The EV Market in the US – What to Expect in the Coming Years
The electric vehicle market in the United States continues to grow at an unprecedented rate.According to Business Insights, the market size was USD 24.03 billion in the year 2020. The market was also projected to grow from $28.4 billion in 2021 to $137.43 billion in 2028 at a CAGR of 25.4% during the 7 year period.
The United States is regarded as the third largest electric vehicle manufacturer. The country has continuously maintained a conducive environment by setting up policies which have accelerated the growth of EV production. Such policies aim to reduce the high cost of manufacture, purchase and infrastructure setup as well as increasing awareness. The adoption of EVs has also grown during the post-COVID-19 era due to new models being released. The sale of EVs has also seen a revolutionized marketing approach as popular brands market and sell their EVs online. Global EV sales have increased with the sales in the U.S having a 4% increase as compared to overall car sales. The International Council on Clean Transportation links the increase of EV sales to the highly available EV charging infrastructure.
Driving Factors in EV adoption
According to Forbes Magazine, technology has been a crucial factor behind the growth Of EVs. There has been the introduction of improved and cheaper batteries which cost below $100 per kilowatt hour. Battery manufacture has improved overtime thereby improving the distance covered per drive as well as reduced degradation time.
Government Incentives and subsidies
The Biden Administration has been instrumental in the adoption of EV vehicles. As per reports by TechCrunch, Congress has set about $5 billion to be distributed to different states over a 5 year period with the aim of coming up with an EV charging network across the country. President Biden has also set a goal of making up to 50% of all cars sold in the US electric by 2030. Many U.S states also offer attractive incentives to consumers to encourage the purchase of EVs, free parking, toll reduction and an accessible charging infrastructure. For instance, Washington and New Jersey are exempt from vehicle sales and usage taxes on electric cars.
The passenger car segment holds the largest share of the U.S electric vehicle market share. A lot of citizens consider travel by electric car to be worthwhile due to the easily available EV chargers and efficient rechargeable batteries that the cars have.
A report by World Economic Forum, helps to determine which U.S states have the greatest number of EV charging stations. The report shows that there are nearly 53,000 public charging stations in the U.S while individual charging ports number 140,000.
Most EV charging stations are located on the west and east coasts. California has the highest number of EV charging stations which number to a record high of 15,182 EV charging stations.The following table highlights the different states and the number of EV chargers installed in each state.
The Benefits of EvGateway
Much of the charging infrastructure is currently privatized. There is a need for new solutions to be put in place to ensure that the new EV owners have enough EV chargers in place to support their travels. EV Gateway provides the best solution to drivers who utilize the EV Gateway mobile application to find and navigate to the nearest EV charging station. gateway Electric Vehicle Charging Network (EVCN) meant for fleet and public charging monitors the health of the charging station equipment, activates, and terminates charging events, and initiates pay-as-you-go transactions.
EV gateway is a hardware-agnostic Electric Vehicle Charging network that provides turnkey, customizable solutions to the end customer regardless of their requirements and charging needs. We work with EV manufacturers to enhance their chargers into smart chargers- allowing them to be remotely managed and monitored without human intervention. At EV Gateway, we are set to help EV owners to have a well-deserved experience. Our mobile application offers drivers to monitor the status of their EVs. Get access to EV Gateway’s support center which offers 24/7 support from different endpoints.
EV Gateway has worked closely with other partners in the EV sector to launch charging networks across the United States. You can rely on our partnership with vehicle manufacturers to ensure that you will get access to different EV charging stations. EV Gateway is a global, multifaceted network solution intended to simplify electric vehicle charging for both drivers and EV station owners. Our charger management solution is designed to be hassle-free for equipment owners, operators, and manufacturers.
With the Biden Administration pledging to invest more money into the EV industry, America is et to continue as a lead Electric Vehicle and EV charger manufacturer in the coming years.