Last Updated: 26.09.2023
by Rinas Bullatovci
The Electric Car Revolution in America
The US electric vehicle market is flooring the accelerator, with sales projected to surge over the next 5 years per Market Analytics.
EV revenue is forecast to grow 18% annually from 2023-2028, hitting $161.6 billion by 2028 versus $70.1 billion in 2023.
In 2016, 280,300 EVs hummed on American roads – 9 per 10,000 people. By 2022 that figure leapt to 2.4 million, maintaining the ratio of 73 per 10,000 individuals.
Total EV sales are expected to vault 150% from around 1 million vehicles in 2023 to 2.5 million by 2028.
Driving the boom? More affordable models with extended range, nationwide charging infrastructure growth, and legacy automakers like Ford and VW competing with market leader Tesla.
The recent federal infrastructure bill allotted $7.5 billion to blanket America with EV charging stations. This aims to eliminate range anxiety and give consumers confidence in switching to electric.
As charging plugs become as common as gas pumps, reservations around EVs will likely disappear.
With rising gas prices and government incentives added in, Market Analytics sees EVs surpassing gas-powered models in annual US sales within 10-15 years.
The 2023-2028 stretch marks a pivotal growth epoch en route to EVs dominating American roads.
Rising Electric Titans: How Traditional Automakers are Charging into the EV Future!
In the world of electric vehicles (EVs), Tesla has long been heralded as the golden child, leading the charge in innovation and setting the standard for EV technology.
But, the race to the top is far from over. Traditional automakers are now vying for a slice of the electric pie, and their efforts are nothing short of impressive.
01
Tesla
The undisputed leader of the electric pack, Tesla sparked the EV revolution as its sleek designs and impressive battery life set it apart from the herd.
But the competition is gaining ground. Tesla’s top-selling ride remains the Model 3 – over 1 million have galloped off the lots since its 2017 debut.
Nissan planted its flag firmly in the EV space with the game-changing Leaf.
By blending reasonable pricing under $30k with ever-improving range and power, the Leaf grew into the world’s best-selling electric vehicle.
Over 500,000 Leafs have zipped off lots since the model’s 2010 launch, establishing Nissan as a leader in mass-market EV adoption.
For legions of first-time electric drivers, the Leaf provided an affordable on-ramp to EVs.
02
Nissan
03
Chevrolet
With the Mustang Mach-E, Ford strides confidently into an electric future without abandoning its performance past.
The Mach-E remains Ford’s premiere EV, surpassing 100,000 sales since its 2020 debut on the strength of its iconic Mustang-inspired style and muscle.
Despite its $40k+ pricing, the Mach-E delivers up to 300 miles of range, sports car acceleration and advanced tech in an electric crossover package.
With the e-tron series, Audi fused luxury and sustainability, blending the brand’s plush design hallmarks with cutting-edge electric vehicle technology.
The e-tron remains Audi’s premier zero-emissions model, crossing 100,000 in global sales since its 2018 introduction.
As one of the first luxury electric SUVs brought to market, the e-tron carved out an exclusive niche.
Despite its loftier price tag versus mainstream EVs, competitive 200+ mile range, pampering passenger features and sporty Audi performance have attracted buyers in numbers.
04
Audi
05
Porsche
Porsche shook up the EV world by proving sustainability can still be sexy with the lightning-quick, luxurious Taycan.
Over 90,000 Taycans have flown off the lots since its 2019 debut, cementing it as Porsche’s premier electric model.
As their first EV, Porsche was out to prove electrification didn’t mean sacrificing the brand’s signature throttle-pumping performance and sleek interiors.
The $80k+ Taycan delivers – wrapping Porsche’s sports car soul in an emissions-free package with factory-standard neck-snapping acceleration.
With models like the i3 and i8, BMW has demonstrated its legendary engineering prowess translates seamlessly to electric.
The i3 remains BMW’s hottest selling EV, crossing 200,000 in global sales since its 2013 debut.
As one of the first premium compact electric options, the i3 carved out an exclusive niche.
Despite its $44,000+ pricing, the i3’s lightweight carbon fiber construction, punchy performance and range-extending engine option have resonated with buyers seeking sustainability and BMW’s revered driving dynamics.
06
BMW
07
Ford
With the Mustang Mach-E, Ford strides confidently into an electric future without abandoning its performance past.
The Mach-E remains Ford’s premiere EV, surpassing 100,000 sales since its 2020 debut on the strength of its iconic Mustang-inspired style and muscle.
Despite its $40k+ pricing, the Mach-E delivers up to 300 miles of range, sports car acceleration and advanced tech in an electric crossover package.
By infusing their legendary pony car flair into an emission-free vehicle, Ford has successfully captured imaginations worldwide.
As sister automakers, Hyundai and Kia have made an electric splash together with the brisk-selling Kona Electric crossover.
The Kona remains the pair’s premiere EV, moving over 120,000 units globally since its 2018 launch on the strength of its 250+ mile range and sub-$35k pricing.
For many, the Kona Electric is an entry point into EVs – blending usable daily range, attractive styling, and an accessible price tag.
08
Hyundai & Kia
09
Volkswagen
With the ID series, Volkswagen strides purposefully into an electric future.
The ID.4 crossover remains VW’s premiere EV, topping 70,000 in global sales since its 2020 debut.
As their first ground-up EV design, the ID.4 makes a statement – pairing familiar Volkswagen practicality and performance with battery power.
Despite its under $40k starting price, the ID.4 impresses with over 250 miles of range, crisp handling and an intelligently designed interior.
Methodology
Statista was the primary database accessed for quantitative data related to EV sales, their growth rate, and future projections. The Alternative Fuels Data Center (afdc.energy.gov) provided data on electric vehicle distribution and infrastructure in the U.S. Information on projected growth rates and future trends in the EV market was extracted from reports published by Market Analytics.
Official reports and press releases from automakers like Tesla, Nissan, Chevrolet, and others supplied data on specific vehicle sales, model launches, and future strategies.The growth of the EV market was analyzed on a year-on-year basis, especially focusing on the period from 2016 to 2022. This helped in understanding the pace of EV adoption across states and among different automakers.
This methodology offers a structured framework for analyzing the Electric Car Revolution in America, relying solely on secondary data sources. The insights generated aim to provide a comprehensive perspective on the current landscape and the future potential of the U.S. EV market.
Sources
Statista. (https://www.statista.com/topics/4421/the-us-electric-vehicle-industry/#topicOverview) Statista. (https://www.statista.com/outlook/mmo/electric-vehicles/united-states) Afdc.energy.gov. (https://afdc.energy.gov/transatlas/#/?view=percent&state=US&year=2022)