Otis Singleton
Electric vehicles are becoming increasingly popular in the United States, with a growing number of Americans considering making the switch. In 2023, there were approximately 2,442,270 electric vehicles registered in the US, with California boasting the highest adoption rate, with one in 50 registered vehicles being electric. While EVs are still a niche market, making up less than 1% of registered vehicles in most states, their numbers are predicted to grow. In May 2024, the percentage of electric cars in the US was 6.8%, not including plug-in hybrid vehicles, which had a separate market share of 1.7%. Combined, EVs and plug-in hybrids made up 8.5% of vehicles sold that month, a notable increase from previous years.
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What You'll Learn
Electric vehicles as a percentage of total car sales
Electric vehicles are becoming an increasingly common sight on US roads, with sales of electric and hybrid vehicles reaching 16.3% of total new light-duty vehicle sales in 2023, according to the US Energy Information Administration (EIA). This is a notable increase from 2022, when electric and hybrid vehicles accounted for 12.9% of total sales.
In the second quarter of 2024, the US saw an increase in the share of electric and hybrid vehicle sales, which rose to 18.7% of total new light-duty vehicle sales, according to Wards Intelligence. This growth was driven primarily by a 30.7% increase in hybrid electric vehicle sales from the previous year.
While the electric vehicle market is expanding, it still has a way to go to catch up with gas-powered vehicles, which currently make up the majority of cars on US roads. In 2023, there were approximately 286 million cars in the US, 9.3% of which were electric vehicles, according to Experian. This is a record high, and the number of electric vehicles is expected to continue growing.
Tesla has been the leading manufacturer in the electric vehicle market, but its market share has been decreasing as more automakers enter the market and offer a wider range of electric models. In the second quarter of 2024, Tesla's market share fell below 50% for the first time since 2017.
Looking at state-by-state breakdowns, California and Washington, D.C., had the highest percentage share of electric vehicles in 2023, with 16.2% and 19.6% respectively. California also has the highest EV adoption rate, with one in 50 registered vehicles being electric. However, in the majority of US states, electric vehicles make up less than 1% of registered vehicles, indicating that the market is still niche and has room for substantial growth.
The increasing availability of electric models, expected price drops, government incentives, and the expansion of the national public charging infrastructure are all factors that are predicted to contribute to the growing number of electric vehicles on US roads in the coming years.
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Electric vehicles as a percentage of new car sales
Electric vehicles are gaining traction in the United States, with sales and market share on the rise. In the first quarter of 2024, electric vehicles accounted for 7.9% of all new car registrations, according to Experian. This represents a notable increase from previous years, with electric vehicles making up only 5.7% of all auto sales in 2023 and just 0.86% of registered vehicles being electric.
While the electric vehicle market share varies depending on the specific metric and the definition of an electric vehicle, it is clear that they are becoming an increasingly popular choice for American consumers. In May 2024, the percentage of electric vehicles in new vehicle sales was 6.8%, not including plug-in hybrid electric vehicles (PHEVs), which had a separate market share of 1.7%. Combined, electric vehicles and PHEVs made up 8.5% of vehicles sold in May 2024, a significant improvement from 2022.
Looking at the broader perspective, out of the roughly 286 million cars on the road in 2023, 9.3% were electric vehicles, according to Experian. This percentage is even higher when considering only newer model years, dating back to 2001. This shows that while electric vehicles are still a niche market in many parts of the country, their numbers are growing, and they are gaining acceptance among consumers.
The increasing availability of electric models, expected drops in EV prices, expanding infrastructure with more charging stations, and government incentives are all contributing factors to the projected growth of electric vehicles in the United States. By 2028, it is estimated that electric vehicles could make up over 17% of all auto sales in the country, with some states, like California, reaching even higher adoption rates.
It is worth noting that Tesla has been the leading manufacturer in the electric vehicle market, but its market share has been decreasing as other automakers enter the field and provide more competition. Despite this, Tesla still holds a significant portion of the market, and its models continue to be popular choices for consumers.
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Electric vehicles as a percentage of new car sales by state
Electric vehicles are becoming increasingly popular in the United States, with a total of 4.74 million plug-in cars sold between 2010 and December 2023. In 2023, the US electric vehicle market was valued at $49.1 billion, with passenger cars accounting for 84.6% of the market. While the exact percentage of electric vehicles in the US can vary depending on the metric used and the definition of an EV, it is estimated that around 6.8% of new vehicle sales in the US were electric in May 2024, according to Edmunds sales data. This is an improvement from 2022, when the percentage was 5.2%.
When considering electric vehicles as a percentage of new car sales by state, California leads the way. California had approximately 1,256,646 light-duty electric vehicle registrations in 2023, which is about 35% of the nationwide total. This is followed by Florida, with 254,878 registrations, and Texas. California was also the first state to reach mass adoption, with 16.2% of electric vehicle sales in 2023.
It is worth noting that the adoption rates of electric vehicles vary significantly across states. While California has a high adoption rate, 43 states have adoption rates below 1%, and North Dakota and Mississippi have the lowest adoption rates in the country.
The popularity of electric vehicles is expected to grow in the US due to several factors. Firstly, there is an increasing availability of electric models, and a predicted drop in prices, making them more accessible to consumers. Secondly, the number of EVs qualifying for government incentives is expected to increase, and the national public charging infrastructure is expanding. Thirdly, the US government has set goals and mandates to transition to electric vehicles, with the Energy Department aiming for 50% electric vehicle sales by 2030, and the Biden administration imposing Executive Order 14057, which will ban new fossil fuel vehicles from all 50 states by 2035.
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Electric vehicle market share
The electric vehicle (EV) market share in the United States has been steadily increasing and is expected to continue doing so. In the second quarter of 2024, electric and hybrid vehicles accounted for an estimated 18.7% of total new light-duty vehicle sales, up from 17.8% in the first quarter. This growth is driven primarily by an increase in hybrid electric vehicle sales, which rose by 30.7% year-over-year.
When looking at new vehicle sales in May 2024, electric vehicles made up 6.8% of the market, according to Edmunds sales data. This figure does not include plug-in hybrid vehicles (PHEVs), which had a separate market share of 1.7%. Combined, EVs and PHEVs made up 8.5% of the vehicles sold, while gas-powered vehicles still dominated with 82.4% of sales.
In 2023, electric vehicles were projected to account for 5.7% of all auto sales in the US, more than double the share in 2019. This trend is expected to continue, with EVs potentially making up over 17% of all auto sales by 2028. California, the state with the highest EV adoption rate, is leading the way, with electric vehicles expected to reach a 56.6% adoption rate by 2030.
While the overall EV market share in the US is still relatively low, with EVs making up less than 1% of registered vehicles in most states, there are some notable exceptions. California, the District of Columbia, Hawaii, Washington, and Nevada have higher rates of electric vehicle ownership. California alone accounts for over one-third of all EV registrations in the country, with one in 50 registered vehicles being electric.
In terms of EV manufacturers, Tesla has dominated the market for several years. However, its market share has been decreasing as new automakers enter the market and provide more competition. In June 2024, Tesla's market share was about 52%, down from nearly 80% in 2019. Ford, Hyundai, Mercedes-Benz, and Rivian are also among the top EV manufacturers in the US market.
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Electric vehicle market share by manufacturer
As of Q4 2024, Tesla still leads the electric vehicle market in the US, with a market share of 44% according to CarEdge. However, this is a significant decrease from its 75% market share in Q1 2022. Other sources state that Tesla's market share was 48.9% in Q2 2024 and 52% in June 2024.
General Motors, Ford, and the Hyundai Group are closing in on Tesla, with Ford holding 8.2% of the market share in June 2024, and General Motors and Hyundai Motor Group fighting for second place in 2024. Honda, Chevrolet, and Kia are also among the most popular EV brands in the US.
In terms of sales by state, California and Washington, D.C. had the highest percentage share of electric vehicles in 2023, with 19.6% and 18.8% respectively.
When it comes to luxury vehicles, electric vehicles accounted for 32% of total luxury sales in Q2 2023, and this increased to 73.8% in Q2 2024.
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Frequently asked questions
The percentage of electric vehicles in the US varies depending on the source and the metrics used. According to an Experian Automotive Market Trends report from the fourth quarter of 2023, there were about 3.3 million electric vehicles on the road in the US, out of a total of roughly 286 million cars. This puts the percentage of electric vehicles at around 1.15%. However, other sources give the number of electric vehicles in the US as 2,442,270, which would mean that electric vehicles make up about 0.86% of registered vehicles.
In 2023, electric vehicles were expected to account for 5.7% of all auto sales in the US, more than double the share of sales EVs had in 2019. In the first quarter of 2024, 7.9% of all new car registrations were for electric vehicles, according to Experian. In May 2024, the percentage of electric cars in the US was 6.8%, according to Edmunds sales data.
California has the highest EV adoption rate in the US. In 2023, 36% of EVs were registered in California, and electric vehicles made up 16.2% of all auto sales in the state.
