The world of transportation has been changing. With stricter emission regulations, lower battery costs, more widely available charging infrastructure, and increasing consumer acceptance, electrified vehicles are becoming more viable and competitive.
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.
It’s no secret that electrified vehicles (hybrid, plug-in, battery electric, and fuel cell) are becoming viable and competitive. The only question is how quickly they’ll be adopted by consumers.
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.