Electric car sales are not charging the marketplace. A new study by online automotive research company Edmunds.com suggests the segment may have run out of gas.
Sales of electric drive vehicles are stuck at about 3.6% of all new car sales for 2014, Edmunds senior analyst Jessica Caldwell said.
That’s below the 3.7% market share for 2013, and it’s not likely to grow any before the end of the year.
And that’s during an otherwise robust sales season. Total figures for August were higher than any time in the last decade.
Automakers sold about 1.6 million vehicles in the U.S. in August, an increase of about 3% from August 2013, according to initial industry estimates released Wednesday.
“The whole automobile market has grown,” Caldwell said. “We’re not seeing electric vehicles as part of that growth.”
The numbers are surprising, Caldwell said, to automobile forecasters. Five years ago, analysts thought that electric vehicle sales would continue to expand as more manufacturers put more electric vehicles on the road and as the vehicles’ cost came down.