The EV Market is Rapidly Accelerating
Changes are driven by consumer acceptance, product availability and government incentives.
Adoption of EVs and growth in the EV market is being driven by three key factors:
- Consumer acceptance. 52% interested in EVs, up 20 points in 2 years. Steve Patton notes significant consumer evolution. Nearly 90% willing to pay more for EVs over ICE vehicles.
- Product availability. 150 new EVs expected this year, with a surge in new market entrants. Weekly introductions of new models across all segments noted by Mr. Patton. US SUV and pickup markets, historically underserved, set to see numerous product launches in the next 12-18 months.
- Government incentives. Countries with more aggressive EV adoption tend to have greater incentives.
US Light Vehicle Registrations Forecast Split by Power Train
It’s still a very nascent state, but it’s creating a range of opportunities for a range of different players. Capitalizing on this opportunity is going to be key.
- Steve Bell, Wards Intelligence
Strategic Scaling: Driving EV Growth
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