The trend is expected to continue in 2023 with the arrival of more affordable electric SUVs and trucks. Importantly, US consumers mostly buy these vehicles.Despite the progress, the US electric car market lags behind Europe. JATO data covering 23 European markets shows that these vehicles accounted for 12 percent of new car registrations through October 2022. That equates to 1.09 million units out of 9.09 million for the entire market. The total rises to 1.
Thus, the European total was 1.9 times higher than the American one. The gap has narrowed significantly since 2020. In that year, there were 2.5 EVs registered in Europe for every EV sold in the US. The ratio dropped to 2.4 between January and October 2021. The European boom can be explained by better infrastructure, more choices for consumers, and good offers. Indeed, it is sometimes easier to buy a new electric car than a petrol one. This is due to the shift in priority that OEMs are giving to their products.
Since the problem of semiconductors is likely to remain a supply issue, the few available are used in the most popular models or in those that are easier to sell, such as EVs thanks to public incentives.These two markets are expected to see higher numbers for electric vehicles next year. Rapid adoption in some markets is driven by more competitive offerings. More accessible and interesting products will arrive next year.
The introduction of these vehicles includes large trucks and SUVs in the US and small and compact SUVs in Europe. As consumer awareness increases and their willingness to drive electric is bolstered by better cars, it wouldn't be strange to see double-digit market share for BEVs in the US and over 20 percent in Europe for 2023.