According to the study, 5% of new car sales are electric.
The United States is the latest country to cross what has become an important electric vehicle tipping point, with 5 percent of new automobile purchases being run only on electricity. According to the study, this threshold signifies the beginning of mass EV adoption, when technological preferences rapidly change.
Other countries have already achieved this milestone, and the electric vehicle industry has flourished.
If the United States follows in Europe and China’s footsteps, EVs could account for as much as 25% of new vehicle sales within a decade.
If the United States follows in the footsteps of 18 other nations that have already gone all-electric, by 2025 one-quarter of new vehicle sales will be electric. That would be a few years ahead of most predictions, according to the report.
This is a “society-altering shift,” according to Bloomberg.
Once the 5 percent threshold has been reached, more people begin to follow the trend in other large auto markets that have started adopting EVs more and more.
However, there are still barriers to the broader use of electric vehicles.
“Electric vehicles are still in their nascent stages. Although early adopters have paved the way, many general consumers are unfamiliar or just learning about the benefits of electric cars,” GeoTab reported.
Furthermore, the infrastructure for electric vehicle charging is still under construction.
Because EV charging stations aren’t as common as gas stations, there isn’t yet a framework in place to support their dominance on the road.
The most significant barrier, in addition to the one already mentioned, is cost.
According to Inside Evs, “the average price of a new electric vehicle climbed to $54,000 in May 2022 and purchasers paid 22% more for a new EV year over year.”