Tuesday, 23 July, 2024

Record Sales Coming in 2021 for US Electric Vehicle Market


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Electric vehicle sales are expected to hit their highest level on record in 2021, according to the car shopping experts at Edmunds. EV sales may reach 2.5% of retail sales in the US this year, an increase from last year’s 1.9%.

“After years of speculation and empty promises, 2021 is actually shaping up to be a pivotal year for growth in the EV sector,” said Jessica Caldwell, Edmunds’ executive director of insights. “We’re not only about to see a massive leap in the number of EVs available in the market; we’re also going to see a more diverse lineup of electric vehicles that better reflect current consumer preferences.”

Edmunds analysts anticipate that 30 EVs from 21 brands will become available for sale this year. Notably, this will be the first year that these offerings represent all three major vehicle categories: Consumers will have the choice among 11 cars, 13 SUVs and six trucks in 2021. This diverse spread of EV offerings should help encourage loyalty among EV owners, which has dwindled over the years as shoppers have gravitated toward larger vehicles. Edmunds analysts note that this infusion of fresh new products comes at a time where the market is also seeing a positive shift in consumer interest in EVs. According to Google Trends data, consumer searches for electric trucks and SUVs have recently hit a high point after trending upward for years.

As more consumers look to EVs as a possibility for their next car purchase, Edmunds’ senior manager of insights Ivan Drury says, “Range and weather conditions play a huge factor in determining whether certain EVs make sense for your everyday needs, and whether you own a home with a garage or rent an apartment could affect your charging situation. Federal and state tax incentives are at play with these purchases. And with a number of manufacturers following Tesla’s direct sale model, there might not be opportunities to take a test drive, or even to trade in your current vehicle, like you would at a traditional dealership.”

To help consumers, the Edmunds experts have put together a comprehensive analysis of the true cost of powering an EV, and they also maintain an authoritative EV rankings page that highlights the best electric vehicles currently in production.

Edited by Maryssa Gordon, Senior Editor, Price of Business Digital Network

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