According to IHS Markit, a big name in information and data analytics, new electric vehicle (EV) registrations in the U.S. during 2020 hit an all-time high market share of 1.8%, reinforcing the belief that electric cars are the future with growing consumer demand.
Electric vehicle (#EV) registrations in the US in 2020 reached record market share of 1.8%, demonstrating increased consumer interest. December 2020 also represented the highest monthly share for EV new registrations.
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All industries took a hit during 2020 due to the COVID-19 pandemic, increased interest in and acceptance of EVs among U.S. consumers allowed the burgeoning vehicle segment to post record registration and market share numbers.
December of last year saw the biggest boom in electric vehicle registrations in recorded history, with 2.8% of all new vehicles registered being powered completely by electricity.
Tesla delivering a record 180,000 vehicles in the fourth quarter and some half a million vehicles in the year might have had something to do with that.
Last year’s results showcase massive growth for the EV industry, but also gives us a peek into the future. IHS Markit expects EV market share by sales to hit 3.5% in the U.S. by the end of 2021, and 10% by 2025.
With legacy automobile OEMs directing significant resources towards EV development and production and key U.S. states like California, New Jersey, and Massachusetts vowing to ban the sales of new gas-powered vehicles by 2035, those forecasts don’t seem too far off.
