According to recent data, US EV sales have seen a massive upswing, increasing by 385% since 2019. This surge in sales has significantly outpaced that of traditional internal combustion engine (ICE) vehicles, which saw a decline of 14% over the same period.
Image Source: cleantechnica.com
As the EV market continues to expand, it is reshaping the landscape of the automobile sector. At the end of 2023, global sales of plug-in hybrid vehicles (PHEVs) and fully electric cars rose to 31%. This growth is expected to continue, with the EV share of light-vehicle sales forecasted to reach 19.5% in 2025, and further increase to 45% in 2030 and 77% in 2035.
The rise in EV sales follows a trend of strong growth in the sector. Analysts suggest that this upward trend in EV sales will persist, with EVs anticipated to comprise approximately 29.5% of all new car sales in 2030, up from 3.4% in 2021. This projection reflects the accelerated adoption of EVs in the U.S., driven by factors such as increasing environmental awareness, government incentives, and advancements in EV technology.
In addition to robust sales, the EV market’s share of total light-duty vehicle sales has also shown a consistent increase. Since Q3 2021, the share of EVs has grown every quarter, with Plug-in Electric Vehicles (PEVs) accounting for 9.1% of all passenger vehicle sales in 2023.
The U.S. EV market is projected to grow by an additional 18.20% between 2024 and 2028, resulting in a market volume of about $161 billion in 2028. This exponential growth shows the significant role that EVs will play in the future of transportation.
The surge in EV sales signals a transformational shift in the automobile industry, as growing consumer preference for sustainable transport options is driving the demand for electric vehicles. As the EV market continues to evolve, the decline in ICE vehicles’ sales indicates a changing tide in the auto industry, with electric vehicles leading the way.
