The Strong, Steady Growth of the US Electric Auto Market — Charts
Electric vehicle sales have grown quite consistently for the past few years. Though, there’s been a strong narrative to the contrary lately. While we have tracked US EV sales for years here on CleanTechnica and produce various quarterly reports on the topic, we have not produced reports on trends in EV market share — until now.
Going back to 2019 to look at pure battery electric vehicle market on an annual basis, we get a longer term view on this, and then I also go back on a quarterly basis to Q4 2021.
As we can see, annual growth in EV market share has been very strong for the past three years. In fact, from 2022 to 2023, market share grew by 1.7 percentage points, versus 0.3 percentage points from 2019 to 2020 or 1.3 percentage points from 2020 to 2021. It’s true that the growth was not as strong as it was from 2021 to 2022 (2.5 percentage points of growth year over year), but it’s still a quick rise up the chart.
How about if we zoom in a bit and look at quarterly sales?
The big jumps are from Q2 2022 (4.8% market share) to Q3 2022 (6% market share) and from Q2 2023 (6.7% market share) to Q3 2023 (7.5% market share). You could say the growth slowed in the 4th quarter of 2023, but looking at it from this view, you can see there was an unusual dip from Q1 2023 (6.9%) to Q2 2023 (6.7%). If EV market share had grown as expected in that period, it would be around 7.2% in Q2 2023, and then the rise up to 7.5% in Q3 2023 and 7.8% in Q4 2023 would look more natural.
In any case, looking at these charts, growth in the US electric vehicle market looks good and healthy. It’s yet another example of how the hype of a falling or failing EV market is not really based much on reality. And Q1 2024 is supposed to look even better.
What are your thoughts on these numbers, charts, and trends?
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