A Look at the Electric Car Market for 2022

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It’s no secret that electric cars were a hot trend in 2021—and that makes sense. Electric vehicles are better for the environment, help drivers save on fuel costs, and are in most cases easier to maintain than a gas-powered vehicle. 
With all these benefits and more, it’s no surprise that experts predict the electric car market for 2022 will only continue to expand. Here, we’re diving into some general predictions about the electric car market for the year, plus insight into if now is truly the right time to buy electric. 

Electric car market for 2022

As USA Today points out, electric vehicles were once a small fleet of cars deemed “nerdy” by many. Now, electric vehicles have evolved into beautiful cars almost every dealer has in their lot, plus they’re sought after by many drivers. 
It seems that electric cars really expanded in 2021. As Business Insider reports, in 2021, brands like Ford came out with an electric pickup truck, the Biden administration pledged to install 500,00 electric vehicle stations across the country, and the luxury electric vehicle market blossomed.  
It’s more than likely the trend of electric vehicles will continue to gain momentum into 2022. Drivers can expect more new electric vehicles to hit the market throughout the year from many different car brands. While we still expect Tesla to be a big player in the electric vehicle space, brands like Ford, Volkswagen, and Toyota all have plans to unveil new electric vehicles in the new year. 
Not to mention, as the market continues to evolve, drivers should have an easier time finding electric vehicles that fit their needs—whether it’s electric cars suited for long drives, batteries that don’t need frequent charging, or just about anything else.
According to IHS Markit estimates, the electric vehicle market will grow 5% this year. 

Benefits of electric cars

The electric car market is undeniably booming, and it’s likely because they provide benefits to both drivers and the environment. Here are some of the perks that come along with owning an electric vehicle:
  • Less money spent on fuel costs.
  • Better for the environment.
  • While more costly upfront, electric vehicles are easier to maintain and have less maintenance costs, according to Hot Cars.
  • Better performance.
  • Quieter drive.
  • Potential tax credits or rebates.

Is now a good time to go electric? 

With all these benefits and a booming market, you might be asking yourself if now is a good time to go electric. The answer, in short, is yes. While drivers need to be conscious of finding an electric vehicle that fits their lifestyle, 2022 is expected to bring more electric cars than ever before.
Plus, now isn’t only a good time to invest in an electric vehicle, but it’s also a good time to invest in electric vehicle-related stocks. CNBC predicts stocks like BorgWarner, a company that makes electric engines, and Blink, an electric vehicle charging station company, will see big jumps this year.

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