Electric Vehicle (EV) is a vehicle that uses electric motor for driving. The vehicles are powered by battery, solar panel or a generator to convert fuel into electricity. Electric vehicles came into power in mid 19th century when electricity was the most preferred source of energy for motor vehicles. However, the 20th century witnessed discovery of vast petroleum resources which then became a popular fuel for vehicles.
Recent demand for sustainable source of energy has again led to the growing demand for electrical vehicles and they are now playing a strong role in controlling pollution worldwide. Electric cars were quite popular in the United States in the early 1900s. In that period, the total number of electric cars sold were more than gasoline and steamed powered cars. The year 1912 witnessed peak in the production of electric cars. However, gradually cars driven by electricity experienced a fall in sale post 1935, as new models of gasoline cars with modern features were launched in the market.
Despite the impact of Covid-19, the electric vehicle market in the US is expected to grow. In the first half of 2020, 87,398 electric vehicles were sold in the country. Tesla, the leading player in the market recorded sales of 71,375 out of which Tesla Model 3 accounted for 38,314 units.
It is projected that by 2025, United States electric vehicles market will reach 6.9 million unit sales driven by government EV ownership incentives. Of the combined share of electric vehicle in 2025, it is projected that mild hybrid EVs and fully hybrid EVs will form the maximum market share of approximately 89.6%. The Biden Administration supports consumers incentives for replacing less-efficient vehicles with newer electric vehicles along with incentives for manufacturers to build or assemble EVs and parts.