The electric car market in the United States is anticipated to grow substantially in the following years, according to industry experts. EV revenue is predicted to reach US$61.18 billion this year, with unit sales exceeding 2 million vehicles by 2027.
Its boom is being fueled by a rise in demand for environmentally friendly transportation options and improved technology that is making electric vehicles more affordable and practical.
Moreover, the volume-weighted average price of electric vehicles is projected to be US$64.26k this year, making it a more accessible option for consumers. But, in order for electric vehicles to become a viable choice for the average Joe, the country must set up an extensive network of charging stations throughout all states. It is already happening.
Although home charging is very common in the US, the International Council on Clean Transportation (ICCT) claims that increased access to workplace and public charging stations is correlated with increased EV adoption.
CNET tells us that along with legislation for EV incentives, President Joe Biden approved a trillion-dollar infrastructure bill in 2021, which includes $7.5 billion for the construction of 500,000 public EV chargers by 2030.
This investment is critical for the expansion of the electric vehicle market since it makes charging more accessible and easy for users.
How many EV chargers are there in the US?
There are roughly 51,000 public EV charging stations in the United States, according to information shared by the US Department of Energy's Alternative Fuels Data Center.
California ranks first with 14,040 public charging stations and 37,987 ports, four times more than the second-highest-ranked state, New York.
The California Energy Commission has revealed a new $30 million incentive project to build more charging stations in disadvantaged regions in eastern California, the Central Valley, and the Central Coast. The project intends to make clean transportation benefits available to all Californians.
While Alaska has the fewest EV charging stations (59), it is also the least densely populated state in the United States. Upper Midwest states with the lowest coverage include Iowa, Nebraska, North and South Dakota, and Wyoming. North Dakota has only 82 charging stations for its less than 800,000 population and 400 registered EVs.
Who is leading the US EV market?
It remains to be Tesla.
Tesla's market share in the US EV segment dip from 72 percent in 2021 to 65 percent in 2022. While Tesla continues to lead the EV market, this drop shows that competitors are becoming more competitive.
Major automakers, including Mercedes-Benz, BMW, Ford, Hyundai, Kia, and Nissan, launched their bespoke EVs in 2022, providing consumers with additional options.
According to Insideevs, Ford ranked second in market share after Tesla, with 7.6 percent. Hyundai and Kia had a combined market share of 7.1 percent, while Rivian, a new automaker constructing its first vehicles, had a 2.6 percent share.
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