People who own electric vehicles (EVs) are really happy with their choice, according to a new report.
An Axios analysis of data from S&P Global Mobility shows that, when shopping for a new vehicle, EV owners are increasingly choosing another electric car over a gas-powered one.
This data, along with both the government and automakers like Toyota putting more money into EV battery production, is further evidence that electric cars are continuing to gain popularity.
As the Axios analysis shows, the percentage of EV-owning households that bought another EV jumped from 48% to 65.3% over the last year.
"To me, that's a very positive sign about the future of EVs," Tom Libby, the associate director of industry analysis at S&P Global Mobility, told Axios.
The report shows that China and Europe lead the way as the world's top EV adopters, but several factors indicate a shift in the U.S.
For example, American car manufacturers are producing more electric models, meaning consumers will have more options — and more affordable prices — to choose from. And under the Inflation Reduction Act, tax credits of as much as $7,500 will help to make EVs even more accessible to more Americans.
This ramp-up in EV models includes cars, SUVs, pickup trucks, and even delivery vans.
Over the past year, the number of EV models available in the U.S. increased from 27 to 45. By 2025, S&P Global Mobility projects this number to hit 150.
The most popular EVs in the U.S. are currently Tesla's Model Y and Model 3, which accounted for 51% of all new EVs registrations from July 2021 to July 2022.
According to Axios, Tesla made up 81% of the American EV market at the beginning of 2019, but it now makes up less than 60%. As car manufacturers add more models to the market, Tesla's domination is expected to lessen, especially as more affordable EVs are released.
And in many cases, other companies are presenting cheaper options. For example, General Motors' 2023 Chevy Bolt EV starts at a little over $26,000, whereas the average cost for a Model Y is over $68,000.
A growing number of Americans are becoming first-time EV owners, too. Axios reports that electric cars accounted for 5.8% of all new vehicles registered in July nationally, up from 3.4% the previous year.
Follow The Cool Down on Instagram and subscribe to our newsletter.
Cool Picks
