The electric vehicle revolution is in full swing, with significant advancements and a changing landscape. As we approach a crucial tipping point, our analysts at Price Digests have highlighted key data points that demonstrate the evolution of the EV market in the past four years. 

From an increasing number of manufacturers and models to extended ranges, especially for commercial trucks, the industry is experiencing exponential growth. “Between new federal and statewide policies being implemented, major investments in charging networks, and a growing selection of options, EVs are becoming mainstream,” states Dan Smith, Sales Director of Price Digests. Notably, electric vehicles accounted for 5% of all new vehicle sales last year, and are expected to grow to 10% this year emphasizing the significance of these developments.

Here’s what you need to know about the current state of the EV market: The Number of Manufacturers and Models Is Surging

Over the past four years, the EV market has witnessed a remarkable surge in both manufacturers and models. The chart below showcases the availability of electric, hybrid, and plug-in hybrid (PHEV) vehicles in both the commercial truck and passenger vehicle segments from 2020 to 2023. Notably, 2023 stands out as a breakthrough year, with manufacturers offering more than 100 EVs for the first time.

That growth is driven by the fact that more manufacturers are getting in the game. For the 2020 model year, 24 manufacturers were making EVs. That number rose to 34 for the 2023 model year. Here’s a breakdown of which manufacturers are leading by vehicle class and engine type for the 2020-2023 model years.

Passenger Vehicles

• Volvo offers the most plug-in hybrids, with 8 different options to choose from. 
• Land Rover leads hybrid production, with 22 models available.
• Audi leads the fully electric category, with 11 models.

Commercial Trucks

• Hino offers the most hybrids, with four options available.
• Volvo offers five fully electric trucks, more than any other manufacturer. 
• There are no plug-in hybrid commercial trucks. 

EV Growth Is Driven by Fully Electric Vehicles

Full EVs are driving most of the growth in the EV marketplace. As you can see in the chart below, the number of hybrids and plug-in hybrids has been steady over the last couple of years, while full EVs have risen sharply. 

Because of that rapid growth, manufacturers are on track to begin producing more fully electric vehicles than hybrids. For the 2023 model year, there were more hybrid models (44) than fully electric vehicles (39). However, if the pace of growth among full EVs continues, that may change in the next year.

Ranges Are Increasing Most for Commercial Trucks

One of the most common barriers to adopting fully electric vehicles has historically been range limitations. This is especially true for commercial trucks. For the 2021 model year, Mitsubishi Fuso offered the longest range at 80 miles. All of the 2023 electric trucks have surpassed that amount. Mack’s 2023 models average 100 miles and Volvo’s 2023 models reach an average range of 189 miles. 

For passenger vehicles, Tesla has long led the pack. Up until 2022, it was the only manufacturer with vehicles that could average 300 miles per charge. Now, BMW, Cadillac, GMC, and Rivian offer models that top the 300-mile-per-charge mark. 

Stay Plugged into the Pace of Change with Price Digests

The next few years will bring about major shifts in EV production and adoption. The rapid growth of EV manufacturers and models has transformed the commercial truck and passenger vehicle markets in 2023, with over 100 EVs being offered for the first time. 

The next few years will bring about major shifts in EV production and adoption. The rapid growth of EV manufacturers and models has transformed the commercial truck and passenger vehicle markets in 2023. Stay plugged into the pace of change with the leading valuation tool for Trucks, Autos, Marine, Powersport, RVs, and Ground Maintenance vehicles at PriceDigests.com, where you can access comprehensive data, VIN decoding, critical specs, and more. Discover the power of Price Digestss, a critical tool in the Randall Reilly family of asset intelligence products, including EquipmentWatch, EDA, Iron Solutions, and RigDig. Schedule a demonstration today!