Reflecting on the surge in EV sales in 2023 and ongoing progress in 2024, it’s clear we’re in a transformative era for the automotive industry. 2023 saw unprecedented growth, with both battery electric vehicles (BEVs) and hybrid vehicles (PHEVs and gas-electric vehicles) exceeding one million units and together comprising 17% of total vehicle sales.
On March 20, 2024, the Environmental Protection Agency finalized a new emissions rule mandating up to two-thirds of new cars and trucks sold in the U.S. be EVs by 2032, signaling a commitment to cleaner transportation.1
While sales are increasing nationwide, we’re still in the early adopters’ phase, with approximately 15% of the population embracing EVs. Although more of these early adopters are found in places like Silicon Valley than in Cleveland, they are present everywhere.
For the next few years as we progress towards mass adoption, EV sales are anticipated to remain highly geographically clustered, leading to diverse experiences for dealers depending on their specific locations. The key for automakers lies in understanding the market intricacies. Successful planning for OEMs and their dealers in 2024 requires accurate forecasting and a nuanced, adaptable approach to meet the diverse demands of evolving markets.