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- By Caroline McNally
Electric Vehicles have become a valuable commodity as sales for the vehicles have risen 68% in the last year. In quarter three of 2021 sales for electric vehicles were at 122,744 units sold, while this year’s third quarter sales have topped that at 205,682 units sold, as reported by Kelley Blue Book team of Cox Automotive.
Rising sales in electric vehicles over the last year is an indicator of what the future holds for the electric vehicle market. In comparison, other types of vehicles faced decreases from the year before. Hybrid Electric Vehicles (HEV) and plug in hybrid electric vehicles (PHEV) decreased by 16%, with 39,378 fewer cars sold in the third quarter of 2022 than in the same period of 2021. The vehicle market as a whole has taken a hit with the overall market growth at just 0.1% with only 4,161 more units sold in the third quarter of 2022 than the third quarter of 2021.
As much of the automotive market faces decreases in sales, electric vehicles are an outlier as the only type of vehicle in the market that had an increase in sales this year. These promising market trends are viewed with much optimism that the momentum for electric vehicle sales across the county is increasing. It is difficult to pinpoint a single driving force behind this uptick in momentum, however it can widely be attributed to the federal and state initiatives supporting the development of electric vehicle charging infrastructure, the United States’ goals for clean vehicle sales by 2030, and mounting concern for climate change issues.
As electric vehicles continue to lead growth across the automotive market, the national electric vehicle charging will need to grow too. As EV charging infrastructure specialists, Maverick EV Services is excited to be part of this rapidly evolving industry at such a pivotal moment in time.