The Electric Vehicle Market is Growing Rapidly!

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by CarBook,

The electric vehicle market is growing. In the coming years, stricter emission regulations, lower battery costs, more widely available charging infrastructure and increasing consumer acceptance will create new and strong momentum for penetration of electrified vehicles (hybrid, plug-in, battery electric and fuel cell) in the market.

As stricter emission regulations take effect in the coming years, lower battery costs become more widely available and more charging infrastructure becomes available, it’s clear that electrified vehicles will have a strong momentum for penetration into the market.

In fact, the number of hybrid and plug-in hybrid vehicles on U.S. roads jumped from less than 1% in 2008 to 2% in 2018, while battery electric vehicles (BEVs) made up less than 0.1% of new cars sold in 2008 but 4% in 2018.