EEI Projects 78.5 Million EVs Will Be on U.S. Roads in 2035

EEI Projects 78.5 Million EVs Will Be on U.S. Roads in 2035

WASHINGTON (October 02, 2024) - The Edison Electric Institute (EEI) today released an update to its Electric Vehicle Sales and the Charging Infrastructure Required Through 2035 report. Originally released in 2018, the updated report details new insights into the coming wave of electric vehicle (EV) sales and the charging infrastructure needed to support the projected EV growth.

This consensus forecast is based on four independent forecasts done by Boston Consulting Group, Ernst & Young, Guidehouse, and PwC, as well as analysis from the National Renewable Energy Laboratory. The report concludes that:

• The number of EVs on U.S. roads is projected to reach 78.5 million in 2035, up from 4.5 million at the end of 2023. This is more than 26 percent of the nearly 300 million total vehicles (cars and light trucks) expected to be on U.S. roads in 2035.
• In 2030, annual EV sales are projected to reach 7.7 million and account for nearly 46 percent of total light-duty vehicle sales. This is an increase of more than 2 million for annual EV sales compared to the projections in EEI's 2022 forecast.
• Annual sales of EVs are projected to be nearly 12.2 million in 2035, reaching nearly 72 percent of annual total light-duty vehicle sales in 2035.
• Approximately 42.2 million charge ports will be needed to support the projected 78.5 million EVs that will be on U.S. roads in 2035.
• Approximately 325,000 DC fast charging ports will be needed to support the level of EVs projected to be on U.S. roads in 2035.
• America's electric companies are making significant investments to expand access to EV charging, including investing more than $5.3 billion in charging infrastructure and other EV programs.

"Our member electric companies are leading the way in helping customers who are choosing to electrify their transportation," said EEI Senior Vice President of Customer Solutions Phil Dion. "We are excited to continue working with our members around the country to evaluate grid capacity and other infrastructure needs due to the growing number of EVs in their service territories. Our members remain committed to supporting policies, especially those focused on proactively enhancing the energy grid, to ensure the transition to EVs is done in a cost-effective way that is also convenient, equitable, and seamless for all drivers."

The report also highlights the critical role federal funding is playing in the public EV charging landscape. Specifically, it highlights the National Electric Vehicle Infrastructure (NEVI) program - created by the Bipartisan Infrastructure Law - that designates $5 billion to deploy public EV charging. It is the largest public investment ever in EV charging infrastructure. As of July 2024, approximately $450 million in NEVI funding has been awarded, and ground has already been broken for new projects. EEI estimates the NEVI program may support as many as 30,000 direct current fast charging ports at 7,500 sites across the country.

Currently, National Electric Highway Coalition (NEHC) members are working closely with state departments of transportation to help maximize the reach of these federal funds. NEHC members will continue to share best practices with each other, states, federal agencies, and third-party site hosts to build out public EV fast charging infrastructure that enables EV drivers to travel with confidence along major corridors across the nation.

The full report can be viewed here.