It seems like everyone wants to add an electric car to their collection or use one to replace their gas-powered daily driver. While this may be true in other parts of the world, the United States is falling short in terms of EV market sales.
Why is one country responsible for the electric craze lagging behind?
Lagging U.S. Sales
In 2018, electric vehicle sales saw a record high, with more than 361,000 units hitting the highways in the United States. At the beginning of 2019, it looked like the industry was in for another banner year, until July, when sales started to slump dramatically.
Nevertheless, long-term projections are still relatively smooth for the industry in America. Tesla is still the largest EV seller in the world, and the majority of the year’s early sales were due to the preorder and release of the new Tesla Model 3.
Despite a massive number of Tesla fans ordering the Model 3, U.S. sales lagged behind Europe and China. European profits tend to be more organic, not fueled by the sometimes-excessive incentives that some states offered to those who purchased an electric vehicle. In 2019, the EU’s electric vehicle sales outpaced the U.S.’s.
Looking for Opportunities
The electric vehicle market is continuing to grow, and analysts expect it to rise exponentially for many reasons. First is the push toward electric in things other than passenger vehicles, such as buses and fleets. The global market for electric buses, for example, is on track to reach nearly $2 billion by 2024.
The price of EVs is dropping as well, as technology improves and becomes more affordable and accessible. More affordable electric vehicle batteries, for example, could help reduce the cost of electric buses by 20% before 2025.
China Is Moving Up
The U.S. currently has nearly 50,000 electric vehicle charging stations. While that might sound like a lot for U.S. drivers and their cars, we’re far behind the rest of the world. The number of EV chargers in Beijing is the same as those in the entire continental United States. In fact, Chinese officials are trying to ensure that 60% of the vehicles sold in the country are electric by 2035.
As it stands, the U.S. is lagging when it comes to electric cars. As the technology becomes more affordable, however, we’ll probably see more EVs – and charging stations – appearing across the country and globe.
America Is Losing the Race
When it comes down to brass tacks, America is losing the EV race. China and other countries are happy to take the title, getting their piece of the pie that will continue to grow in the next decade. They already have 40% of global production and, if their plans to make most of the country’s vehicles electric come to fruition, they will see more growth in the next decade.
It will take a lot of work, and a collective desire to reduce our country’s carbon footprint before we can hope to catch up with China and all it has achieved thus far.
The Future of the United States’ EV Car Market
Electric vehicles are the wave of the future and may reduce our dependence on fossil fuels. However, they’re only useful if they become more affordable and accessible than they are now. As it stands, the U.S. is lagging in EV sales, and that trend will likely continue until the technology sees improvements.
