BOULDER, Co. – A new report from Guidehouse Insights estimates plug-in electric vehicle (PEV) adoption in the US and Canada on national, state/province, and sub‑state/province levels by examining electric vehicle (EV) technology innovations, incentives, policies, and vehicle availability.
A variety of factors are contributing to accelerated electrification trends in the North American automotive industry, including a COVID-19-related breakthrough in consumer acceptance of EVs, a shifting policy environment that aggressively favors PEVs over gas-powered vehicles, the introduction of several new popular EV models, and increased automaker investment and prioritization of EV technologies. According to a new report from Guidehouse Insights, annual PEV sales in North America will grow at a 30% compound annual growth rate (CAGR) through 2030.
“The economic impacts of the COVID-19 pandemic led to an unprecedented 16% decline in global light duty (LD) vehicle sales in 2020. However, in the same year, PEVs achieved record sales—growing over 40% from 2019 levels,” says Ryan Citron, senior research analyst with Guidehouse Insights. “In 2021, PEV sales continued their rapid expansion in a year that will likely go down in history as an inflection point for the industry.”
However, a combination of inflation and surging demand for PEVs has resulted in near-term rising costs of raw materials to manufacture lithium batteries, creating concern for the PEV industry. Expanding lithium sources will likely be needed to continue PEVs’ progress toward price parity with internal combustion engine vehicles (ICEVs).
An executive summary of the report is available for free download on the Guidehouse Insights website.
