Electric Vehicles Are Set To Dominate In The Next Decade

Currently, electric vehicles (EV’s) constitute just a tiny minority of the vehicles on the road. In 2018, approximately 2.1% of vehicles sold were electric; an even smaller share of vehicles currently on the road are electric. This is despite a substantial swath of subsidies and regulations trying to push EV’s towards mainstream acceptance.

Electric vehicles currently carry higher price-tags, shorter ranges, and longer fill times. The choices consumers have are also limited, and some segments (such as pickup trucks) have no electric vehicles at all. Other electric vehicles are popular, but limited in production or availability. However, the tide is changing, and a series of events are set to propel EV’s into mainstream acceptance in the near future.

Segments And Range

Currently, global vehicle sales by segment break down as follows:

SUV’s dominate the market, comprising over 36% of vehicle sales. This is troublesome for the success of EV’s; until more recently, there have been very few EV’s available in this category.