Electric car use is growing at an incredibly rapid rate. In fact, just slightly over 100% year over year.
Rest assured, our gas guzzling, SUV lovers: Even though tree huggers have long awaited the day that electric cars will replace gasoline cars, even at this 100% growth rate year over year, they still have a long way to go.
The chart below depicts the number of electric and hybrid car sales year over year by brand.
Even though Nissan is clearly in the lead, American manufacturers like Ford and GM are closing the gap quickly.
Regardless, electric cars aren’t for everyone. Some will still prefer a non-hybrid that gives great MPGs.
But there’s a clear reason that this phenomenon is occurring.
Why Have Hybrid Electric Car Sales Skyrocketed
First, a decade ago the Prius was ugly, had awful pickup and was astronomically expensive.
Since then, lithium-ion battery costs have fallen dramatically, production has been scaled, and processes perfect. That has resulted in electric car prices dropping to competitive pricing levels and allowing middle class Americans to get in on the savings.
Second, a decade ago the costs of purchasing and operating a hybrid car didn’t dramatically outweigh the costs of a standard car. Since then, cars such as the Prius C have been introduced, which have an estimated 53/46 MPG and it costs less than $20,000. According to FuelEconomy.gov, the Prius C will provide you with $6,500 in fuel cost savings over 5 years compared to the average new vehicle.
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Finally, the global warming movement has heated up. People are realizing that are world is in peril and want to do everything they can to reduce their carbon footprint.
When all is said and done, you see this type of growth:
- 25,000 hybrid electrics in 2010
- 80,000 in 2011
- 200,000 in 2012
- 405,000 in 2013
Over 100% growth year over year. Still a ways away from competing with gas guzzling SUV purchases (especially when SUVs are under 30k), but sales are creeping on up!