US electric vehicle sales rose 56% on-year in the first 10 months of the year, with consumer interest peaking in October, according to a new report by J.D. Power and GlobalData.

Elizabeth Krear, vice president of J.D. Power’s EV practice, says consumer interest in EVs reached an “all-time high” in October, with 29% of new-vehicle shoppers saying they are “very likely” to consider an EV. Last month’s retail sale rose to a record 9% of the total car market.

“With expanding product availability and ongoing market development, [market] share is expected to reach 13% by the end of 2024 and 19% by the end of 2025,” Krear continues.

Thanks to federal tax credits, incentives and carmaker price cuts, EV affordability has been improving. However, Krear says that as prices fall, consumers are trading pricing concerns for “charging anxiety.”

“Critical issues affecting the pace of adoption continue to revolve around public charging infrastructure availability; reliability; and availability and affordability of mass-market products — particularly in high-volume segments,” she explains.

While the report did not provide figures for past or future EV sales, it projected total US new vehicle sales to surpass 1.2 million units in November, representing a 10.2% on-year increase. That total includes both retail and non-retail transactions.

The report expects November to be a prime month for new vehicle shopping, with US consumers on-track to spend almost $44.5 billion, up 9.5% from the previous year. While retail inventory levels remain below pre-pandemic levels, they are expected to close out the month with around 1.6m units. 

According to the research, the average retail price for a new vehicle declined slightly to $45,332 in October, down 1.9% y-o-y.