U.S. Electric Vehicle Market Poised for Record Sales in 2021, According to Edmunds
SANTA MONICA, Calif., Feb. 2, 2021 /PRNewswire/ -- Electric vehicle sales are poised to hit their highest level on record in 2021, according to the car shopping experts at Edmunds. Edmunds data shows that EV sales made up 1.9% of retail sales in the United States in 2020; Edmunds analysts expect this number to grow to 2.5% this year.
"2021 is actually shaping up to be a pivotal year for growth in the EV sector" - Jessica Caldwell, analyst, Edmunds"After years of speculation and empty promises, 2021 is actually shaping up to be a pivotal year for growth in the EV sector," said Jessica Caldwell, Edmunds' executive director of insights. "We're not only about to see a massive leap in the number of EVs available in the market; we're also going to see a more diverse lineup of electric vehicles that better reflect current consumer preferences. And given that the new presidential administration has pledged its support for electrification, the U.S. is likely to see incentive programs targeted at fostering the growth of this technology further."
Edmunds analysts anticipate that 30 EVs from 21 brands will become available for sale this year, compared to 17 vehicles from 12 brands in 2020. Notably, this will be the first year that these offerings represent all three major vehicle categories: Consumers will have the choice among 11 cars, 13 SUVs and six trucks in 2021, whereas only 10 cars and seven SUVs were available last year. For the full list of EVs expected to come to market in 2021, please see the table below.
This diverse spread of EV offerings should help encourage stronger loyalty among EV owners, which has dwindled over the years as shoppers have gravitated toward larger vehicles. According to Edmunds data, 71% of EV owners who didn't buy another EV traded in their vehicle for a truck or SUV in 2020, compared to 60% in 2019 and 34% in 2015.
"Americans have a love affair with trucks and SUVs, to the detriment of EVs, which have until recently been mostly passenger cars," said Caldwell. "Automakers should have a much better shot of recapturing some of the EV buyers who they've lost now that they can offer larger, more utilitarian electric vehicles."
Edmunds analysts note that this infusion of fresh new products comes at a time where the market is also seeing a positive shift in consumer interest in EVs. According to Google Trends data, consumer searches for electric trucks and SUVs have recently hit a high point after trending upward for years.
"Besides affordability, one of the biggest barriers to increased EV sales has simply been tepid consumer reception -- it's been tough for companies that aren't Tesla to crack the code of how to get shoppers hyped up for these vehicles," said Caldwell. "But in the past year we've seen automakers throw huge advertising dollars behind their EV launches in an attempt to drum up some buzz, and it's promising that consumers seem to at least be more aware of the options out there."
As more consumers look to EVs as a possibility for their next car purchase, Edmunds experts emphasize that shoppers should take extra time to consider their alternatives and do their research.
"Buying an EV is an entirely different beast than a traditional car purchase, so extra research and diligence are key," said Ivan Drury, Edmunds' senior manager of insights. "Range and weather conditions play a huge factor in determining whether certain EVs make sense for your everyday needs, and whether you own a home with a garage or rent an apartment could affect your charging situation. Federal and state tax incentives are at play with these purchases. And with a number of manufacturers following Tesla's direct sale model, there might not be opportunities to take a test drive, or even to trade in your current vehicle, like you would at a traditional dealership."
To help consumers, the Edmunds experts have put together a comprehensive analysis of the true cost of powering an EV, and they also maintain an authoritative EV rankings page that highlights the best electric vehicles currently in production.
Electric Vehicles Expected to be Available for Sale in 2021
Model Year
Make
Model Vehicle Category
2021
Atlis
XT
large truck
2021
Audi e-tron
luxury midsize SUV
2021
Audi e-tron Sportback
luxury midsize SUV
2021
BMW i3
luxury subcompact car
2021
Chevrolet Bolt EV
subcompact car
2021
Ford Mustang Mach-E
midsize SUV
2021
Hercules
Alpha
large truck
2021
Honda Clarity
midsize car
2021
Hyundai Ioniq Electric
compact car
2021
Hyundai Kona Electric
subcompact SUV
2021
Kia Niro EV
subcompact SUV
2021
Lordstown Motors
Endurance
large truck
2021
Lucid Air
luxury large car
2021
Mercedes-Benz EQC
luxury compact SUV
2021
Mini Hardtop 2 Door
sports car
2021
Nissan Leaf
compact car
2021
Polestar 2
luxury midsize car
2021
Porsche Taycan
luxury large car
2021
Rivian
R1S
luxury large SUV
2021
Rivian R1T
midsize truck
2021
Tesla Cybertruck
large truck
2021
Tesla Model 3
luxury compact car
2021
Tesla Model S
luxury large car
2021
Tesla Model X
luxury large SUV
2021
Tesla Model Y
luxury compact SUV
2021
Volvo XC40 Recharge
luxury subcompact SUV
2021
VW ID.4
compact SUV
2022
Chevrolet Bolt EUV
compact SUV
2022
GMC Hummer EV
SUV
large truck
2022
Nissan Ariya
compact SUV
About Edmunds
Edmunds guides car shoppers online from research to purchase. With in-depth reviews of every new vehicle, shopping tips from an in-house team of experts, plus a wealth of consumer and automotive market insights, Edmunds helps millions of shoppers each month select, price and buy a car with confidence. Regarded as one of America's best workplaces by Fortune and Great Place to Work, Edmunds is based in Santa Monica, California, and has a satellite office in Detroit, Michigan. Follow us on Twitter, Facebook and Instagram.
CONTACT:
Talia James-Armand
Associate Director, PR & Communications
PR@Edmunds.com
310-309-4900
http://edmunds.com/about/press
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SOURCE Edmunds
