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Tuesday, 02 February 2021 19:34

U.S. Electric Vehicle Market Poised for Record Sales in 2021: Edmunds

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Electric vehicle sales are poised to hit their highest level on record in 2021, according to the car shopping experts at Edmunds.

Edmunds data shows EV sales made up 1.9% of retail sales in the U.S. in 2020; Edmunds analysts expect this number to grow to 2.5% this year.

 

"After years of speculation and empty promises, 2021 is actually shaping up to be a pivotal year for growth in the EV sector," said Jessica Caldwell, Edmunds' executive director of insights. "We're not only about to see a massive leap in the number of EVs available in the market; we're also going to see a more diverse lineup of electric vehicles that better reflect current consumer preferences.

 

"And given that the new presidential administration has pledged its support for electrification, the U.S. is likely to see incentive programs targeted at fostering the growth of this technology further."

 

Edmunds analysts anticipate 30 EVs from 21 brands will become available for sale this year, compared to 17 vehicles from 12 brands in 2020.

 

Notably, this will be the first year these offerings represent all three major vehicle categories: Consumers will have the choice among 11 cars, 13 SUVs and six trucks in 2021, whereas only 10 cars and seven SUVs were available last year.

 

This diverse spread of EV offerings should help encourage stronger loyalty among EV owners, which has dwindled over the years as shoppers have gravitated toward larger vehicles. According to Edmunds data, 71% of EV owners who didn't buy another EV traded in their vehicle for a truck or SUV in 2020, compared to 60% in 2019 and 34% in 2015.

 

"Americans have a love affair with trucks and SUVs, to the detriment of EVs, which have until recently been mostly passenger cars," said Caldwell. "Automakers should have a much better shot of recapturing some of the EV buyers who they've lost now that they can offer larger, more utilitarian electric vehicles."

 

Edmunds analysts note that this infusion of fresh new products comes at a time where the market is...


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