Millennial men – with lots of money – are leading the way on buying electric cars

• Men dominate the electric-car segment as car companies lean on performance-heavy ad campaigns.

• EVs are still expensive, but more mainstream buyers are getting in the market.

• Non-luxury EVs are attracting former luxury buyers.

Millennial men – with lots of money – are leading the way on electric-vehicle purchases.

As more electric vehicles have hit the market, the buyer base for them is continuing to skew younger. Millennials continue to snap up the majority of battery-powered vehicles on sale, according to data provided by J.D. Power, with Gen X close behind.

Since 2019, Gen X has overtaken the Boomer generation as the second-largest pool of EV buyers in the U.S., J.D. Power's data shows. (Note: J.D. Power does not have access to Tesla buyer data, but those buyers tend to be unique within the more broad EV segment, according to Tyson Jominy, vice president of data and analytics).

The EV segment at the end of 2022 was also leaning more toward male buyers than in 2019, according to J.D. Power's data. Only 28.5% of EV buyers in 2022 were women, compared to 29.1% in 2019.