ORLANDO, Fla. (June 20, 2022) — The Edison Electric Institute (EEI) today released an update to its Electric Vehicle Sales and the Charging Infrastructure Required Through 2030 report. Originally released in 2018 with the Institute for Electric Innovation, the updated report details new insights into the coming wave of EV sales and the charging infrastructure needed to support the projected electric vehicle (EV) growth.
This consensus forecast is based on four independent forecasts done by Boston Consulting Group, Deloitte, Guidehouse, and Wood Mackenzie, as well as analysis from the National Renewable Energy Lab. The report concludes that:
- The number of EVs on U.S. roads is projected to reach 26.4 million in 2030, up from the projected 18.7 million as projected in the 2018 report.
- The projected 26.4 million EVs will make up nearly 10 percent of the 259 million light-duty vehicles (cars and light trucks) expected to be on U.S. roads in 2030.
- It took eight years to sell 1 million EVs and fewer than three years to sell the next million. EEI projects the next 1 million EVs will be sold by the end of 2022.
- Annual sales of EVs will be nearly 5.6 million in 2030, reaching more than 32 percent of annual light-duty vehicle sales in 2030. Compared to the 2018 forecast, this is an increase of more than 1.8 million in annual sales in 2030.
- Nearly 12.9 million charge ports will be needed to support the projected 26.4 million EVs that will be on U.S. roads in 2030.
- Approximately 140,000 Direct Current (DC) fast charging ports will be needed to support the level of EVs expected to be on U.S. roads in 2030.
“EEI and our member companies are committed to helping electrify the transportation sector and to reducing economy-wide carbon emissions,” said EEI Senior Director of Electric Transportation Kellen Schefter. “Across the country, electric companies are continuing to partner with communities, stakeholders, and businesses to build and deploy the EV charging infrastructure needed to support the increasing number of EVs that will be on U.S. roads by the end of the decade. We remain committed to investing in customer programs and projects and to supporting policies that will ensure the transition to EVs is convenient and seamless for all drivers.”
Electric companies across the country increasingly are gaining state regulatory approval to invest in electric transportation. According to the report, these investments are primarily in EV charging infrastructure deployment, which may include charging infrastructure for other applications, such as medium- and heavy-duty trucks and buses, as well as other market support activities including customer education and outreach. As of June 2022, approved investments for EV programs and projects for EEI member companies totaled more than $3.4 billion, with more than $3 billion dedicated to charging infrastructure. More than $970 million of these investments is designated for underserved communities.
The report also highlights the continuous work of the National Electric Highway Coalition (NEHC). Since its formation in December 2021, the NEHC has grown to more than 60 investor-owned electric companies, public power utilities, and electric cooperatives. It is the largest such alliance of electric companies that have organized around the common goal of deploying EV fast charging infrastructure to support the growing number of EVs and to help ensure that the transition to EVs is seamless for drivers. To date, NEHC members have committed to supporting the deployment of more than 4,500 DC fast charging ports.
Please visit the newly relaunched The Electric Generation website for updates and insights on the work of NEHC members to help expand EV fast charging.
The full report can be viewed here.