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Research Outline

Prepared for Anand N. | Delivered July 20, 2020

Electric Vehicles - Adoption

Goals

To determine the percentage of new car purchases that are currently electric, as well as the projected length of time required for 80 percent of new vehicle purchases to be electric and the potential reduction in carbon monoxide, both globally and in the US. In addition to identifying the projected timeframe to reach an 80 percent conversation rate to electric vehicles, the project should also focus on determining how the world and the US will progress along the adoption path.

Early Findings

  • As of March 2019, electric vehicles represented only 1.8 percent of all new cars sold in the US.
  • According to a recent study by CleanTeachnica, electric vehicles accounted for 2.2 percent of global sales of new vehicles in 2019, indicating the US lags behind the average global adoption rate.
  • In the US, the annual sales of electric vehicles are expected to rise to 8.5 million units or 7 percent of the total US fleet by 2025. In comparison, the global adoption rate of electric vehicles is expected to reach 10 percent by 2025.
  • Globally, the rate of adoption of electric vehicles is projected to reach 28 percent by 2030 and 58 percent by 2040.
  • The increase in the rate of adoption of electric vehicles is expected to reduce reliance on oil by 17.6 million barrels per day by 2040.

Summary of Findings

In our initial hour of research, we were able to determine the current rate of adoption of electric vehicles, both in the US and globally. We were also able to identify useful insights regarding the projected adoption rate of electric vehicles by 2025, 2030, and 2040.