Will EVs become the standard over the next 5 years? [Video]

(TestMiles) – As the electric vehicle (EV) market powers up for an anticipated boom, prospective buyers and industry analysts are both excited and skeptical about the forecasted growth.

According to industry projections, EV sales are set to nearly double from 2.5 million units in 2026 to a staggering 4.1 million by 2029. But as we dive into the data, a complex picture of consumer sentiment and market readiness emerges, challenging the sunny outlook.

By the end of 2024, EVs are expected to make up 9.1% of total light vehicle sales, a significant increase to about 1.4 million units sold. While this growth is notable, it reflects both the opportunities and the substantial hurdles the EV market must overcome to meet future projections.

A survey of potential car buyers revealed a significant price sensitivity among consumers: nearly half of those who initially dismissed the idea of purchasing an EV would reconsider …