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3 Ways the Electric Vehicle Market Is Getting Charged for the Future

When consumers consider purchasing from among the growing number of electric vehicles for sale in Norco, CA, they're probably also wondering what the future holds for the overall EV market. Here are three converging trends that bode well for these vehicles' continuing place on the road.

1. Growing Numbers of Electric Cars

Global EV sales increased to 6.75 million in 2021, representing 8.3% of all light vehicles sold for the year. Analyst estimates see continuing growth in sales, with EVs projected to achieve a 35% market share by 2028. Tesla Model-3 deliveries alone exceeded 500,000 for 2021, reflecting the year’s 108% increase over 2020 in worldwide EV sales.

2. Growing Choices

Automakers are retooling factories to deliver advanced products with lower sticker prices. Some manufacturers are introducing the first electric cars in their history. Newcomers in 2022, such as the Audi E-Tron GT and the still-exclusive Lucid Air, are joining venerable models such as the Nissan Leaf – in production for over 10 years.

3. Growing Access

The upward trend in sales and model diversity is supported by growth in EV infrastructure and technology. Since the beginning of 2020, there have been quarter-to-quarter increases of up to 7.7% in the number of EV charging stations available in the U.S. Meanwhile, the relative mileage cost between gas and electric-powered vehicles makes a consistent argument for choosing an EV. Data from the U.S. Bureau of Labor Statistics show that the average cost of EV charging is well below the price of gasoline nationwide. Charging savings and availability coincide with increasing EV endurance. The 2022 Hyundai Ioniq 5 boasts a range of 303 miles on a single charge, while competitors claim up to 520 miles between charges.

Additionally, concurrent trends, including the advent of affordable home-based solar power and home EV charging, make electric cars an attractive option for both cost-conscious and climate-concerned buyers. The same market forces that led to declining EV interest in the early 20th century, namely consumer demands for vehicle range, performance and lower cost of ownership, are now leading to its resurgence.

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