EV sales to reach 50% of U.S. market by 2030, forecast says
The latest projection from BloombergNEF puts the U.S. on track to hit a key target set by Biden last year, for half of all cars sold in the U.S. to be battery-electric, plug-in hybrid or fuel cell-powered by the end of the decade.
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Just over half of passenger cars sold in the U.S. will be electrified vehicles by 2030, according to a report from BloombergNEF, thanks in part to consumer incentives included in the $374 billion in new climate spending enacted by President Joe Biden.
Those incentives, among them a point-of-sale tax credit of up to $7,500 for a new EV purchase, are likely to boost the pace of adoption, BloombergNEF analysts found in the report. Prior to passage of the Inflation Reduction Act in August, projections for EV sales by 2030 2030 came in at 43 percent of the U.S. market. With the climate-spending measure in place, that estimate was revised upwards to 52 percent.
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