According to a new study on the macroeconomics of new technology adoption, the United States is poised for a rapid increase in electric vehicle (EV) adoption. Currently, EVs make up just seven percent of new cars sold in the US. However, experts believe that the US market is at the bottom of a curve and is trending upwards.
Using Norway as an example, where EVs now make up around 80 percent of new car sales, experts predict that the US could follow a similar adoption curve at a much larger scale. California, in particular, has already witnessed significant growth in EV sales, with electric vehicles accounting for 25 percent of new car sales in the first half of 2023.
However, there are still several barriers preventing wider EV adoption in the US. The country’s charging infrastructure is still inadequate, and many Americans are unfamiliar with EV technology. Additionally, a politically polarized climate and a sense of individualism contribute to hesitation in making the switch to electric.
Supply chain issues, lack of access to raw materials, and worker unrest also pose potential challenges to EV adoption. Concerns over job loss in the auto industry are a major factor contributing to worker unrest.
Despite these challenges, research shows that familiarity with EVs significantly impacts purchasing decisions. As more people know someone who owns an EV, they are more likely to understand the benefits and consider making the switch themselves.
While there is currently a partisan divide on electrification, with Republicans more likely to stick with gas-powered cars, ownership of EVs does not follow this divide strictly. Democrats and Republicans both own EVs, with a slightly higher percentage among Democrats.
In conclusion, the US is on the cusp of a significant increase in EV adoption. Over time, more Americans are likely to recognize the practical and environmental benefits of EVs. However, several obstacles must be overcome, including improving charging infrastructure, addressing supply chain issues, and addressing political polarization. With time and increased familiarity, the US is expected to witness a surge in EV adoption, similar to other countries around the world.
Sources:
– The Washington Post