Growth of EVs

Electric vehicles have been around now for awhile but it hasn't been until the last several years where sales have gone up to really make a material difference in relation to traditional gas powered cars. In fact, 2023 was a big year despite some headwinds, and 2024 looks to set all-time record numbers for overall volume and market share.

As is often the case with numerous growth industries, some media sources have suggested electric vehicles are losing steam, or have stalled out, or look grim for for a host of reasons. Even Hertz, one of the largest auto rental companies, originally said it was going all in on EVs a few years ago, is now reducing its EV fleet.

2024 is expected to be another record for volume of EVs sold and their share of the total market. Industry research projects 2024 EV sales in the U.S. at just under 1.9 million units, making up 13 percent of new-car purchases. This year should see a reversal of the supply constraints that impacted availability over the last four years. Depending on numerous factors, some analysts project that overall vehicle sales could be 1 million vehicles or more greater than 2023 numbers.