Charging into the future: the transition to electric vehicles
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Ready to charge into the future? The market for electric vehicles (EVs) has grown rapidly in recent years and is expected to continue to grow at a fast pace over the coming decade. Electric car sales in the United States increased from a mere 0.2 percent of total car sales in 2011 to 4.6 percent in 2021.1
Although forecasts for the rate of EV adoption over the next decade vary widely given rapid changes in both government policies and the auto manufacturing industry in recent years—many forecasts expect a strong acceleration in EV adoption. S&P Global Mobility forecasts electric vehicle sales in the United States could reach 40 percent of total passenger car sales by 2030, and more optimistic projections foresee electric vehicle sales surpassing 50 percent by 2030.2
This Beyond the Numbers article examines the main factors expected to contribute to growth in the electric vehicle market and identifies some occupations that are expected to play a role in the design and development of electric vehicles, in the manufacturing of the batteries that power them, and in the installation and maintenance of the infrastructure needed to charge them.
Factors contributing to a growing electric vehicle market
There are several factors contributing to the growing EV market such as increased consumer interest, government policies, and buy-in from the auto industry.
Factors driving up consumer demand
Consumer demand for EVs has risen significantly over the past few years. The number of EVs on the road jumped from about 22,000 to a little over 2 million over the 2011–21 decade.3 (See chart 1.) Several factors are expected to continue to drive consumer demand for EVs over the 2021–31 decade: environmental concerns, greater vehicle choice, improved battery capacity, and cost savings.
COMPLETE ARTICLE HERE
