40 Interesting Electric Vehicle, Statistics, & Trends
Before COVID-19, EVs were gaining popularity and eating up a significant share of the car market. The pandemic disrupted the auto industry as a whole, with EVs taking a hit like everyone else, but it maintained steady sales as the year progressed.
As governments, automakers, and consumers begin to embrace EVs, what does the future hold? As we close out the year, there are many key EV stats to consider. Today, we’ll review some of the most important and interesting electric vehicle trends and statistics.
Read this for overall car buying statistics.
Table of Contents
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The Current State of EVs
In 2019, there were over 7 million EVs on the road, with nearly half in China. The pandemic caused a dip in sales, but EVs are recovering. The current state of EVs is overwhelmingly positive, with differences in key regions. In the US, Tesla is the major player, with many others planning to enter the market.
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- EV costs are falling quickly: battery pack prices in 2019 were an average of $156/kWh, which is down from $1,100/kWh in 2010. 1 kWh = ~4 miles of range. (IEA)
- The average pack size for a BEV/PHEV increased, up to 44 kWh in 2019 from 37 kWh in 2018. Battery electric vehicles in most countries are now in the 50-70 kWh range – or 200-280 miles of range per full charge. (IEA)
- The national average of EV charging is $0.15 per kWh (which is $9 to fill up a Chevy Bolt EV – 250 miles). The low is $0.08 per kWh and the high is $0.27 per kWh. (NREL)
- The lifetime fueling cost (15 years) for EVs is between $3,000 to $10,500 lower than the costs of a traditional gasoline-powered vehicle. (NREL)
- The significant growth of EVs leading up to 2030 will present major opportunities and challenges for traditional original equipment manufacturers (OEMs), new-entrant OEMs, captive finance companies, and dealerships. (Deloitte)
- After an encouraging start to 2019, falling fuel prices in the United States (a market that already enjoys comparatively cheap private transportation) led to the disappointing second half of the year for EV sales. (Deloitte)
- In 2010, there were only 17,000 electric cars on the world’s roads. By 2019, there were 7.2 million, with 47% in China. (IEA)
- The sales of battery-electric (BEV) and plug-in hybrid (PHEV) electric cars tipped over the two-million-vehicle mark for the first time in 2019. It is on track to hit 3% of global vehicle sales in 2020. (Deloitte)
- The global electric vehicle market is dominated by major players such as Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan). (Markets and Markets)
- Most EV sales in the US are in markets with some combination of the following: ZEV regulation, incentives, an extensive charging network, and city/utility promotions. (The ICCT)
- Scheduled maintenance costs will be 40% lower for the E-Transit compared to the gas model over eight years or 100,000 miles. (AutoNews)
EV Car Buying Consumer Habits & Trends
The major concern for EV adoption in the US in 2020 is charging infrastructure, which is closely tied to the other barrier of driving range. Consumers are not as concerned about the price, but it is still on their minds as they compare EV and ICE models. While other countries are quicker to rebound from the drop in EV sales, the US continues to lag for several key reasons.
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- The United States EV market is almost singlehandedly being carried by the success of the Tesla Model 3 – which is responsible for almost half of all EV sales. (Deloitte)
- Tesla set a record for EV deliveries in Q3 of 2020 (almost 140k vehicles sold), with the company estimating to hit half a million deliveries in 2020. This is a 36% increase over 2019 even with the current pandemic and the phasing out of federal tax incentives. (Tesla)
- The top reasons that the US lags behind the rest of the world in terms of EV sales are a lack of government commitment to EVs, insufficient or unsuitable charging infrastructure, unavailability of EVs, and cultural differences regarding mobility models. (Deloitte)
- In 2018 in the US, cost/price premium was the biggest barrier for entry for adopting EVs (26% in 2018 to 18% in 2020). In 2020, the biggest concern was the lack of electric vehicle charging infrastructure (22% in 2018 to 29% in 2020). (Deloitte)
- In the Northeast, 83% of people surveyed believe that there are not enough charging stations available. (Drive Change Drive Electric)
- 8 out of 10 people surveyed said they have concerns about the distance you can drive an electric vehicle before needing to recharge it. (Drive Change Drive Electric)
- The top areas driving the market for consumers are technology (batteries improving), policies, economics, and companies accelerating investments in EVs. (BNEF)
- Automakers should note, traditional features such as safety and design should not be overlooked. Consumer target needs must be understood; incentives are important to middle-class buyers. (IPSOS)
- According to Ford's telematics data, commercial businesses use their vehicles for an average of 74 miles a day, well within the E-Transit's range, even after accounting for cold weather or heavy cargo loads. (AutoNews)
Up to this point, many EV car buyers were Gen X males, likely due to the premium price tag. However, we can expect Millennials to drive the change to EV technology. While Baby Boomers are slower to adopt, they too show promise to change to EVs. Overall, automakers are well-served to target Millennials, while still considering their unique sub-markets.
- Today’s consumer profile in the electric car market is evolving from early adopters and technophile purchasers to mass adoption. (IEA)
- Millennials are more accepting of electric cars than Baby Boomers in the Northeast. 63% of Millennials consider an EV when shopping for a new vehicle, versus only 38% of Baby Boomers. (Drive Change Drive Electric)
- Despite differences in electric car knowledge, both Millennials and Baby Boomers are eager to see more electric vehicles introduced. (Drive Change Drive Electric)
- One of the biggest purchase motivators is incentives from the state or federal government. (Drive Change Drive Electric)
- According to Julia Rege, senior director of environment and energy at the Global Association of Automakers, “to date, electric car sales have been dominated by Gen-X men. However, with two out of three Millennials considering an electric car for their next vehicle, we could see a substantial shift in the marketplace.”. (Smart Energy)
- The results of the Drive Change Drive Electric study suggest that the technology revolution for EVs will be driven by Millennials. Additionally, Baby Boomers may take longer to learn about technology, but they will also come to participate in the change. (Drive Change Drive Electric)
- Automakers can confidently target millennials, who have an early adoption attitude and broad tech knowledge. (IPSOS)
The Future of EVs
The future of EVs is bright, albeit with some significant regional variation. Several automakers are accelerating EV launch plans, with many new models to come in the upcoming years. Tightening government regulations are a huge driving force for EVs, and differences in policies affect EV adoption around the world. EV manufacturers are still working to eliminate the biggest barriers to entry, which they are already addressing at an impressive rate.
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- Deloitte’s global EV forecast is for a compound annual growth rate of 29% achieved over the next ten years. (Deloitte)
- Automakers are accelerating their EV launch plans, partly to comply with increasingly stringent regulations in Europe and China. (BNEF)
- By the end of 2022, Hyundai will have three new hybrid vehicles, two plug-in crossovers, three battery EVs, and the current Nexo fuel-cell crossover. (AutoNews)
- In the United States, IHS Markit predicts there will be 130 available models by 2026, offered by 43 brands. (Deloitte)
- Hyundai's EV ambitions in the U.S. align with the expected pro-environmental policies of President-elect Joe Biden and even the new California policy of requiring all new cars sold in the state to be EVs by 2035. (AutoNews)
- "I think for us, it's (California’s 2035 mandate all new cars sold in the state be zero-emission vehicles) very good. We are just launching more battery EV cars, we have a plan to more than double [the models] in three years, so we are set for success." from CEO of Hyundai USA. (AutoNews)
- To date, 17 countries have announced 100% zero-emission vehicle targets or the phase-out of internal combustion engine vehicles through 2050. (IEA)
- The vehicle (Ford Motor Co.'s 2022 E-Transit van) is part of Ford's $11.5 billion global bets on electrification. (AutoNews)
- European emissions standards persuaded manufacturers to favor the production of zero-emissions, which has prompted the rise of BEVs in 2019 which accounted for 74% of global EV sales. In just one year, the percentage of BEVs increased by 6. (Deloitte)
- EV sales demonstrate regional disparities. Sales of BEVs increased by 93% in Europe, 17% in China, and 22% in other regions. In the US, the market for BEVs fell by 2%. The speed of recovery after COVID-19 is also expected to vary by region. (Deloitte)
- Within the next few years, Deloitte estimates some barriers for EVs will be obsolete. Specifically, the driving range is fast catching up to ICE vehicles, price is reaching parity (when considering subsidies), and the number of models available is increasing. (Deloitte)
- Globally, the number of publicly accessible chargers (slow and fast) increased by 60% in 2019 compared to the previous year. (IEA)
- China accounts for the largest share of global EV sales as it looks to reduce energy imports, clean up urban air quality, build its domestic auto industry, and attract manufacturing investment. (BNEF)
Overall EV Trends and Analysis
While COVID-19 certainly disrupted the growth of the EV market, the industry shows no signs of slowing down. The recovery rate and growth of EVs vary drastically around the world, with the US lagging behind China and most of Europe. Government policies, reduction of purchase barriers, automaker adoption, and changing consumer attitudes are all top factors that contribute to the expected growth of the EV industry.
This year, we did not see the EV sales we expected, but the market shows immense promise for bouncing back. At first, early adopters of EV were overwhelmingly Gen X men, but the future of EV lies heavily with Millennials. While car shoppers still have some concerns about making the switch to EVs, automakers are working hard to address their concerns and eliminate the remaining barriers to purchase. Overall, many of these electric vehicle statistics show that we can expect immense growth of the segment worldwide, as infrastructure expands and EV technology rapidly improves.
https://www.autonews.com/mobility-report/hyundais-big-moves-electrification-start-big-models https://www.autonews.com/retail/ford-e-transit-targets-efficiency-minded-fleet-buyers https://www2.deloitte.com/uk/en/insights/focus/future-of-mobility/electric-vehicle-trends-2030.html https://www.iea.org/reports/global-ev-outlook-2020 https://about.bnef.com/electric-vehicle-outlook/ https://www.marketsandmarkets.com/Market-Reports/electric-vehicle-market-209371461.html https://theicct.org/sites/default/files/Drew%20Kodjak_Canada%20global%20EV_12June2019_0.pdf https://driveelectricus.com/ https://www.smart-energy.com/industry-sectors/smart-energy/new-study-reveals-interesting-statistics-on-ev-ownership-and-consumer-interest/ https://www.ipsos.com/sites/default/files/2017-04/ipsos-marketing-target-market-electric-vehicles.PD__0.pdf https://ir.tesla.com/press-release/tesla-q3-2020-vehicle-production-deliveries https://www.nrel.gov/news/press/2020/research-determines-financial-benefit-from-driving-electric-vehicles.html
Frequently Asked Questions
What are the most popular electric car manufacturers?
Tesla dominates the US EV market, with the Tesla Model 3 making up almost half of all EV sales. BYD is the most popular from China, BMW and Volkswagen from Germany, and Nissan from Japan.
What is the average battery pack size for an EV?
The average battery pack size for a BEV/PHEV is around 44 kWh in 2019, and most battery electric vehicles are now in the 50-70 kwH range (or 200-280 miles of range per full charge).
What are the main reasons for US consumers not buying an EV?
Some of the main reasons include lack of government commitments to EVs, unavailability of EVs, the premium cost, lack of charging stations, and concerns over the driving range.
Who is most likely to buy an EV?
Millennials are more accepting of EVs than Baby Boomers, although both demographics are eager to see more EVs introduced. Currently, Gen-X men are most likely to buy an electric car. State and federal incentives are the biggest purchase motivators.
Will there be more EV models introduced in the near future?
HIS Markit predicts there will be 130 available models by 2026, offered by 43 brands. Hyundai alone plans on three new hybrid vehicles, two plug-in crossovers, and three battery EVs by the end of 2022.
What will make EVs more relevant in the future?
Deloitte estimates some barriers for EVs to be obsolete. The driving range is catching up to traditional ICE vehicles, price is becoming more equal after subsidies, and the number of available models is increasing.