Coming of Age: The US EV Market Is Rapidly Maturing

The US electric vehicle (EV) market has entered a new phase. What was once a niche segment dominated by early adopters and incentivized buyers is now demonstrating signs of real scale, confidence, and infrastructure adequacy.

For Zeti, operating at the intersection of finance, operations, and hard assets in clean mobility, this moment presents both opportunity and urgency.

Key Growth Trends

Rising Sales & Market Share

• In August 2025, new EV sales in the rose 17.7% year-over-year, reaching a record 146,332 units and pushing EV market share to 9.9% - an all-time high.
• Commercial EV adoption is also accelerating: registrations of zero-emission buses and medium- & heavy-duty trucks doubled in 2024, and last-mile delivery vans surpassed 14,000 in 2023, with total deployments over 46,000 in 2024.
• Used EVs are catching up: 40,960 units sold in August alone, up 59% YoY building confidence in the secondary market.
• Overall North American auto sales are up 6% YTD, partly driven by consumers seeking to lock in tax credits before they expire.Strong new and used EV Sales in August 2025.

Source: Kelley Blue Book

EVs now consistently hold 20% of Market Share from ICE vehicles

Infrastructure Catch‑Up

• By the end of 2024, the US public charging network reached nearly 200,000 ports (Level 2 + DC fast charging), up 20% year-on-year.
• While some federal programmes (such as NEVI) face delays, both private and public investment is accelerating, reducing range anxiety and operational risk.

What This Means: Signals of Maturity

Putting those numbers together, several important shifts are occurring:

1. Choice & Competition: OEMs are rolling out more models, at broader price points. The market is no longer dominated by just a few players; there is real competition in both new and used segments. A standout example is Ford’s announced $30K EV pickup by 2027, a price point that could significantly expand adoption beyond today’s early adopters. That increases pricing discipline, reduces the premium for “early adopter” risk, and opens up EVs to more consumers and operators.
2. Depreciation & Resale Value Transparency: The used EV market is growing strongly. For financiers and leasing companies, this provides a more reliable residual value framework. Knowing that EVs retain sufficient value post‑lease or loan improves risk models, lowers required margins, and reduces the need to fully amortize every cost over the asset’s life. Resale values of popular EV models are beginning to show depreciation curves that compare favorably with, and in some cases outperform, ICE equivalents.
3. Confidence in Charging Infrastructure: As more public chargers, fast chargers, and better distributed infrastructure come online, “range anxiety” is becoming less of a barrier. This removes a psychological obstacle for many buyers and operators. For fleet or network operations, the improved infrastructure can significantly reduce operational risk.
4. Policy & Incentives Effect: Tax credits (IRA and others) remain a powerful accelerator. But there is also evident “pull‑forward” behavior. Many buyers are moving purchases earlier to benefit from expiring incentives. That suggests both urgency and sensitivity; it also creates a spike risk ahead of policy cliffs.
5. Used & Secondary Market Fluidity: As used EV volume grows, there is more liquidity and more predictable pricing. That matters both for operators (who often want exit options) and for lenders (lessening the risk of holding assets over long durations). It also helps make leasing and financing models more attractive.

Risks & Headwinds

To be balanced, there are some challenges to watch:

• Incentive uncertainty: Federal tax credits on new and used EVs are set to expire on 9/30, and other programs are scheduled to phase out, change, or become harder to access. Grant support is also being gradually reduced. While this reflects a maturing market, buyers increasingly rely on the long-term economics of EVs over ICE vehicles, it introduces risk. If incentives diminish faster than improvements in pricing, supply, or total cost of ownership, demand could soften.
• Cost pressures: Battery materials, supply chain, vehicle component cost inflation, and even charger deployment costs remain volatile.
• Infrastructure deployment speed: Although progress is real, delivering high‑speed chargers in the right places (corridors, rural, underserved areas) still takes time.
• Consumer/perception inertia: Even with improving infrastructure, many consumers and smaller operators are still cautious about maintenance, charging logistics, resale, and total cost over vehicle life.

Why Now Is the Time for Zeti

For Zeti, everything about the current moment lines up with our mission and capabilities. Here’s how:

• Lenders & Investors: Growing EV adoption and rising secondary market volumes are strengthening confidence in residual values and creating new financing opportunities. Our Zetihub platform integrates telematics and finance processes to give deeper asset insights and streamline portfolio management. Automated billing, collections, asset evaluation, and repos maximize ROI and efficiency, while origination opportunities come through Zeti’s network of mobility and clean-energy providers seeking creative financing solutions. The result: competitive, data-driven returns with risk managed through real performance and operational data.
• Operators & Network Partners: Access to competitive capital is becoming more available, but still fragmented, complex, and often expensive. Zeti’s software platform and expansive US lender network can streamline that, reduce friction, help secure better terms, and reduce upfront cost burdens.
• Assets & Operational Insights: While real‑time utilization is growing in interest, the more immediate wins lie in giving operators tools for cost of ownership tracking, asset condition monitoring, depreciation/residual value forecasting, and ensuring utilization that supports better decision‑making.
• Policy Leverage & Timing: Because many incentives are phase‑out‑prone, those who act now (operators sizing up fleets, lenders building ways to finance creative usage models) will likely gain first‑mover advantages. Zeti can be part of that wave, enabling increased deployment while incentives are still favorable, then helping transition into models that are resilient post‑incentive.