Introduction:
In the U.S., Electric Vehicles are smashing all categories of records.
The market share of new electric cars surpassed 7% for the first half of the year 2023 , moving past a critical tipping point for mass acceptance. In the last few months, all-time sales capped 3 million.
Electric Vehicles Market Growth Analysis:
However, perhaps the most remarkable of all is the accomplishment of a record-hot pace of almost one (01) million new Electric Vehicles per year. According to an analysis of Bloomberg Green, in the last 12 months through June, Americans bought 977,445 cars that run solely on electricity.
In the U.S., it took approx. 10 years to sell its first million fully electric vehicles, two years to reach the second million, and just over a year to reach the third. By the time the up-to-date quarter’s records are checked up over the next month and is supposed that the country should be well on its way to a fourth million EVs.
A 12-month rolling sales of electric vehicles is another way to look at the yearly pace of EV purchases, which reveals unexpected progress. For this attitude, each new calendar quarter displays the year of EV purchases leading up to that point. It smooths out periodic variations that can disguise longer-term trends.
During the period during the start of the pandemic, the only time 12-month Electric vehicle sales declined was during a brief stretch beginning in the third quarter of 2019. That is when Tesla for the time being exported a substantial share of its American-made Model 3 inventory to kick off overseas sales.
The story of U.S. electric vehicle acceptance has so far been the tale of two leading actors: the state of California and Tesla Inc. The crucial EV tipping point of 5% of new car sales among the first top 10 worldwide auto market was reached only by California. Tesla recently removed Toyota as the top-selling vehicle brand, electric or otherwise, in the state
Conclusion:
Markets need to branch out for Electric Vehicles to become truly mainstream across the U.S., and for the Detroit auto industry to continue the changeover. Geographically, this happens with California losing some of its U.S. EV shares to states like Texas, Florida, Washington, and New Jersey. Tesla, however, is still very much in the driver’s seat, responsible for 61% of EVs ever sold in the US.
The analyst Corey Cantor of Bloomberg looked at a similar 01 million electric vehicles milestone that included plug-in hybrids. As per the result of the analysis, if you include all cars that come with a plug, he found, that Americans are already buying a million EVs every nine months.
