Electric Revolution: State of the EV Market

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Unless you’ve been living under a rock, you probably know that the automotive industry has big plans for electric vehicles. With new legislation pushing the green energy agenda (bye-bye fossil fuels) and a recent announcement that federal fleet vehicles are going to be purely electric, the shift in the EV market towards fully electric vehicles is increasingly obvious. Let’s unpack what the Electric Revolution might mean for drivers like you.

State of the EV Market

Automotive marketers are already saying that 2023 is going to be the year of the electric vehicle. Right now, China has the biggest EV market, followed by Germany, and then the United States. With attitudes toward eco-friendly products being embraced by younger generations, it’s safe to say that pretty soon all vehicles will be fully electric sustainable modes of transportation.

How Many Electric Vehicles Are Available in America?

At the time of this writing, there are a grand total of 19 battery-electric models available for purchase in the US, including budget-friendly and luxury brands. For drivers, this means that there are plenty of options to choose from – and that number will continue to grow as automotive manufacturers prioritize electric vehicles. Right now, there are an estimated 5.4 million hybrids and 1.4 million plug-ins on the road in America.

How Long Until All New Cars Are Fully Electric?

Driving with fully electric vehicles is a lot closer than many would first assume. While it seems like an insurmountable goal for each vehicle on the road to be totally electric, the current projections suggest that about 19 million vehicles will be fully electric by 2030, which would be about 7% of all vehicles in the US. These projections continue to change as technology advances and EVs are more accessible. Going by these numbers, it may take another 20 years for all vehicles to be totally electric.

Why Will It Take So Long?

The thing about cars is that they are long-term investments. You can generally count on a new car lasting at least one or two decades, which means that even if all new vehicles are electric, older combustion models will still be on the road. Overall, the shift to just fully electric vehicles on the roads of America will take several more years, as older cars will still be around after more fully electric vehicles are purchased.

Other Than the Environment, Why Else Should You Drive an Electric Vehicle?

Although saving the planet is a huge selling point for many folks, there are a few reasons why you may want to switch to electric. For one thing, although EVs might have a higher sticker price, they’re generally much cheaper in the long run since you won’t have to pay for gas, oil, emissions tests, or replacement parts for combustion engines. Electric cars may also have tax credits for owners – talk about incentives to sell your current car, right?

The Electric Revolution is here so you might as well start thinking about your future transportation sooner rather than later. With fully electric vehicles phasing gas-powered vehicles out and more electric models becoming easily affordable, it makes sense to buy electric for your next ride. When you’re ready to start shopping, BestRide is here to help.