5  Conclusion

The EV sector in Washington State exhibits significant growth potential, currently representing just 3% of the overall vehicle market. Notably, the registration of EVs has seen an accelerated increase in recent years. Within this expanding market, battery electric vehicles (BEVs) are experiencing a sharper increase in numbers compared to plug-in hybrid electric vehicles (PHEVs).

Tesla dominants the BEV sub-market across nearly all Washington counties, whereas the PHEV segment is more competitive, with Toyota, Chevrolet, and BMW competing for market leadership.

Price-wise, the average manufacturer’s suggested retail price (MSRP) for EVs centers around $30,000, with a distribution that is right-skewed, indicating a number of EVs positioned in the premium price range. Breaking down the cost further, BEVs tend to have a higher median price than PHEVs, though PHEVs exhibit a greater spread of high-priced outliers, likely influenced by luxury car manufacturers.

The disparity in electric range between BEVs and PHEVs is pronounced, which aligns with expectation given that BEVs solely rely on battery power. However, a higher price point does not equal to a longer electric range. As observed, some luxury PHEVs request premium prices despite offering lower electric ranges than their BEV counterparts.

Our study has its constraints, rooted in the scope of the available data. The analysis focuses solely on Washington State’s current EV landscape. A more in-depth exploration into the underlying factors influencing these market dynamics, including demographic data and EV charging infrastructure distribution, would require a more expansive dataset.