The Growth Potential of Electric Vehicles in the U.S.A

With rising air emissions and its consequential environmental effects combined with depleting oil and gas supplies, the government authorities in the United States, Europe, China and various nations, have taken proactive measures to combat these challenges. Transportation sector in United States consumes about 70% of oil demand, out of which 70% is then consumed by passenger vehicles. To meet these oil demands there is an increasing reliance on imported oil, which implies money supplies flow out of the economy. The interests of the governments to reduce oil consumption and thereby reduce reliance on foreign oil have propelled a change in the future of transportation industry with the adoption of electric vehicles. Electrifying the transport sector provides a possible solution to climate change, U.S. energy security, employment growth and ultimately a sustainable, greener economy. The purpose of this paper is to understand the current scenarios of; Electric Vehicle industry, Oil and Gas sector, and Energy sector. Based on the understanding, this paper assesses the circumstances for: a) large scale adoption of electric vehicles and b) electric vehicles being a viable option from consumer perspective.