How many EV models are available in the US?

The electric vehicle revolution is in full swing, transforming the automotive landscape in the United States. As concerns about climate change and air quality grow, more Americans are turning to electric cars as a clean and efficient alternative to traditional gasoline-powered vehicles. This shift has led to a surge in the number of electric vehicles on the market, offering consumers a wide range of options to suit their needs and preferences.

With the rapid growth of the electric vehicle industry, it’s crucial to understand the current state of the market. This article aims to provide a comprehensive overview of the electric vehicle scene in the US. We’ll look at the size of the market, sales figures, and the top manufacturers leading the charge. We’ll also explore the most popular electric car models, examine adoption rates across different states, and consider the factors driving this automotive revolution.

Current EV Market Size in the US

The electric vehicle (EV) market in the United States has experienced significant growth in recent years, marking a notable shift in the automotive landscape. This section examines the current size of the EV market, including the total number of EVs on US roads, their percentage compared to gas vehicles, and the growth trends observed in recent years.

Total number of EVs on US roads

The number of electric vehicles on US roads has been steadily increasing. In 2023, a record-breaking milestone was achieved as annual EV sales in the United States surpassed 1 million units for the first time . This achievement was reached by the third quarter of 2023, with sales through the first three quarters of the year being approximately 58% higher than the same period in 2022 .

To put this into perspective, Kelley Blue Book estimates that a total of 1,189,051 new electric vehicles were put into service in 2023 . This figure represents a significant increase from previous years and demonstrates the growing acceptance of EVs among American consumers.

Percentage of EVs compared to gas vehicles

While the EV market is expanding, traditional internal combustion engine vehicles still dominate the US automotive landscape. However, the market share of EVs has been steadily rising. In 2023, the EV share of the total US vehicle market reached 7.6%, up from 5.9% in 2022 .

To provide a broader perspective, Experian Automotive’s Market Trends report shows that in the first quarter of 2024, 7.9% of all new car registrations were for electric vehicles . This represents a slight decrease of 0.3% from the previous quarter but still indicates a significant presence in the market.

When considering the entire fleet of vehicles on US roads, including older models, the picture becomes even more interesting. In 2023, out of the roughly 286 million cars on the road with model years dating back to 2001, 9.3% were electric vehicles, marking a record high .

It’s worth noting that these figures do not include plug-in hybrid vehicles (PHEVs), which have their own market share. In May 2024, PHEVs accounted for an additional 1.7% of vehicle sales . Combined, EVs and PHEVs made up 8.5% of vehicles sold in that month, compared to 82.4% of gas-powered vehicles .

Growth trends in recent years

The growth of the EV market in the US has been remarkable, especially when compared to the adoption rate of conventional hybrids. Data from the U.S. Environmental Protection Agency’s Automotive Trends Report shows that it took about 25 years for hybrids to reach a 10% market share, while EVs achieved this milestone in approximately 12 years .

Looking at recent trends:

1. In 2021, EV sales increased from about 125,000 in Q1 to 185,000 in Q4 .
2. In 2023, sales grew from about 300,000 in Q1 to 375,000 in Q3 .
3. The share of new sales that are plug-in electric increased from about 3% in Q1 2021 to more than 10% in Q3 2023 .

However, it’s important to note that the growth rate has shown signs of slowing recently. In the first quarter of 2024, Americans bought 268,909 new electric vehicles, representing a 7.3% share of total new-vehicle sales, which was a decrease from Q4 2023 . While annual EV sales continue to grow, the growth rate has slowed notably, with Q1 2024 sales rising only 2.6% year over year, compared to a 46.4% year-over-year increase in Q1 2023 .

Despite this recent slowdown, analysts remain optimistic about the future of EVs in the US market. Cox Automotive forecasts that EV sales will continue to increase year over year in 2024, potentially reaching roughly 10% of the market by the end of the year . This projection suggests that the EV market is poised for continued growth, albeit at a more moderate pace than in previous years.

EV Sales Statistics

The electric vehicle (EV) market in the United States has experienced significant growth in recent years, driven by increasing consumer demand for environmentally friendly transportation options . This surge in popularity has led to impressive sales figures and projections for the future.

Annual EV sales figures

Electric car sales have taken off in the U.S. since 2020, with remarkable year-over-year increases. In 2023, approximately 1.6 million EVs were sold in the U.S., marking a 60% increase from the 1 million sold nationwide in 2022 . This growth is part of a global trend, as worldwide EV sales topped 10 million for the first time in 2022 .

The U.S. has become a significant player in the global EV market, accounting for 9.7% of all new EV registrations worldwide in 2022 . In fact, the U.S. saw a 55% increase in sales that same year, highlighting the country’s growing appetite for electric vehicles .

Looking at more recent data, the International Energy Agency (IEA) reports that global electric car sales reached almost 14 million in 2023, representing a 35% increase from 2022 . This growth has contributed to the expansion of the global electric fleet, which rose to 40 million vehicles in 2023 .

Comparison to ICE vehicle sales

To put these figures into perspective, it’s essential to compare EV sales to those of internal combustion engine (ICE) vehicles. In 2023, electric vehicles accounted for around 18% of all cars sold globally, up from 14% in 2022 and only 2% five years earlier in 2018 . This rapid increase demonstrates the growing market share of EVs in the automotive industry.

In the United States specifically, the market share of EVs has been steadily rising. By 2021, all-electric vehicles accounted for 3.2% of the light vehicle market . This figure has continued to grow, with EVs capturing an even larger portion of new vehicle sales in subsequent years.

It’s worth noting that while EV sales are increasing, they are not yet on par with ICE vehicle sales. However, the gap is narrowing as more consumers opt for electric options and manufacturers expand their EV offerings.

Sales projections for coming years

The future looks promising for the EV market, with various projections indicating continued growth. According to one forecast, EV sales in the U.S. are expected to grow to approximately 29.5% of all new car sales by 2030, up from about 3.4% in 2021 . This would translate to an increase in sales from a little more than 500,000 in 2021 to 4.7 million in 2030 .

The positive trend seems to be continuing in 2024. In the first quarter of the year alone, global EV sales grew by 25% compared to the same period in 2023 . Projections suggest that we could see 17 million in global EV sales by the end of 2024, with electric cars potentially accounting for 20% of total car sales .

However, it’s important to note that growth rates may vary across different markets. For instance, while China and the U.S. are expected to see strong growth, Europe’s EV sales growth is projected to be more modest in 2024, with sales expected to reach around 3.5 million units, reflecting a growth of less than 10% compared to the previous year .

As the EV market continues to evolve, factors such as technological advancements, policy support, and consumer preferences will play crucial roles in shaping future sales trends. The rapid growth observed in recent years suggests that electric vehicles are becoming an increasingly important part of the automotive landscape, both in the United States and globally.

Top EV Manufacturers in the US

Market share of leading brands

The electric vehicle (EV) market in the United States has seen significant growth in recent years, with several manufacturers vying for dominance. Tesla, long considered the leader in the EV space, has maintained a strong position but is facing increasing competition. In 2023, Tesla accounted for 55% of all EVs sold in the US, down from 62% in 2022 . This decline in market share has continued into 2024, with Tesla’s share falling below 50% for the first time, reaching 49.7% in Q2 2024 .

Despite this relative decline, Tesla’s sales have continued to grow. The company’s Model Y saw a 50% increase in sales compared to 2022, partly due to its eligibility for the full $7,500 tax credit under the revised Clean Vehicle Tax Credit qualifications .

Other manufacturers have been making significant strides in the EV market. Ford has shown impressive growth, selling 23,957 electric vehicles in Q2 2024, marking a 61.4% increase year-over-year . General Motors has also gained momentum, selling 21,930 fully-electric vehicles in the same quarter, with increased sales of their Blazer and Equinox EV models .

Notably, the Hyundai Motor Company and Kia have surpassed Ford in EV sales, collectively selling 37,044 EVs across the Hyundai, Kia, and Genesis brands . This achievement underscores the growing competition in the US EV market.

Notable new entrants

The US EV market has seen the entry of several new players, particularly from China. BYD, which stands for “Build Your Dreams,” has emerged as a significant competitor to Tesla on a global scale. In the last quarter of 2023, BYD briefly surpassed Tesla as the world’s top EV maker by sales, though Tesla reclaimed the title in the first quarter of 2024 .

BYD’s success can be attributed to its control over most of its low-cost EV supply chain, from basic components to transportation . The company’s ability to produce smaller, cheaper EVs, such as the Seagull hatchback priced at less than $10,000, has made them more accessible to the masses .

Other Chinese manufacturers like SAIC and GAC are also making their presence felt in the global EV market, although they currently rank low in terms of supply chain transparency and emissions reduction efforts .

Changes in manufacturer rankings

The rankings of EV manufacturers have seen significant shifts in recent years. While Tesla maintains its lead, other companies are rapidly gaining ground. Ford and Mercedes-Benz have been recognized as leaders in working to clean up their supply chains, according to a report endorsed by a labor and environmental civil society coalition .

Tesla has made notable progress, jumping from ninth to third place in the rankings, largely due to its disclosure of specific emissions from steel use in production . This move makes Tesla the first to provide such detailed information, setting a new standard for transparency in the industry.

However, some established automakers are facing challenges in the EV transition. Toyota and Honda have been labeled as “climate laggards” due to their failure to disclose actions to reduce emissions and their history of lobbying against climate action .

The rapidly changing landscape of the EV market is forcing traditional automakers to adapt. Ford, for example, is building a lithium iron phosphate battery factory using technology from China’s CATL . The company is also developing a new, small EV from the ground up to compete with lower-priced Chinese models .

As the EV market continues to evolve, manufacturers are likely to face ongoing challenges and opportunities. The increasing competition, particularly from Chinese manufacturers, is driving innovation and forcing companies to rethink their strategies in the growing EV industry.

Most Popular EV Models

Best-selling EV models

The electric vehicle market has seen significant growth in recent years, with several models emerging as clear favorites among consumers. Tesla continues to dominate the EV landscape, with its Model Y and Model 3 leading the pack. In 2023, the Tesla Model Y claimed an impressive 33.2% share of the battery-powered vehicle segment, experiencing a substantial 56.6% increase in sales compared to the previous year .

Following closely behind is the Tesla Model 3, which maintains its position as the top-selling electric sedan. While it saw a modest increase of 9,292 units sold compared to 2022, the recent refresh of the Model 3 is expected to boost its popularity further .

Other notable contenders in the EV market include:

1. Chevrolet Bolt EV/EUV: This compact hatchback/crossover duo saw a significant 62.8% increase in sales compared to 2022 .
2. Ford Mustang Mach-E: Despite a minor 3.3% increase in sales, it secured the fourth position in the EV market .
3. Volkswagen ID.4: This crossover experienced an impressive 84.2% increase in sales, placing it fifth among best-selling EVs in the United States .
4. Hyundai Ioniq 5: With a 47.6% increase in sales, this model has become a strong competitor in the EV market .

Features driving their popularity

Several key features contribute to the popularity of these top-selling EV models:

1. Range: The Tesla Model Y offers an estimated range of 330 miles, while the Model 3 provides 272 miles on a single charge . This extended range addresses one of the primary concerns of potential EV buyers – range anxiety.
2. Performance: Tesla models are known for their quick acceleration and high-performance capabilities .
3. Technology: Many popular EVs come equipped with advanced features such as over-the-air software updates, autopilot capabilities, and large touchscreen displays .
4. Charging infrastructure: Tesla’s extensive Supercharger network has been a significant factor in its popularity, offering convenient charging options for long trips .
5. Safety: Both the Tesla Model Y and Model 3 boast five-star safety ratings, appealing to safety-conscious consumers .
6. Unique design elements: Models like the Hyundai Ioniq 5 stand out with their edgy crossover/hatchback design .
7. Practicality: The Ford Mustang Mach-E and Volkswagen ID.4 offer SUV-like versatility, catering to families and those requiring more space .

Price ranges of top models

The price range for popular EV models varies significantly, catering to different market segments:

1. Tesla Model Y: Starting at $53,490
2. Tesla Model 3: Starting at $43,990
3. Ford Mustang Mach-E: Starting at $45,995
4. Chevrolet Bolt: Starting at $25,600, making it one of the most affordable EVs on the market
5. Volkswagen ID.4: Starting at $37,495
6. Hyundai Ioniq 5: Starting at $41,450

It’s worth noting that many of these models are eligible for the federal EV tax credit of up to $7,500, which can significantly reduce the effective purchase price . However, eligibility depends on factors such as the vehicle’s MSRP and the buyer’s income.

The EV market continues to evolve rapidly, with manufacturers constantly introducing new features and improving existing models to meet consumer demands and preferences. As technology advances and production scales up, we can expect to see even more competitive pricing and enhanced performance in future EV models.

EV Adoption by State

States with highest EV registrations

The adoption of electric vehicles (EVs) varies significantly across the United States, with some states leading the charge in EV registrations. California stands out as the frontrunner, with 903,600 registered electric vehicles in 2022 . This is followed by Texas with 149,000 EVs and Washington with 104,100 EVs . Other states with notable EV adoption include New York (84,700), Arizona (65,800), and Georgia (60,100) .

It’s worth noting that these numbers represent a small fraction of the total vehicle registrations in each state. For instance, in California, EVs account for approximately 2.7% of the total light-duty vehicle registrations, while gasoline-powered vehicles still dominate with over 31 million registrations .

Factors influencing regional adoption

Several factors contribute to the varying levels of EV adoption across states:

1. Charging infrastructure: The availability of charging stations has been identified as the most significant factor influencing EV adoption. A study found that the number of charging stations had the greatest impact on EV market share . As of May 2023, there were 138,100 charging outlets nationwide, with nearly a third located in California .
2. Education and income: Higher levels of education and median household income have been positively correlated with increased EV market share .
3. Political landscape: The percentage of Democrats in state legislatures has shown a significant positive relationship with EV adoption rates .
4. Population size: Interestingly, population size has been found to have a negative correlation with state-level EV market share .
5. Air quality concerns: Many states justify their EV rebates in terms of potential improvements to air quality from reducing the number of gas-powered vehicles on the road .

State-level incentives and policies

States have implemented various laws, incentives, and policies to promote EV adoption. The number of these initiatives varies widely by state:

1. California leads with 135 laws and incentives related to EVs .
2. Colorado and Washington each have 52 EV-related laws and incentives .
3. New York and Massachusetts have 48 and 50 respectively .
4. Some states with fewer initiatives include Idaho (5), Kansas (7), and Tennessee (7) .

Many states offer additional tax credits that can be stacked on top of the federal EV incentives. These state-level rebates can make EVs more affordable for consumers . Some states to watch for potential new or expanded EV incentives include New Jersey, Oregon, Texas, Illinois, Washington, and Minnesota .

To support policy-making and track EV adoption, many states are making vehicle registration data publicly accessible through initiatives like the Open Vehicle Registration Initiative. This data is typically updated monthly, quarterly, or annually, depending on the state .

As the EV market continues to evolve, state-level policies and incentives will play a crucial role in shaping adoption rates across the country. The interplay between infrastructure development, economic factors, and policy initiatives will likely determine the future landscape of EV adoption in different states.

Conclusion

The electric vehicle market in the US has seen remarkable growth, with a wide array of models now available to consumers. From Tesla’s dominance to the increasing competition from established automakers and new entrants, the EV landscape is evolving rapidly. This shift is having a significant impact on the automotive industry, pushing manufacturers to innovate and adapt to changing consumer preferences and environmental concerns.

As we look ahead, the future of EVs in the US seems promising, with projections suggesting continued growth in sales and market share. However, challenges remain, including the need for expanded charging infrastructure and addressing regional disparities in adoption rates. To sum up, the EV revolution is well underway, transforming not just how we drive, but also how we think about transportation and its environmental impact.

FAQs

1. Which U.S. state has the highest number of electric vehicles?
California leads the nation in electric vehicle registrations, with a total of 425,300 EVs.

2. What is the current value and growth projection of the electric vehicle market in the U.S.?
As of 2022, the U.S. electric vehicle market was valued at approximately USD 49.1 billion. It is expected to grow at a compound annual growth rate (CAGR) of over 15.5% from 2023 to 2032.

3. What is the top-selling electric car?
As of 2024, the Tesla Model Y is among the top-selling electric cars globally. Its popularity is driven by its combination of range, performance, and practicality. Other popular models include the Tesla Model 3 and the Hyundai Ioniq 5. However, rankings can vary by region and over time, so it’s always a good idea to check the latest sales data for the most current information.

4. What proportion of electric vehicles sold are made by Tesla?
Tesla vehicles represented 49.7 percent of electric vehicle sales in the U.S. during the second quarter of the year, marking a decrease from 59.3 percent the previous year. This change indicates Tesla is facing increasing competition from other manufacturers like General Motors, Ford Motor, Hyundai, and Kia.

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