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U.S. Electric Vehicle Market Poised for Record Sales in 2021, According to Edmunds

Posted on by abrahamwien18

Experts say 2021 could be a pivotal year for EV adoption thanks to greater selection of EV offerings, rising consumer interest
NEWS PROVIDED BY EDMONDS
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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.

“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.”

“2021 is actually shaping up to be a pivotal year for growth in the EV sector” – Jessica Caldwell, analyst, Edmunds

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 YearMakeModelVehicle Category
2021AtlisXTlarge truck
2021Audie-tronluxury midsize SUV
2021Audie-tron Sportbackluxury midsize SUV
2021BMWi3luxury subcompact car
2021ChevroletBolt EVsubcompact car
2021FordMustang Mach-Emidsize SUV
2021HerculesAlphalarge truck
2021HondaClaritymidsize car
2021HyundaiIoniq Electriccompact car
2021HyundaiKona Electricsubcompact SUV
2021KiaNiro EVsubcompact SUV
2021Lordstown MotorsEndurancelarge truck
2021LucidAirluxury large car
2021Mercedes-BenzEQCluxury compact SUV
2021MiniHardtop 2 Doorsports car
2021NissanLeafcompact car
2021Polestar2luxury midsize car
2021PorscheTaycanluxury large car
2021RivianR1Sluxury large SUV
2021RivianR1Tmidsize truck
2021TeslaCybertrucklarge truck
2021TeslaModel 3luxury compact car
2021TeslaModel Sluxury large car
2021TeslaModel Xluxury large SUV
2021TeslaModel Yluxury compact SUV
2021VolvoXC40 Rechargeluxury subcompact SUV
2021VWID.4compact SUV
2022ChevroletBolt EUVcompact SUV
2022GMCHummer EV SUVlarge truck
2022NissanAriyacompact SUV