Electric vehicles in the United States remain on track to account for half of the automotive market by the end of the decade, according to research firm Recurrent Auto’s recent report.
US poised to hit 50% EV sales by 2030
Electric vehicle adoption is “still on pace” in the US market, based on Recurrent Auto’s data published on Wednesday.
The Seattle-based research firm claims that considerable revised electric vehicle sales projections continue to show signs of progress toward the 50% market share target by 2030. These data contradict recent reports of a major market slowdown for EVs.
In addition, Recurrent Auto’s internal market forecasts suggest that the country could enter the 15% “mass adoption phase” of electric vehicle adoption by the end of 2025. It also cited data from other sources like the International Energy Agency (IEA), implying similar results for the following years in BEV uptake in the US.
For context, the IEA projects global EV sales to surge almost tenfold by 230 under current policies.
Status quo
Recurrent Auto’s report also revealed battery costs have reached a new low. This considered, the research firm forecasts battery costs to decline 40% from 2022 to 2025.
It is also worth noting that the data accounts for upcoming electric vehicle launches, such as the BMW Neue Klasse, GMC Sierra EV, Hyundai Ioniq 7, Nissan Maxima EV, Rivian R2 series, and the VW ID.Buzz, among others.
The report also outlined that government incentive programs are proving effective in boosting electric vehicle adoption. As many as 17 states have reported aggressive zero-emissions targets outpacing federal guidelines.
The used electric vehicle market is getting cheaper, with almost 60% of listings priced below $30,000.
You can access Recurrent Auto’s full 2024 EV adoption data here.
