Electric Vehicle Sales Are Increasing Exponentially: Report

Photo: Pramote Polyamate (Getty Images)
Photo: Pramote Polyamate (Getty Images)

Do you ever feel like you’re constantly hearing about electric vehicles? It turns out, there’s a good reason for that — people keep buying them. Every year, EVs make up a higher percentage of vehicles as a whole than ever before. Now, according to a new report from Bloomberg, the march of the EV is happening faster than ever.

In the report, Bloomberg looked into how many EVs have been selling — and, more importantly, how long it’s taken the market to clear different milestones. According to their research, it took ten years for EVs to sell a million units, but only two years from that point to sell a further million. The next mil? A single year. The rate of EV sales is increasing exponentially, and it doesn’t look likely to slow.

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This leap is crucial in any emerging tech. It’s so meaningful, there’s even a term specifically for it: “Crossing the chasm.” Innovators will buy anything if it’s sufficiently shiny, and early adopters like to beat the crowds. Capturing the early majority, that massive chunk of buyers, is a lot harder.

With EVs, it’s almost fated to happen. Regulatory incentives, industry investment, and the fate of the planet are all pointing in the same direction — eventually, we’ll all be driving electric cars. But this inflection point, this chasm, is a very interesting time to watch. How long will it take us to truly embrace EVs?

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