The US is likely eight years away from completely tipping over into electric vehicle territory.
EVs will account for 48 percent of new passenger vehicle sales by 2030 according to BloombergNEF, and the country will have more public EV charging stations than fuel stations by 2032, news agency Bloomberg reported.
The analysis is based on data from the US Department of Energy, and is based on modeling the EV station rollout at the current pace. The US, which has roughly 9,000 public fast-charging stations, has been speeding up deployment of such infrastructure. Recently, the country deployed 704 new, public fast-charging stations in just three months, increasing the total number by about nine percent in one quarter.
Sara Rafalson, EVgo Executive VP of EVgo, and EV charging network, told the publication: "We're seeing demand for fast charging skyrocket," adding, "We're continuing to build bigger and bigger stations because we need to keep up with that demand." Bloomberg estimates that EV operators in North America will spend around $6.1 billion on EV charging infrastructure this year, twice the amount they spent in 2023.
Gas station operators are among the businesses seeking to install public EV charging facilities on their premises. Legacy operator Shell, for example, launched 30 new charging stations in the second quarter of 2024.
Tesla remains the largest operator with around 2,319 supercharger stalls, and the company is slowly opening its network to other companies such as Ford, in line with prior agreements.
Meanwhile, EV sales, currently subdued are forecast to rebound. The International Energy Agency estimates sales of fully electric models will soar to 2.5 million in 2025, from over a million units last year, while Bloomberg forecasts EV sales rising to 4.5 million units by 2027.
The latest EV outlook from BloombergNEF says that, assuming current policies remain in place, modest near-term sales growth will give way to stronger momentum as new models — many in the "affordable" category — are launched by companies such as Ford, Rivian and Tesla, and foreign carmakers such as Hyundai, BMW and Toyota ramp-up local production capacity.
California will remain the leader in the transition, BloombergNEF notes. The Golden State is planning to phase-out sales of conventional vehicles by 2035, although up to 20 percent of new car sales will be allowed to be plug-in hybrids or PHEVs.