Sales of electric vehicles jumped 21% in the U.S. alone last year. More major automakers are announcing new electrification models every day, driving demand for the necessary infrastructure for a growing number of electric vehicles on the road. With analysts at Bloomberg expecting price parity between electric and gas vehicles by 2022, here are 5 trends to follow in the electrification of America’s cars.
- Even more EV models. The auto industry is anticipating more than 127 battery-electric cars to be announced globally in the next five years, meaning more sales growth and more competition.
- Utility programs that support EV adoption are growing. In anticipation of growing demand on the electric grid, utilities are adjusting their planning horizons to make fast-charging better and optimize their grids to avoid strain.
- Dealerships and auto services are changing. EVs need fewer parts and less maintenance, meaning dealerships and auto repair shops are adjusting their business models.
- Bans are coming for internal combustion vehicles. Already Norway, India, China, France, and the U.K. have set bans on gas-burning vehicles in the next few decades, with the soonest arriving in 2025.
- Volkswagen’s “Dieselgate” scandal. The settlement following the ordeal has Volkswagen investing at least $2 billion in American zero-emission vehicles over the next ten years, offering a major windfall for electric manufacturers at every level of industry.