Electric vehicle (EV) adoption in the U.S. looks to be on pace to hit upcoming climate targets, as suggested by new data published last week.
U.S. EV adoption appears to be on pace to reach 50 percent by 2030, according to data published by Recurrent Auto on Wednesday. The research suggests that multiple revised EV sales projections still show a path to the 50-percent target, despite recent sensationalist headlines regarding a major EV sales slowdown.
Internal market forecasts from the firm also predict that the U.S. could enter the 15-percent “mass adoption phase” of EV adoption by the end of 2025. The report also cites data from other organizations, such as the International Energy Agency (IEA), which suggest similar outcomes for the next few years in U.S. adoption of battery-electric vehicles (BEVs).
Credit: Recurrent Auto
Credit: Recurrent Auto
The IEA has said that it expects global EV figures to increase nearly tenfold by 2030 under current policies.
The firm also notes that battery costs have dropped to a new low, and are projected to drop 40 percent between 2022 and 2025. In addition, the data accounts for upcoming EV launches, including 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 highlights that government incentive programs are working to help increase EV adoption, and as many as 17 states have instituted aggressive zero-emissions targets that outpace more lax federal guidelines.
You can check out the full write-up for Recurrent’s 2024 EV adoption data here.
In 2022, Recurrent also predicted that the Tesla Model Y could become the best-selling vehicle in the world in 2023. The electric SUV did go on to achieve that label, as detailed by the company during its Q4 2023 earnings call, citing data from Jato Dynamics.
BEV sales passed new milestone in the U.S. in 2023; state adoption varies
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