EVs: When electric dreams become reality

July 2023

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

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.