EV sales in 2021 are increasing at a rapid pace, financing to emerging EV companies is growing (especially through Special Purpose Acquisition Companies), and the Senate's recently passed infrastructure act will continue to push the American automobile industry towards an electric future.
While there are many positive indicators for where the EV market is heading, there are also areas in need of growth. Most notably, the U.S. EV segment is only 4% of the larger automotive industry by employment estimates. Additionally, Tesla’s dominance in the market has led to a stiff business environment for new entrants in the space, leading multiple EV startups to fail. In general, the U.S. EV market is heading in a positive direction, and many business actors in the space are benefitting from this strengthening market. However, there is room for significant changes for both companies and consumers in the space to better push the industry forward.
Light Duty Electric Vehicles
This report showcases the sales numbers, from 2011 to the present, of total EVs sold in the U.S., EVs sold by each major manufacturer, and the number of every individual model sold. Given the market's competitiveness, automakers are attempting to push technology forward and market vehicles with the greatest range, horsepower, or speed (among other attributes) which are documented for each model on the market today.
Tesla dominates in all of these categories: with rollout subtracted, the Tesla Model S Plaid can go 0-60 MPH in 1.99 seconds; the Tesla Model S has an estimated range of 405 miles; both the Tesla Model S Plaid and X Plaid have a peak power of 1,020 horsepower.
When it comes to light-duty EV sales in the U.S, Tesla also continues to remain on the top. Accounting for nearly 65% of the 2021 Q2 market, the company's sales are broken down in this report and highlight the skewed sales distribution across different models, with the Model 3 and Y greatly favored. Tesla's dominance in the industry will continue into the near future as the company pushes increasing sales numbers quarter over quarter and year over year.
While Tesla is a dominant force, it is by no means the only player. With the recent introduction of Ford's Mustang Mach-E, Volkswagen's ID.4, and Volvo's XC40, established automakers are vying for market share in this fast-growing industry.
As the number of EVs on the road increases, so does the number of charging stations. This report highlights the different companies in this space, with a focus on the respective number of chargers installed by each.
According to DG+ analysis, ChargePoint is the frontrunner, followed by Tesla in a distant second. While ChargePoint focuses almost solely on the implementation of Level 2 chargers, Tesla invests nearly equally in Level 2 and 3 chargers. Quarter over quarter from 2018 to today, the number of total chargers has been steadily increasing and is expected to continue on this trend as more investments are made across the country in EV charging equipment and accessibility.
EV manufacturing and EV charging jobs are increasing alongside the growth in the overall market. While the COVID-19 pandemic stunted growth for almost every industry in America, the EV labor market was not hit as hard as the larger automobile industry. In fact, while the gasoline and diesel industries experienced a net decrease in labor size, the EV market expanded by almost 8% from 2019 to 2020.
In this report, the specific numbers of EV-related employees at each EV and EV charging equipment company are calculated and explored in the context of the larger market. It is predicted that this job market will continue to grow as more automakers begin to invest more time and resources into their internal EV divisions.
Why market research?
As local markets change dynamically and policies remain difficult to navigate, clean energy organizations are currently forced to choose between the overwhelming flow of free information and high-priced market intelligence subscriptions that are often too expensive for small- and medium-sized firms.
At DG+, we provide succinct information that cuts through the noise and gets to the point. Reports include details on current events, opportunities and challenges, policy summaries, pricing analysis, and market share data.
U.S. EV Business Report
The DG+ U.S. EV Business Report explores the most current data and trends for light-duty electric vehicles (EVs) and charging technologies up to Q3 2021.