Annual EV Sales Will Reach 1 Million in 2024, New Report Says

Volkswagen L1 1 photo
Photo: VW
Since their inception, modern electric cars conducted what is safe to call an infiltration, rather than a revolution in the automotive world. Sure, statistics say EV and PHEV sales have been on a constant upward trend from year to year, but when will they hit 1 million per year?
Before getting to the main point of the article, allow us to put things into perspective. Last year, around 130,000 US buyers opted for a plug-in electric car. It doesn't look like much, especially if you consider a total of 16.5 million vehicles were sold in the US during 2014.

Compared to the total amount of cars Americans bought in one year, 1 million plug-in vehicles is still a small percentage but according to a Navigant report called Electric Vehicle Geographic Forecasts, that mark won't be reached before 2024.

The same study claims that in the next ten years, the United States market will continue to grow in the coming years at a compound annual growth rate situated between 14.7% and 18.6%, with California (not surprisingly) being the area with the biggest EV diffusion.

On that note, you should also know the study offers two scenarios on the matter, one more conservative and one more aggressive, or optimistic if you'd like to call it that way. The moderate scenario says annual plug-in vehicle sales will exceed 860,000 in 2024 while the best-case scenario claims yearly EV sales will go over 1.2 million vehicles.

The study also points out the looming arrival of a new generation of battery electric cars, and experts think this will provide even more pace for the green movement:

“Similarly, the introduction of next-generation, fully electric vehicles with ranges near or above 200 miles and price points below $40,000 is expected to drastically increase mass-market PEV acceptance as a pragmatic transportation option,” said Navigant Analyst Scott Shepard.
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