Read our full analysis for a more in-depth look at these trends.
Electric vehicles
November 2022
EVs on the charge
Key takeaways
- Adoption of Electric Vehicles (EVs) could increase up to seven-fold by 2025, according to BofA Global Research analysis. EV costs – and how quickly they could come down via incentives and technological advances – are key to the trajectory, in their view.
- Greater adoption also requires widespread access to charging stations. In this report, we use a new source of Bank of America internal data on EV charging payments to investigate how EV charging demand is developing and which key demographics are driving it.
- The Bank of America EV charging payments data suggests EV customers use charging stations more when gas prices rise. But the high upfront cost of the vehicles still dictates who is plugging in – nearly half (42%) of active EV charging spend is from a higher-income (annual income >$100K) cohort.
- State-level investment in charging infrastructure can also boost usage. California has the highest concentration of charging stations in the US, and over half (52%) of the Bank of America EV charging payments data originates there.
