EV adoption in the U.S. happening much faster than anticipated!
According to an observation of research by Recurrent Auto, which is focused on providing transparency and confidence in pre-owned EV transactions.
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EV adoption is happening faster than anticipated!
EV adoption in the U.S. happening much faster than anticipated, according to an observation of research by @RecurrentAuto which is focused on providing transparency and confidence in pre-owned EV transactions. pic.twitter.com/W17v2amAkS
— The_Journalbiz (@the_journalbiz) September 5, 2022
Credit: Recurrent Auto
In an interview Recurrent CEO, Scott Case shared an observation of a study by Boston Consulting Group (BCG) which has released a market projection for EV adoption annually since 2018.
- RECURRENT AUTO: EV ADOPTION IS HAPPENING FASTER THAN EXPECTED
Scott told me that Recurrent noticed that BCG repeated the same analysis four times since 2018 and has gotten it wrong each time.
“What we’ve seen every time they’ve done this is that they’ve just missed their forecast and gotten too low every single time.”
He said what was really interesting was that they were seeing BCG’s forecast and noticed that despite having all of the data and models, they’ve been “systematically under forecasting how fast the EV adoption is going to happen.”
The graph above shows how the EV sales projection for 2030 by BCG changed each time it released a report.
According to BCG, EV sales projections in the U.S. for 2030 continued to grow as per following stats:
- 21% in the 2018 report
- 26% in the 2020 report
- 42% in the 2021 report
- 53% in the 2022 report
What Scott and the team at Recurrent found strange was that in the course of four years, the U.S. EV sales projections for 2030 more than doubled growing from an estimated 21% to 53%.
“The market adoption is just happening faster than any moment in the past. This is not about when we get to complete it, or what the numbers have been already. It’s what the best industry experts are forecasting about how fast this is going to happen.”