EV Sales Increase in the US Amidst the Expanding Gasoline Fleet

The landscape of U.S. automotive trends is shifting, with electric vehicle EV sales experiencing growth, even though facing challenges in overtaking their gasoline counterparts. A recent third-quarter report by Experian’s Automotive Market Trends sheds light on this evolving scenario.

EV Sales Amidst Growing Gasoline Dominance

In the dynamic U.S. automotive market, EVs have carved a larger niche, constituting over 1% of the total fleet today, up from a modest 0.25% in 2019. However, the overall growth is largely driven by gasoline cars, overshadowing the EV expansion.

Between 279.2 million and 288.5 million, automobiles have been registered in the US throughout the last four years. The EV fleet also experienced significant expansion over four years, increasing from 0.7 million to 3.0 million. This dissimilarity underscores the uphill battle EVs face in offsetting the sound growth of gasoline vehicles, even without factoring in hybrids.

The International Energy Agency’s (IEA) recent report highlights the sustained strength of oil demand, delaying the envisioned decline in gasoline vehicle dominance. Yet, there’s a positive trend indicating that EVs and mixes could play a crucial role in narrowing the gap in the next few years. 

Predictions point towards an estimation that by 2030, electric vehicles are anticipated to make up a significant two-thirds share of worldwide EV sales.

Uneven EV Market Penetration in the U.S.

While EV interest remains strong in the U.S., the market presents an interesting difference. Luxury vehicles embrace EV technology, accounting for over a third of the market share, whereas non-luxury vehicles lag significantly, representing less than 2%. 

J.D. Power’s analysis points towards an untapped mass market for EVs, attributing the gap not to a lack of demand but a shortage of product offerings.

Experian, a neutral observer of trends, refrains from predicting the decline of the gasoline vehicle fleet in the U.S. Given the current average age of vehicles at 12 to 13 years, any decline may be a few years away. The shifting automotive landscape prompts a critical question about the role of regulators in emissions reduction.

EV Sales vs. Internal Combustion Vehicle Retirement

In the pursuit of emissions reduction, the focus on boosting EV sales may need reconsideration. The longevity of internal combustion vehicles demands attention, suggesting a need for regulators to pivot towards retiring these vehicles to achieve significant environmental gains.

Also, see: Honda E Sales Pause Preceding Next-Gen Electric Vehicle Launch

FAQs

Q1: When is the U.S. gasoline car fleet expected to decline?

Experian refrains from providing a specific timeline, but considering the current average age of the vehicle fleet (12 to 13 years), a decline could be several years away.

Q2: What is the projection for global EV sales by 2030?

Global expectations predict EVs will constitute approximately two-thirds of car sales by 2030.

Q3: Why does J.D. Power argue there is a “missing mass market” for EVs in the U.S.?

J.D. Power attributes the gap in EV market penetration to a lack of product offerings rather than a shortage of demand, particularly in the non-luxury vehicle segment.

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Aliha Zulfiqar
Aliha Zulfiqarhttp://thetricenet.com
With a major in English Language and Literature, I'm a dedicated SEO Content Writer. Also, I love to write about technology. With over 2 years of experience, I've had the privilege of contributing to various renowned platforms. As I look forward to the future, I am committed to refining my work and delivering content that stands out.

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