By 2040, EVs are expected to represent more than 30% of vehicles on the road. According to forecasts, 47% of two-wheeled vehicles, 24% of light commercial vehicles, and 67% of municipal buses will be electric.
In 2020, only 33% of municipal buses, 30% of two-wheeled vehicles, and around 2% of light commercial vehicles are electric.
BloombergNEF predicts that there will be 500 million passenger EVs on the road by 2040. Although the number of electric vehicles on the road is expected to increase dramatically in the next twenty years, it’s still a negligible amount compared to the number of internal combustion passenger vehicles.
So what’s causing the disparity between EVs and internal combustion passengers?
Let’s take a look:
Differences in Price
By far the biggest obstacle in EV adoption is the fact that they’re significantly more expensive than regular cars; the average consumer can’t afford an electric vehicle.
Manufacturers are racing to make EVs more affordable for consumers so they can be sold at similar prices to combustion engine automobiles. Industry experts believe that for this to happen, large vehicles will need to be replaced with EVs, so manufacturers of small cars can follow suit.
In the next decade, the Chinese and European markets are expected to see a surge in EV sales; electric vehicles will make up half of the cars on the road in these markets.
The shift in the automobile market is supported by government policies and a commitment to reducing carbon emissions.
EV Adoption in the US
EV adoption in the US will be slower than in other parts of the world because of the lack of proper charging infrastructure. EV owners need to install EV chargers on their properties.
When it comes to EV adoption, the US is lagging; however, the fact that 60% of US households have more than one car means they have the space to install EV chargers at home.
The adoption of EVs is heavily dependent on government policies; countries that are devoted to protecting the environment and halting climate change are willing to take the steps needed to reverse the damage to our environment.
If you’re thinking of getting an electric car in the US, get an EV charger installed. We provide comprehensive electrical services in the Bay Area, including installing electrical panels, and EV chargers, replacing damaged meters, and more.
We offer electrical services for both commercial and residential buildings.
Get in touch with us by calling 510-648-1465.
