Are car-sharing and entrepreneurship the future of EVs?

The International Energy Agency estimates that more than ten million electric vehicles (EVs) were sold worldwide in 2022. By the end of 2023, that figure is expected to grow another 35%, bringing the annual total to 14 million. This would give EVs an 18% global automotive market share—up from just 4% in 2020. Clearly, the electrification shift is accelerating. But what factors are influencing purchasing and rental decisions?

In April 2022, Consumer Reports published its findings (Battery Electric Vehicles & Low Carbon Fuel Survey) from a representative sample of 8,027 US adults. At the time of writing, approximately 2% of American drivers use an EV. Perhaps unsurprisingly, environmental benefits were cited by 51% as a key motivation for considering switching. However, another important factor identified was familiarity—67% of those who would purchase or rent an EV considered themselves ‘very’ or ‘somewhat’ aware of what the ownership experience entailed. Furthermore, 71% of those knowledgeable about EVs stated that their next vehicle would be one.