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The Projected Growth of EVs

Posted 06/09/2022

Are EVs as popular as people think? Will their market share continue to grow? EVs are here to stay and the number of them on the road increases every day. EVs are popular with interest growing daily. Three out of four, or 75%, of consumers, think EVs are the future of transportation, while 85% are happy with their choice of an EV, and 55% “are so hooked on their EVs that they say they’ll never go back to a gas vehicle.” Sales figures show consumers are fans of their EVs. North American sales were 735,000 units in 2021, up from 375,000 in 2020. That is twice as many sales in 2021 over 2020. EVs have also grown to a 4.4% market share up from 2.3% in 2020 of total new vehicle sales.

What’s Fueling the EV Revolution?

First, the influence of the pandemic has increased EV car sales. Lockdowns hit the auto industry hard and vehicle sales plummeted. According to Forbes, car sales fell 89% in the U.K. in May 2020, a catastrophic hit for any industry. However, sales of EVs continued to climb by 21.5% during the same period. Tesla, which has always operated without dealerships, has years of experience selling cars through contactless direct sales. When lockdown prevented consumers from test-driving vehicles, Tesla’s experience came in handy for selling EVs. Now it seems, many consumers prefer the online experience compared to being pressured by a salesperson. Another element of the pandemic’s influence is an increase in social responsibility. EVs keep air pollution and particulate matter out of the air while also reducing noise pollution that has continued to build over the years. It’s also easier to drive an EV now because of additional EV infrastructure. Local, state, and federal governments are investing heavily into EV infrastructure. Florida Governor Ron DeSantis signed a bill into law that would increase state expenditures on EVSE infrastructure. The Biden administration is also increasing national programs to build more EVSE. The bipartisan Infrastructure and Jobs Act provides $7.5 billion toward Biden’s goal of 500,000 EVs on the road by 2050. While still stalled in the Senate, the Build Back Better Plan would increase EV tax credits from $7,000 to $12,500 for EVs built entirely in American unionized plants. For these reasons and many others, more consumers than ever have been choosing EVs.

Will the EV Market Continue to Grow in 2022?

Matt Bohlsen for Seeking Alpha states, “My forecast is for global electric car sales in 2022 to be {near} 10.4 million and reach 12.5% market share.” Business Insider states in the U.S, “the zero-emission share of the U.S. car market will grow to a new high of 5% in 2022, IHS Markit estimates. That's a big jump from the almost 3% market share EVs conquered in 2021….” EVs are grabbing headlines and increases in sales are following. The article goes on to state, “The EV market share will reach double digits in 2025 and hit roughly 31% by 2030, IHS Markit forecasts.” Now is the perfect time to invest in an EV, save money, and discover why EV drivers are so loyal to their emissions-free vehicles. Tax credits, infrastructure, and hope for a greener future are higher than they have ever been. Take advantage of the opportunity to drive into the future with an EV.

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