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).
The report, Market Data: EV Geographic Forecast – North America, analyzes EV technology innovations, incentives, policies, and vehicle availability to forecast PEV adoption in the US and Canada on national, state/province, and sub–state/province levels. Guidehouse Insights employs the Guidehouse Vehicle Analytics Simulation Tool (VAST) to generate its estimates. Segmentation of the PEV analysis include passenger car (PC) and light truck (LT) breakouts, as well as powertrain breakout by plug-in hybrid EVs (PHEVs) and battery EVs (BEVs). An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems