Umair Gaines
Electric vehicles (EVs) are becoming increasingly popular, with rising sales and improvements in charging infrastructure. In the US, the number of electric vehicles on the road is growing, with around 3.3 million electric cars recorded in 2023, up from 2 million in 2022 and 1.4 million in 2021. However, they still represent a small percentage of all vehicles on the road, with electric vehicles making up only about 9.3% of the roughly 286 million cars on US roads in 2023. While this is a record high, it indicates a slow transition from gas-powered to electric vehicles, with electric cars yet to find stable footing in the market.
| Characteristics | Values |
|---|---|
| Percentage of electric vehicles in the U.S. in May 2024 | 6.8% |
| Percentage of plug-in hybrid vehicles in the U.S. in May 2024 | 1.7% |
| Total percentage of electric and plug-in hybrid vehicles in the U.S. in May 2024 | 8.5% |
| Percentage of gas-powered vehicles sold in the U.S. in May 2024 | 82.4% |
| Number of cars on the road in the U.S. in 2023 | 286 million |
| Percentage of those that were electric vehicles | 9.3% |
| Number of electric vehicles on the road in the U.S. in 2023 | 3.3 million |
| Number of electric vehicles on the road in California in 2023 | 1.77 million |
| Number of electric vehicles on the road in the U.S. in 2022 | 2 million |
| Number of electric vehicles on the road in the U.S. in 2021 | 1.4 million |
| Number of electric vehicles on the road in the U.S. in 2019 | 0.32 million |
| Number of electric vehicles sold in Europe by the end of 2023 | 11.8 million |
| Number of plug-in electric vehicles sold in the U.S. since 2010 by the end of 2023 | 4.74 million |
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What You'll Learn
Electric vehicles in California
Electric vehicles are an essential solution to decarbonizing transport. They tend to have a lower carbon footprint than petrol or diesel cars over their lifetimes. In 2023, California had the highest percentage share of electric vehicles in the US, with 1.77 million plug-in cars sold by 2023. Cumulative sales in the United States totaled 4.74 million plug-in cars since 2010. California is the largest US plug-in regional market.
The California Energy Commission (CEC) has partnered with the Department of Motor Vehicles (DMV) to track the sales and population of light-duty zero-emission vehicles (ZEVs) in California. ZEVs include battery-electric, plug-in hybrid electric, and fuel cell electric vehicles. The DMV vehicle registration database contains data on all registered vehicles in California. The CEC also tracks the number of plug-in electric vehicle chargers and hydrogen refueling stations serving light-duty vehicles in California.
California has been pushing to electrify its cars, but people aren't buying electric cars fast enough. After three straight years of strong growth, sales have stabilized, raising questions about whether the state will meet its mandate banning sales of gas-powered vehicles. About a quarter (25.3%) of all new cars registered in California in 2024 were zero-emissions, just slightly more than 25% in 2023, according to new California Energy Commission data.
California's mandate, approved in 2022, states that 35% of new 2026 car models sold by automakers must be zero-emissions. However, the slowed pace of growth in the market puts the state's climate and air pollution goals at risk. The state offers various incentive programs to help bring down the upfront costs of zero-emission vehicles, including increased incentive amounts for new and used zero-emission vehicles, and new assurance measures to ensure that these used cars meet the needs of drivers.
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Plug-in hybrid electric vehicles
In 2023, electric vehicles (EVs) made up 9.3% of the roughly 286 million cars on the road in the United States, totalling about 3.3 million cars. This figure includes plug-in hybrid electric vehicles (PHEVs), which are vehicles that use batteries to power an electric motor and another fuel, such as gasoline or diesel, to power an internal combustion engine. PHEVs can be charged through charging equipment and regenerative braking, and they offer a bridge between traditional gasoline vehicles and battery-electric vehicles.
PHEVs are similar to hybrid electric vehicles (HEVs) but have an extra battery for the option of electric-only driving. They can run on gas alone but must be plugged in to use their electric features. PHEVs generally have larger battery packs than HEVs, allowing for an "electric range" of about 15 to 60-plus miles in current models. During urban driving, most of a PHEV's power can come from stored electricity, and the internal combustion engine only powers the vehicle when the battery is mostly depleted, during rapid acceleration, or when intensive heating or air conditioning is used.
PHEVs may produce lower emissions, depending on the electricity source and how often the vehicle is operated in all-electric mode. They can also be more expensive than similar conventional and hybrid vehicles, but some of the costs can be recovered through fuel savings, a federal tax credit of up to $7,500, or state incentives. Examples of PHEVs include the Alfa Romeo Tonale, a subcompact luxury SUV, and the Audi Q5 55 TFSI e, a compact luxury crossover.
While the number of EVs is increasing, they still have a long way to go to catch up with gas-powered vehicles, which made up 82.4% of car sales in May 2024. However, the US has set a goal of reaching 50% EV sales by 2030, and the increasing availability of electric models, the expected drop in EV prices, and the continued expansion of the national public charging infrastructure are expected to boost EV sales.
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Electric vehicle sales trends
Electric vehicle sales have been steadily increasing over the years, with the global electric car stock becoming increasingly concentrated. In 2023, the number of new electric car registrations in China reached 8.1 million, a 35% increase from 2022. In the US, there were about 3.3 million electric cars on the road in 2023, up from 2 million in 2022 and 1.4 million in 2021.
In 2021, about 1.4 million electric-drive vehicles of all types were sold in the US, an 88% increase from 2020. Plug-in electric cars, which include both EVs and PHEVs, entered the market in 2010, and more than 1.4 million were sold between then and 2019. In 2024, full-year EV sales in the US reached 1.3 million, a 7.3% increase from 2023.
While sales of electric vehicles are generally on the rise, there has been a slight decline in some quarters. For instance, in the first quarter of 2024, new electric vehicle sales decreased slightly but reached a record high for February. In June 2024, the percentage of electric cars in the US was 6.8%, according to Edmunds sales data. This is an improvement of 1.6 percentage points from 2022.
The EV market is highly competitive, with various manufacturers introducing new models and competing for customers. Tesla has been the leading manufacturer in the electric vehicle market, but its market share has been decreasing as other automakers enter the field. In June 2024, Tesla's market share was about 52%, down from nearly 80% in 2019. Other automakers gaining market share include Ford, Hyundai, Mercedes-Benz, and Rivian.
The sales of electric vehicles are expected to continue growing due to several factors. These include the increasing availability of electric models, the expected drop in EV prices, the expansion of national public charging infrastructure, and government incentives. In the US, buyers of all-electric or plug-in electric vehicles may qualify for a federal tax credit of up to $7,500, depending on the vehicle make, model, and income.
In terms of regional trends, California and Washington, D.C., had the highest percentage share of electric vehicles in 2023, with 36% of the nation's all-electric registrations in California alone. Outside the major EV markets of China, Europe, and the US, electric car sales are anticipated to reach over 1 million units in 2024, a more than 40% increase from 2023.
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Electric vehicle market share
Electric vehicles (EVs) are an essential solution for decarbonizing transport. They tend to have a lower carbon footprint than petrol or diesel cars over their lifetimes. The global electric vehicle market share has witnessed tremendous growth in the past decade, and this trend is expected to accelerate in the coming years.
In 2023, the global electric car industry market share rose to a record 4.6%. The number of EVs sold in 2021 was higher than the number sold in the entire year of 2012. The year 2022 broke records, with EV sales exceeding 10 million, with 14% of all new cars sold being electric, a significant jump from 9% in 2021 and less than 5% in 2020. This resulted in more than 26 million electric cars on global roads in 2022, representing a 60% increase from 2021.
In 2023, Europe accounted for 25% of global electric car sales, making it the second-largest market for electric vehicles after China. Electric car sales in Europe were 20% higher in 2023 than in 2022, reaching almost 3.2 million. Within the EU, electric car sales were around 2.4 million. Norway, Sweden, and the Netherlands are the largest European markets, with 95%, 60%, and 30% of all car sales being electric, respectively. France and the United Kingdom follow closely, with 25% of all car sales being electric. In the United States, the electric vehicle market share was 6.8% in May 2024, according to Edmunds sales data. California and Washington, D.C., had the highest percentage share of electric vehicles in 2023, with 19.6% and 18.8%, respectively.
China remains a significant player in the global electric vehicle market. In 2020, China dominated the electric bus sales market, accounting for over 90% of sales. However, Chinese demand dropped in 2023, possibly due to its already large electric bus stock and the end of purchase subsidies. China also has numerous inexpensive electric car models, with local carmakers offering nearly 50 small, affordable electric car models priced under CNY 100,000 (USD).
The growth of the electric vehicle market is influenced by various factors, including the increasing availability of electric models, the expected drop in EV prices, the expansion of public charging infrastructure, and government incentives. However, challenges such as high-interest rates, economic uncertainty, and restrictions on EV tax incentives in some countries may impact the growth of global electric car sales.
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Electric vehicle usage by state
Electric vehicles (EVs) are becoming an increasingly common sight on US roads, with their numbers predicted to grow. In May 2024, 6.8% of new vehicle sales were electric cars, according to Edmunds sales data. This figure does not include plug-in hybrid vehicles (PHEVs), which had a separate market share of 1.7% in the same month. Combined, EVs and PHEVs made up 8.5% of vehicles sold in May 2024, a notable increase from previous years.
While EVs are gaining traction, they still have a long way to go to catch up to gas-powered vehicles, which made up 82.4% of sales in May 2024 and 288.5 million cars currently in operation. There were about 3.3 million electric cars on US roads in 2023, according to an Experian Automotive Market Trends report. This number is up from 2 million in 2022 and 1.3 million in 2021.
California is the leader when it comes to EV adoption, with approximately 35% of vehicles nationwide registered in the state as of December 2023. This translates to about 1,256,646 light-duty electric vehicle registrations, far surpassing other states. Washington, D.C., is also notable, with a market share of 19.6% in 2023, despite not being a state.
The top five states for EV market share in 2023 were:
- California (35%)
- Florida (second highest, no figure given)
- Texas (third highest, no figure given)
- Washington (18.8%)
- Oregon (15.4%)
Other states with notable EV market share include Colorado (15.1%), Mississippi (lowest at 110 per 100,000 residents), and Washington state. While EVs are gaining popularity, they remain rare in most parts of the country. However, this is expected to change due to several factors:
- Increasing availability of electric models
- Expected drop in EV prices
- More EVs qualifying for government incentives
- Expansion of national public charging infrastructure
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Frequently asked questions
In 2023, 9.3% of the roughly 286 million cars on the road in the US were electric vehicles, according to Experian. California had the highest number of electric vehicle registrations at approximately 35% of nationwide vehicles.
Europe had about 11.8 million plug-in passenger cars at the end of 2023, accounting for around 30% of the global stock.
China had the world's largest stock of highway legal plug-in passenger cars at the end of 2023 with 20.41 million units, corresponding to almost half of the global plug-in car fleet in use. Plug-in passenger cars represented 6% of all cars on Chinese roads at the end of 2023.
Over 10% of all passenger cars on Norwegian roads were plug-ins in October 2018, rising to 22% in 2021. In 2023, over 90% of new cars sold in Norway were electric.
