Electric vehicle models expected to triple in 4 years as declining battery costs boost adoption

Dive Brief:
The number of electric vehicle models available to consumers is expected to more than triple in the next three years, from roughly 40 to 127 in the United States, as battery prices fall, charging infrastructure spreads and adoption rises, according to Dan Bowermaster, senior program manager for electric transportation at the Electric Power Research Institute (EPRI).

It takes almost two decades for the U.S. auto fleet to turn over, “so this is not like an iPhone adoption,” Bowermaster said Dec. 7 at a virtual seminar hosted by the U.S. Department of Energy and EPRI. There are now 187 counties in 33 states where EVs represent more than 1.9% of new vehicle sales, he said.

Key to speeding adoption is the declining cost of batteries. DOE officials at the event said their research and investment is targeting $80/kWh by 2030 for a vehicle battery pack, but experts say more rapid declines may be possible.