The Edison Electric Institute (EEI) released an updated report detailing significant projections for electric vehicle (EV) sales and the charging infrastructure required to support this growth through 2035. Building on the original report released in 2018, the updated analysis incorporates insights from independent forecasts by Boston Consulting Group, Ernst & Young, Guidehouse, and PwC, along with research from the National Renewable Energy Laboratory.
Key findings from the report indicate:
- The number of EVs on U.S. roads is projected to soar to 78.5 million by 2035, an increase from 4.5 million at the end of 2023. This represents over 26% of the nearly 300 million total vehicles expected on U.S. roads in 2035.
- Annual EV sales are anticipated to reach 7.7 million by 2030, accounting for nearly 46% of total light-duty vehicle sales, and climbing to approximately 12.2 million by 2035, representing around 72% of annual light-duty vehicle sales.
- To support this level of EV adoption, approximately 42.2 million charging ports will be necessary, including around 325,000 DC fast charging ports.
The report highlights that electric companies are investing over $5.3 billion in charging infrastructure and related programs to support EV adoption.
The report also notes the role of federal funding in public EV charging infrastructure development. The National Electric Vehicle Infrastructure (NEVI) program, created by the Bipartisan Infrastructure Law, allocates $5 billion for public EV charging, the largest public investment in EV charging infrastructure to date. As of July 2024, approximately $450 million in NEVI funding has been awarded, which may support the development of 30,000 fast charging ports at 7,500 sites across the country.
