The EV revolution is happening, we like to call it the EVolution. Electric vehicles are here to stay. A recent survey by The Harris Poll compiled for Volvo Car USA indicates that 74% of drivers believe electric vehicles are the future. The survey also notes that 55% of consumers will never switch back to a gas-powered vehicle and 85% of drivers are happy with their EVs.
In North America, EV sales doubled between 2021 and 2020, going from 375,000 units to 735,000 vehicles for a 4.4% market share.
What is Fueling the Electric Vehicle Revolution?
The EV revolution is being fueled by several factors. The global pandemic and subsequent lockdowns hurt the auto industry. Car sales in the U.S. saw an 89% decrease in May 2020. It’s a catastrophic decline for any industry.
While sales of gas-powered vehicles all but stalled, EVs rose around 21.5% during the pandemic.
Most car manufacturers in the U.S. reported losses, but not all. 27 out of 30 car manufacturers lost money, but Tesla continued to sell EVs during the lockdown. The innovative electric vehicle company relies on contactless direct sales instead of dealerships.
Federal, state, and local governments are investing in EV infrastructure. Florida is increasing its support for EVSE infrastructure with a new bill recently signed into law. The Biden Administration is increasing the number of programs to ramp up EVSE construction.
The Infrastructure and Jobs Act is working towards meeting the White House’s goal of having 500,000 EVs on the road by 2050. There is also the Build Back Better plan that is offering increased tax credits ranging from $7,000 to $12,500 for American-made EVs.
Is The EV Market Expected to Continue Growing?
Seeking Alpha is forecasting 2022 global EV sales to reach around 10.4 million for a 12.5% share of the market.
Business Insider is predicting that U.S. sales of EVs to increase by 5% in 2022. It’s close to a 3% market share compared to 2021.
Electric vehicles are making headlines, driving sales. Industry analysts are predicting the EV market will be in the double digits by 2025 and hit 31% by 2030.
With EVs increasing in popularity and a more robust charging infrastructure covering the nation, there has never been a better time to invest in EV chargers for your organization. To speak with an Apogee Charging Solutions expert about EV charging stations, call 484-816-2076, email [email protected], or schedule a call that fits you needs by clicking the button below.