Studies have shown that the global market for EVs has doubled in the last year
Between 2020 and 2021, the global electric vehicle (EV) market more than doubled, jumping from 3 million sales in 2020 to 6.6 million in 2021, according to the International Energy Agency (IEA). Representing 9% of all car sales, EVs are quickly growing in popularity. But are car manufacturers able to keep up with the trend?
The Push for Electric Cars
Government agencies around the world have set aggressive targets for the future of vehicles. While Europe and China continue to lead the pack of overall EV adoption, the U.S. continues to push. The IEA estimates there are 16 million EVs roaming American roads today.
Like every business, car manufacturers make predictions about how many vehicles they will need to produce per year to meet public demand. Tyson Jominy, VP of data and analytics for J.D. Power, told E&E News that they have needed to “blow up” their predictions… because the rate of adoption is going much quicker.”
The U.S. has seen new EV-specific production sites across the country – especially in Tennessee and Kentucky, where Ford Motor Co. and SK Innovation are stationed – a sign that these manufacturers are banking on the future of EVs.
Where there was once speculation on whether or not the country could meet President Biden’s call for 50% car sales being electric by 2030, these manufacturers and others, like General Motors Co., are actually seeing the push coming to fruition.
Along with the $14 billion spent globally on direct purchase incentives and tax deductions for EVs, according to the IEA, Americans will need more options than just compact cars – and manufacturers are responding.
What Will Prompt the Switch to EVs?
SUVs account for about 60% of all vehicle sales, with full-sized pickup EV trucks also gaining traction in the EV space with vehicles like Ford’s F-150 Lightning, the Chevy Silverado and the Dodge Run, according to E&E. Corporate Electric Vehicle Alliance Members plan to purchase more than 375,000 new EVs through 2026, and 95% of survey respondents said that if a vehicle offered the specs and capacity they need, they would make the switch.
While cities like Colorado Springs are seeing a lag in how quickly car manufacturers are able to meet consumer demand, the trend for the future of EV purchases looks like it will continue to increase.
Webasto is here to support
If you’re ready to make the leap, we have charging stations that will help support the move. Running out of power on the road is a common fear of consumers looking into buying an EV. But we have the charging stations and backup portable chargers you’ll need to ease your mind.
For more information on our UL-listed products, give us a call today!