EV Market tripled in three years
Updated: Nov 11, 2022
Over 16.5 million electric cars were on the road in 2021, a tripling in just three years .
According to IEA Analysis, After two years of consecutive decline of 10%, electric car sales increased in the United States in 2021. About 630 000 electric cars were sold – more than in 2019 and 2020 combined – bringing the total stock of electric cars to over 2 million. About 75% of new EV sales were BEVs, up from 55% just five years ago, resulting in a higher share of BEVs relative to PHEVs today over the total EV stock (65%) than in 2015-2016 (about 50%). Relative to other regions, the overall car market recovered faster from the pandemic in the United States, but electric cars still doubled their share to 4.5% in 2021. Tesla accounts for over half of all units sold, and there are generally fewer models available in the United States than in other major markets. Some of the main drivers underpinning growth in the United States in 2021 were the increased production of Tesla models and the availability of new generation electric models by incumbent automakers.
Globally, there were over 450 electric car models available in 2021, an increase of more than 15% relative to 2020 offerings and more than twice the number of models available in 2018.
The Federal Tax Credit and State Rebates
Consumers in many states enjoy rebates that save thousands of dollars from the upfront costs of buying or leasing EVs, and buyers can get a federal tax credit of up to $7,500. Research shows this is hugely beneficial to the EV market -- nearly 30% of consumers who bought or leased EVs early on cited the EV credit as a factor in their decision. Almost half of Nissan Leaf buyers and 40% of Chevrolet Volt drivers said that they wouldn’t have purchased their cars without the credit incentive.
Looking for a full Market report?
Below is the outline of Full Market Report on EV
Market size and growth of EV market, sales and projection numbers of North America
Key Trends in the EV Industry
EV market growth drivers
Opportunities and Challenges
EV Consumer demographics
Porter`s Five Forces
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