EVs Drive the New Car Revolution
December 7, 2022
- Prabhat Agarwal, CTA Sr. Director, Research and Trends
The electric vehicle (EV) revolution is upon us with the components of the EV economy forming before our eyes. Vehicle OEMs are investing billions in EV tech, charging stations are showing up in cities and across highways virtually worldwide, and consumers are procuring the latest line of EVs. All these factors are leading indicators, and encouraging signs, for an industry that is early in its lifecycle. EVs are clearly on a growth trajectory, as will be on clear display at CES 2023.
According to Consumer Technology Association (CTA)® research, consumers are increasingly embracing the EV experience. In CTA’s 2021 Electric Vehicle Landscape and Consumer Sentiment Research report, 100% of current owners said their EVs have met or exceeded their expectations on being fun to drive, and 92% indicating they were “likely or very likely” to consider an EV for their next purchase. And at CES this January, EV tech is being showcased to an extraordinary degree, as exemplified by companies including Stellantis, also a show keynote.
A second dynamic is a global shift among both governments and consumers toward addressing environmental concerns, which has led to increased demand for EVs. To reduce greenhouse gas emissions and create a more sustainable environment, a growing number of governments around the world are setting time frames for phasing out new internal combustion engine (ICE) passenger car sales. In the U.S., California enacted a measure issuing a ruling on August 25, 2022, requiring all new passenger cars and trucks sold in California to be zero-emission vehicles by 2035.
With these environmental pressures and rising consumer demand, automakers have been paying attention. They’re shifting priorities and introducing new EVs as part of their model lines. Some automakers have even set their own ambitious goals for EV sales, fleet electrification and attainment of carbon neutrality in response to growing consumer pressure relative to the environment. These auto manufacturers are complying, having announced plans for substantial investments in EVs.
For example, CES exhibitors Stellantis and Hyundai-Kia have committed to significant EV rollouts. Hyundai will have 23 EV and hydrogen car models available by 2025, while Stellantis plans to offer 55 electrified cars and trucks in the U.S. and Europe, also by 2025.
Over the next decade, the slew of offerings from vehicle OEMs represents a win for consumers who will enjoy far greater choice in auto companies and models. At the same time, EV ownership is becoming largely frictionless via developments that include expansion of a nationwide charging infrastructure. As going electric gets easier, the world is seeing the birth of a new transportation ecosystem.
Explore what’s new, and what’s next in EVs and vehicle technology.
