Experian Automotive has updated our Electric Vehicles 2022 Year-in-Review Infographic Report with new 2023 Half-Year insights. In the previous report, we shared that over 6% of new, retail registrations were for electric vehicles. As we evaluated the current state of the Electric Vehicle Market for the first half of 2023 (January-June registrations), the percentage of new, retail registrations for electric vehicles has increased to over 7.5%.
There are several factors driving consumer adoption of electric vehicles in the United States, including:
- Environmental concerns: Consumers are increasingly concerned about the environmental impact of transportation, and EVs produce zero emissions at the tailpipe.
- Government incentives: Many state and federal governments offer incentives for the purchase of electric vehicles, such as tax credits and rebates.
- Falling battery costs: The cost of lithium-ion batteries, the key component of EVs, has fallen in recent years, making EVs more affordable for consumers.
- Increasing availability of EV models: Automakers are releasing a growing number of EV models, giving consumers more choices to fit their needs and budgets.
Despite the progress that has been made, there are still some challenges that need to be addressed to accelerate EV adoption in the United States. These challenges include:
- Lack of charging infrastructure: There is a need for more public charging stations, especially in rural areas and along major highways.
- High upfront cost: EVs can still be more expensive to purchase than gasoline-powered vehicles, even after factoring in government incentives.
- Range anxiety: Some consumers are concerned about the range of EVs, which can be limited compared to gasoline-powered vehicles.
Despite the challenges, the future of electric vehicles in the United States is bright. Automakers are investing heavily in EV development, and the number of EV models available to consumers is expected to continue to grow. Additionally, state and federal governments are taking steps to support EV adoption, such as investing in charging infrastructure and offering incentives for consumers and businesses to purchase
If you’d like to learn more about the current state of the Electric Vehicle market and buyer and how that market is growing and changing, check out our Updated Electric Vehicles Year in Review Infographic.