Key conclusions
- Market acceptance and popularity of electric vehicles are rising. EV sales made for 5.6% of the overall vehicle market in Q2 2022 (up from 2.7% in Q2 2021).
- People are switching to electric vehicles because they provide cleaner energy and offer better performance.
- Government subsidies continue to support the use of electric vehicles.
- This summer’s spike in gasoline prices only served to highlight the promise of electric automobiles, which remain the main consumer bulwark for the country’s new electric economy. More people, corporations, and municipalities are turning to electric power as the future of transportation even as gas costs are on the decline.
Let’s delve further into the industry to better understand why electric vehicles (EVs) are becoming more and more popular.
Electric vehicles: Making Progress
It’s simple for a buyer to think that electric cars are a recent invention. After all, they’ve only recently begun to become more well-known.
You might be surprised to discover that the United States’ first electric car first drove on a public road in 1890. William Morrison’s electric car only had a top speed of 14 miles per hour, but it ignited interest in EVs across America.
Gas-powered and electric vehicles engaged in fierce market share competition for a period. But once Henry Ford unveiled the Model T in 1908, the trend shifted in favour of gas-powered vehicles, which became even more accessible.
Since the Toyota Prius was introduced in 1997, electric car interest has increased significantly. With the introduction of the first hybrid electric vehicle for mass production, interest in contemporary electric vehicles began to grow.
More consumers are making the transition as automakers develop more affordable ways for EVs to travel long distances. EV sales made for 5.6% of the entire vehicle market as of the second quarter of 2022. This is an increase from 2.7% in the second quarter of 2021.