Barely more than a decade old, the electric vehicle (“EV”) industry is poised to disrupt the century-old automotive sector. Powered by rechargeable lithium-ion battery packs, electric vehicles are poised to replace conventional gas-powered vehicles and take over the roads over the next few decades. Although several governments have committed to electrifying their roads, electric vehicles still make a very small percentage of new cars sold across the world.
According to new data provided by forecasting company IHS Markit, 2021 may be a pretty good year for new energy vehicles. At the moment, electric vehicles make up just 1.8% of new cars sold, the firm says. Last year was slightly better, with EVs making up 2.8% of new cars by December, despite seeing an overall drop in volume due to the coronavirus pandemic. Although 2.8% is quite a minuscule percentage, IHS Markit notes that it is triple the number of electric vehicles bought and registered three years ago.
However, the real treat comes from the firm’s 2021 forecast for the electric industry. After crunching the numbers, IHS Markit believes that by the end of the year 2021, the market share for electric vehicles will double from 1.8% in 2020 to 3.5%. By 2025, the forecasting firm predicts that electric vehicles will make up a whopping 10% of new vehicles sold. With more automakers throwing their hats into the EV space, Markit believes consumers’ acceptance of green energy vehicles will keep growing.
More EV models in the market will give established firms like Tesla more competition and provide more (affordable) options for drivers looking to switch from the internal combustion engine to the electric powertrain. IHS Markit’s data shows that most EV drivers are loyal to their brands, with most of them buying a second EV from the same brand when they are ready to trade in their old ones. From this, we can conclude that most EV drivers are satisfied with electric vehicle technology and have little chance of going back to gas-powered vehicles or even hybrids.
Presently, Tesla remains at the top of the electric vehicle space, especially in the U.S. Last year, 79% of all the electric vehicles registered in America were Teslas, a report from an Automotive News/Experian partnership revealed, adding up to 200,691 Tesla vehicles. This leaves just 21% of the U.S. market for EV startups and established automakers like Ford and GM to claim as their own.
A look at the offerings of some of the newer players in the EV space provides credence to the prediction that the uptake of electric vehicles is likely to grow at double digit rates. For example, ev Transportation Services Inc. has devised a modular, light-duty commercial vehicle which is fast becoming a hit in the property maintenance, security and parking enforcement segments.
NOTE TO INVESTORS: The latest news and updates relating to ev Transportation Services Inc. are available in the company’s newsroom at https://ibn.fm/EVTS
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