Experts Say Americans Will Soon Have More EV Options

For nearly a decade, Tesla (NASDAQ: TSLA) has been the most prominent player in the relatively new elective vehicle (“EV”) game, becoming the world’s largest EV producer as well as the most valuable car company in the world in the past couple of years. The California-based EV maker currently has the largest market share of the EV sector, with most of the electric vehicles sold in America being Teslas. According to IHS Markit, 79% of the zero-emission electric cars sold in 2020 were manufactured by Tesla, but it looks like the company’s stranglehold on America’s EV sector may have an expiry date.

Thanks to increasingly strict emission standards and plans to switch to green energy, the next decade will see more established automakers and startups jump into the electric vehicle sector with plenty of new offerings. Several of these companies have already invested billions of dollars in building electric vehicles, and experts say that by 2025, the American market will be home to hundreds of new EV models compared to the couple dozen that are available today. Despite all the efforts Tesla has made toward making electric cars more mainstream, EV sales are still a minuscule portion of total vehicle sales, constituting less than 4% in 2021, LMC Automotive says.

Tesla holds domain over a relatively new and insignificant empire, and as the market grows, more players will offer up stiff competition. The American EV maker’s market share is already expected to drop to 56% this year thanks to the entry of new EV models such as the Volkswagen ID.4 and the Ford Mustang Mach-E, says IHS Markit. Michael Fiske, the information provider’s associate director, says that while it is no surprise Tesla dominates the EV game because it is one of the only players with viable products, maintaining that majority market share will be difficult as the market matures and there is an influx of competition.

LMC Automotive predicts that by 2025, General Motors will have surpassed Tesla as the largest maker of electric vehicles in the country, as Tesla’s market share drops to 20%. By 2030, LMC Automotive expects electric vehicles to constitute 34.2% of new vehicle sales in America, with battery electric vehicles making up 30.1% and plug-in hybrids making up 4.1% of EV sales while Autoforecast Solutions has a more conservative prediction of 23% market share by 2030 with 18.6% being all-electric cars and trucks.

Many of the companies, such as Net Element (NASDAQ: NETE), getting into the EV sector aren’t traditional auto firms, and many of them are bringing innovations that are potentially disruptive to vehicular technology and could give Tesla a run for its money.

NOTE TO INVESTORS: The latest news and updates relating to Net Element (NASDAQ: NETE) are available in the company’s newsroom at http://ibn.fm/NETE

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