EVs Surge in Popularity as Gas Car Sales Decline Globally

The electric vehicle (EV) market is surging ahead, marking a significant shift in the global automotive landscape. In a compelling trend, one in every four cars sold this year is expected to be an EV, indicating a substantial move away from traditional internal combustion engines that have dominated for over a century.

Despite facing political challenges, the momentum of the domestic EV market remains strong. Consumer interest continues to rise, with nearly 25% of active new car shoppers showing a high likelihood of purchasing an EV in the coming year. The appeal of EVs can be attributed to three main factors:

• Affordability—EVs offer savings of over $1,000 annually on fuel and maintenance costs.
• Performance—EVs provide a robust driving experience and significantly lower greenhouse gas emissions by up to 80% compared to gasoline vehicles.
• Convenience—With 80% of charging taking place at home, the average range of EVs has increased to about 300 miles.

Considering an EV? The secondary market is flooded with options, as 243,000 EVs are set to enter it from leases. These vehicles compete well on price against used gas cars, offering better value. Moreover, the public charging infrastructure is expanding rapidly, with fast chargers expected to exceed 100,000 by 2027, a significant increase from 2022.

Decline in Gasoline Vehicle Sales

Sales of gasoline-powered cars are declining, with a peak of 79.9 million units sold in 2017 dwindling to 54.8 million by 2024—a drop of 31%. In contrast, the market for EVs and plug-in hybrids has surged, with sales rising from 1.2 million units in 2017 to 11 million EVs and 6.5 million plug-in hybrids in 2024. Notably, a quarter of all cars sold now have a plug, a trend likely to continue growing, as per J.D. Power’s October survey results. Read more.

Used EVs Lead U.S. Sales

For those deterred by the price of new cars, the used EV market offers a compelling alternative. A growing inventory of off-lease EVs, many with fewer than 40,000 miles and still under warranty, presents an attractive option. With only about 20 moving parts compared to 2,000 in a gas vehicle, EVs offer significant reductions in maintenance costs, saving owners over $1,000 annually on fuel and upkeep. Companies like Recurrent provide remote battery checks, adding confidence for buyers. Read more.

Federal Support for EV Transition

While market dynamics are favorable, federal policies play a crucial role in accelerating the EV transition. Recently, about 30 EV advocates, including myself, convened in Washington, D.C., to engage with over 50 Congressional offices. The focus was on promoting transportation electrification as part of the Surface Transportation Reauthorization (STR) process. This bipartisan effort, renewed every five years, funds crucial transportation initiatives, including the development of a fast-charging network and the introduction of electric school buses. Read more.

Engage with the EV community through LinkedIn or learn more about SACE’s Electrify the South program at ElectrifytheSouth.org. Join us in promoting electric transportation across the Southeast. Connect with us.