Are you constantly bombarded with news about electric vehicles? Well, it’s no coincidence – people are buying them like crazy. Every year, the percentage of EVs on the road is increasing. And according to a new report from Bloomberg, this trend is happening at an even faster pace than before.
Bloomberg’s report delved into the selling numbers of EVs and how long it took to reach different milestones. According to their research, it took ten years to sell the first million EVs. However, it only took two years to sell the second million, and just one more year to hit the three-million mark. The rate at which EVs are being sold is increasing exponentially. You can’t deny the impressive growth in EV sales.
But the accuracy of Bloomberg’s “ten years” calculation is questionable. The data seems to start from 2011, ignoring earlier arrivals like the Tesla Roadster in 2008 and the Rav4 EV in 2002. Even EVs from the 1830s, known as Contender Era EVs, should be included. If we take into account all these factors, it could actually be argued that it took around 190 years to sell the first million electric cars in the United States. This makes the jump to selling the next million in just two years even more remarkable, with a nearly 99 percent reduction in time. Clearly, EV sales are growing exponentially.
However, Bloomberg’s data doesn’t provide the complete picture. The report only covers until the end of the second fiscal quarter, and already shows a dip in EV sales. It seems that the early adopter market is becoming saturated, and EVs are struggling to make the leap into the early majority market segment.
This leap is a crucial phase for any emerging technology, often referred to as “crossing the chasm.” While innovators and early adopters are quick to embrace new tech, capturing the attention and adoption of the early majority is a significant challenge.
With EVs, it seems inevitable that this leap will happen. Regulatory incentives, industry investments, and the urgent need to address climate change all point towards a future where everyone will be driving electric cars. However, this period of crossing the chasm is intriguing and worth watching. How long will it take for us to fully embrace EVs?
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