market, luxury, captured early adopters sooner than other auto manufacturers

Other auto brands such as Nissan Leaf, tried lower prices to go after mainstream, but there were too many issues such as battery tech, charging problems, etc.

So lower cost isn’t the only issue.

Look into: price elasticity of demand data.

May 2024