Where Is Electric Vehicle (EV) Adoption Now?
Globally in 2017, EV sales totaled to 1,223,600 units according to EV-Volumes. This places EV market share at 1.3% of total sales. So far in 2018, market share is sitting around 1.9%. Obviously in the grand scheme of things, EV market share is still small, though improving.
Impediments To EV Adoption
The first thing we’re going to take a look at is what is holding EV adoption from being higher. It’s obviously a multitude of factors that contribute, but surveys (Appendix A) consistently show three reasons as being dominant to holding EV adoption back:
- High sticker price compared to conventional vehicles
- Range anxiety; due to a mixture of low vehicle ranges and lack of charging infrastructure
- Misconceptions and lack of widespread information
It is my own opinion that the first two issues are greater in perception than reality (see reason #3); higher sticker prices are largely offset by lower running costs that people often fail to fully consider, and most people don’t realize how much charging infrastructure exists or how little they typically drive until you own an EV. The third reason can be most obviously seen in a couple stunning statistics; like that 42% of people think that EV’s can’t go through a car wash, or that 82% of people believe an EV battery will require replacement within two years. Simply put, a huge portion of the population either knows absolutely nothing about EV’s or has huge, negative misconceptions about them.
None the less, these are the primary issues holding EV adoption back, so I’m going to explore them — starting with price and range, since they’re highly connected.
Electric Vehicle Prices
To view the evolution of electric vehicle prices, I took 4 of the earliest available EV’s and tracked them from their inception (2011 or 2012 depending on model) until present day. The good news is that all of…