Electric vehicle share in US reaches record levels in 2020

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Electric vehicles segment is witnessing a boom in the United States, so to speak. EV registrations in the US in 2020 reached record market share of 1.8 per cent.

This demonstrates increased consumer interest for electric vehicles, according to new analysis from IHS Markit.

IHS Markit is a world leader in information, analytics and solutions. It said December 2020 also represented the highest monthly share for EV new registrations, at 2.5 per cent of the industry – a record monthly level since IHS Markit began tracking new vehicle registration data by fuel type.

For the purposes of this analysis, electric vehicles reflect those vehicles only powered by electricity and no other power source.

Tom Libby, IHS Markit Associate Director of Industry Analysis, said, “Consumer acceptance of electric vehicles is increasing, though at a modest pace, and now is at record levels. We continue to see significant contrasts in EV adoption across different regions of the country, led by the two coasts.”

Though overall registration volumes were down across the industry for the year due to Covid pandemic impacts, the fact that EVs experienced such increased share shows rising consumer acceptance of EVs.

As per the study, from a retail perspective, EVs accounted for 2.8% of new vehicle registrations in December, according to the analysis, more than tripling EV retail share three years ago. This rising EV acceptance coincides with recent OEM announcements of substantial investments in electrification.

EV share

The study also noted that further development of EV share in the US in 2021 is nearly guaranteed.

It anticipates EV sales in 2021 will surpass 3.5% nationally, and continue to increase to more than 10 per cent in 2025.

Across the automotive spectrum, a wave of new EV products and brands all point to support EV trends in 2021 and beyond. With more than 100 new EV options expected between 2021 and 2025, a continued increase in consumer acceptance and demand will grow as ICE options are displaced by EVs.

(With inputs from Automotive Lead Research Team)

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