TECH - Will Electric Vehicles Reach 50% Market Share In US By 2030? New Data Says Yes | Benzinga
Market share continues to increase in the United States for electric vehicles.
With some states aiming to eliminate internal combustion engines and transition to all-electric vehicles, a report examines how close the United States is to achieving 50% adoption.
What Happened: As states like California look to phase out gas-powered automobiles in favor of electric vehicles, a new report from Recurrent Auto shows that the entire United States is on pace of hitting a critical 50% milestone by 2030.
The new report sees U.S. market share hitting 15% by the end of 2025, as reported by Teslarati. The 15% threshold could represent the mass adoption phase of electric vehicles.
Recurrent Auto cites the International Energy Agency in its report. The IEA expects U.S. electric vehicle sales to hit 9.5 million to 9.6 million units in 2030, up from a previous estimate of 8.3 million to 8.4 million units. The agency cites improving costs of electric vehicles and lowered battery costs as key reasons for the optimism for substantial growth in the sector.
States working on zero-emissions targets and improved tax credits are also listed as reasons for increased optimism for the electric vehicle market share improving over time.
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