At the turn of the 20th century, electric cars were popular, accounting for about one-third of vehicles on the road. Fast forward to 2021 and electric vehicles (EVs) have re-emerged as environmentally friendly modes of transportation. According to CBRE’s recently published report “Electric Vehicle Trends and Challenges for Industrial Real Estate,” EVs are more popular than ever with significant growth expected in coming years. The Edison Electric Institute noted that by 2030 there will be 26.4 million EVs on U.S roads compared to 2.4 million at end 2021; annual sales will reach 5.6 million in 2030 or nearly 32% of all light duty vehicle sales that year according to Statista .
The CBRE report indicated environmental benefits, affordability and government incentives are driving EV growth while major automotive manufacturers invest billions into EV facility production throughout America’s industrial real estate sector . However challenges remain such as power availability , labor force training , retooling facility design , supply chain issues related to raw materials like lithium cobalt & rare earth metals – half from Congo & two thirds processed in China – which could strain supply chains if not addressed quickly enough . It is clear that much work remains before we can fully realize this potential but it appears we’re well on our way towards a greener future!
