It’s National Drive Electric Week! If your fleet has been considering the switch to electric vehicles, you’re not alone. Many fleets are looking to make the switch, whether they seek to improve their carbon footprint or save money on fuel. Either way, electrification is the future for commuters and fleet businesses alike. In recent years, EV technology has evolved so much that it’s hard to keep up! Let’s dive into the current state of electric vehicle technology.
An Industry Focus on Battery Technology
Sales of electric vehicles finished 2022 strong, leading to increased interest in them in 2023. Investors and manufacturers focus on the batteries needed to operate EVs. Essential elements for batteries, such as lithium and cobalt, are in high demand.
EV Market Sales for 2023
Of course, the year isn’t over yet, but things are looking up for the electric vehicle market. In 2022, 10 million EV units were sold. Experts predict that by the end of 2023, we will see that number rise to 14 million. As of August 2023, we saw 5.8 million sales of light-duty electric vehicles. The rate of EV sales will likely accelerate in the latter half of the year to make that number of 14 million.
If you’re in America, you may be surprised by these numbers. We haven’t yet seen widespread implementation of electric vehicles. Most EVs are being bought overseas, particularly in China. China was the leading market for EV sales in 2022, making up 60% of vehicles purchased. Experts expect this trend to continue through the rest of 2023.
The Future of the EV Market
EV sales aren’t expected to expand simply because they are popular. The central drive for EV sales in the US is increasing standards for vehicle emissions. The EPA has proposed requiring car manufacturers to meet specific emission standards. As a result, they expect that 67% of light-duty vehicles sold in 2032 will have to be electric.
Right now, constraints on the supply chain are still affecting the ability to produce electric vehicles at affordable costs. As the supply chain stabilizes, EV prices are expected to go down. This cost reduction will likely result in a surge in EV purchases.
What Are the Benefits of Electric Vehicles?
There’s good reason to keep an eye on the EV market. Fleet electrification has many benefits for fleets that make the switch.
- Lower fuel costs
- Less required maintenance
- ROI on vehicle replacement
- Eliminate gas station trips
- More efficient and high-performing vehicles
- Use of your fleet’s current electric equipment
Stay Up to Date on the EV Market
At Azuga, we seek to keep your fleet informed on everything there is to know about fleet management. That includes updating you on the electric vehicle market and increasing your fleet’s efficiency. Follow our blog to learn more about the EV market and its many changes.
