Electric Vehicle Market Revs Up

Across the board, market indicators for electric vehicles (EV) are up sharply, according to EPRI’s quarterly market update. Key takeaways based on data from utilities, auto manufacturers, and research firm IHS:

• U.S. EV sales in the fourth quarter of 2017 totaled 55,400—up from 30,600 in the fourth quarter of 2014.
• 31 North American utilities are proposing EV charging projects worth $3.6 billion, including charging stations, supporting infrastructure, demonstrations, and customer education.
• 60 EV models are available, up from 18 models in 2014; 108 models are expected by 2022 (see chart below).
• The average range of battery EVs available is 192 miles—up from 103 miles in 2014. By 2022, the average range is expected to be 249 miles.

“By 2022, more than 100 plug-in EV models are expected to be available in dealerships across the U.S.,” said EPRI Program Manager Dan Bowermaster. “Mirroring customer demand, nearly one-third of them will be sport utility vehicles or crossovers. In addition, power levels of charging station infrastructure for light duty and larger EVs are increasing to more than 350 kilowatts. Electric transit and school buses are being demonstrated across North America, and utility customers big and small are doing pilot projects involving EVs, such as taxis, delivery vehicles, and garbage trucks.”

International EV markets are growing rapidly as well. Britain, France, Norway, India, and many other countries have announced aggressive EV sales targets. China’s EV market is booming. In July, Toyota announced that it will provide a fleet of 3,000 EVs for use at the 2020 Olympics in Tokyo. According to the International Energy Agency, global EV sales in 2017 surpassed 1 million, increasing the worldwide stock of EVs to more than 3 million.

Artwork and chart by James Provost

---