EVs: When electric dreams become reality

U.S. Electric Vehicle adoption is accelerating and broadening out from the West, with the South and Midwest showing strong growth.

Headshot of Taylor Bowley

Taylor Bowley

Headshot of David Tinsley

David Tinsley

July 2023

Key takeaways

  • Electric vehicle (EV) adoption can make an important contribution to reducing emissions. BofA Global Research projects a rapid rise in the market share of EVs, and predicts the number of new EV model launches over 2024-27 will exceed that of new internal combustion engine vehicles for the first time.
  • Bank of America internal data shows the rise in EV penetration is broadening out from the West of the U.S., with the South and Midwest showing particularly stronger growth.
  • However, challenges such as a lack of access to proper charging infrastructure for consumers across different regions could hinder a transition to a low-emissions economy.

Read our full analysis for a more in-depth look at these trends.