The Truth about the Future of EVs

Are EVs as popular as people think?

Will their market share continue to grow?

Are EVs here to stay?

The truth is that EVs are popular and getting more so. A poll conducted by The Harris Poll on behalf of Volvo Car USA released the results that 74% of consumers believe EVs are the future. 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’s twice as many sales, a 4.4% market share, up from 2.3% in 2020.

What’s Fueling the EV Revolution?

First, the influence of the pandemic has increased EV car sales. Lockdown hit the auto industry hard and vehicles sales plummeted. According to Forbes, car sales fell 89% in the U.K. in May 2020, a catastrophic hit for any industry. An important note is that sales of EVs continued to climb by 21.5%. In the U.S., 27 out of 30 car manufacturers lost money in 2020. 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 selling EVs.

Local, state, and federal governments are investing heavily in EV infrastructure. Florida Governor Ron DeSantis signed into law a bill 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. The Build Back Better Plan would increase EV tax credits from $7,000 to $12,500 for EVs built entirely in American plants.

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 sales are going up. 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. Right now, 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.