Potential target market
Tesla’s majority of the consumers are mainly male. According to the report, Tesla’s 83.9% of customers are male (Liu, 2021). The same report shows that the age group of the consumers lies between 45 to 64 years of age. Allegedly, 77.3% of Tesla’s consumers have annual earnings of over $100,000 (Mo and Wang, 2021). In this regard, it can be evaluated that the demographic target market of Tesla is mainly adult males who can be categorized in the upper-middle-class segment in terms of income. Tesla’s cars are basically equipped with more seats than a more common four-seat car. They are spacious, and Tesla’s Model S and X have seven seats (Handa, 2020). Hence, they are convenient for even a bigger family.
Tesla’s most consumers basically belong to the upper-middle-class or the upper class in terms of earnings. They can have several occupations, but their mentality is the same, i.e., putting money into something luxurious. The main selling point of the cars of Tesla is they are cheap but also radiate some luxurious vibe thanks to its great interior and advanced technology that are used (Perkins and Murmann, 2018). In this regard, it is worth mentioning that Tesla cars are also eco-friendly as they are electric cars and they are also fast. As the cars are relatively cheaper than the other luxury cars in the market, Tesla cars are widely preferred. People also pay for the prestige and the brand value that Tesla brings with it.
Tesla mostly targets the EV market. Tesla cars are mostly preferred for type usage in urban areas rather than rural areas. But they are convenient for any place. However, if a country is more congested, then the speed of Tesla cars becomes irrelevant. Some other problems can also arise regarding the autopilot mode of Tesla, which can be harder to operate in a congested environment.
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