Electric Cars Market Outlook
26Jan, 23 January 26, 2023Electric cars
  • By Megan McNelis

In August 2021 President Biden signed an executive order which set forth the goal to make half of all new vehicles sold in 2030 electric. The executive order came as part of a suite of new goals and mandates to cut emissions in the auto sector, with a particular focus on various forms of incentives and targets to promote the mass adoption of electric vehicles. At the time these plans and targets were viewed with skepticism, with many believing they were too ambitious and potentially unrealistic.

It has now been over a year since the targets were set and electric vehicles, along with the charging infrastructure needed to support them, are spreading faster throughout the US than many had expected. And while the target of 50% of all new car sales in the United States being electric by 2030 is an ambitious goal, it is still an achievable goal. With advancements in technology and increasing consumer demand for more sustainable transportation options, the electric car market is rapidly growing.

One of the main factors driving the growth of electric vehicles is the decreasing cost of batteries. As battery technology improves, the cost of EV’s is expected to become more competitive with traditional gasoline-powered cars. Additionally, the support of government through the implementation of policies, rebates, and incentives such as tax credits is playing a massive role in encouraging the purchase of electric vehicles.

The increasing availability of charging infrastructure is also a critical factor in the growth of electric cars. The November 2021 $1 trillion infrastructure bill provides $5 billion to help states install a national network of electric vehicle chargers along interstate highways over the next five years. As more charging stations are built, it becomes more convenient for drivers to own and operate electric cars, further increasing demand.

However, it’s important to note that achieving 50% of all new car sales in the US being electric vehicles by 2030 would require a significant increase in the number of electric car sales. In 2021 U.S. electric vehicle sales market share was only 3%. However in 2022, electric vehicle sales jumped to 5.8% as sales for the overall auto industry dropped, marking a positive upward trend for the electric vehicle market. If 50% is to be achieved by 2030, a consistent and significant growth in EV sales is going to be needed over the next 8 years. The good news is that US car buyers are interested in electric vehicles, and that interest is only growing as OEMs and startups bring more electric vehicle models to the market.

While achieving 50% of all new car sales in the United States being electric vehicles by 2030 is an ambitious goal, it is not impossible. With advancements in technology, increasing consumer demand, and supportive government policies, the electric car market is expected to continue to grow. However, it is important to note that achieving this goal would require continued changes to consumer preferences, alongside continued advancements in electric vehicle production, and infrastructure development. Maverick Electric Vehicle Services is proud to play our part in achieving this goal by continuing to design and build the charging infrastructure needed to support the mass adoption of EV’s.