Electric Transportation 101
Industry Facts
[UPDATE]
Market transformation is underway and electric transportation is expanding quickly:
- At the end of 2019, nearly 1.4 million EVs were on the road in the United States—double the amount in mid-2017.
- In 2019, new light-duty electric vehicles (EVs) added 920 gigawatt-hours in annual energy load to the U.S. grid.
- Global EV sales are accelerating, particularly in Europe and China.
- The diversity of products is growing quickly. In the United States, a total of 46 EV models are available, including recent releases of crossovers, trucks, and sports utility vehicles.
- Dozens of EV applications for commercial and industrial fleets are emerging, including deployments of electric garbage trucks, transit buses, and school buses.
- The density of public charging infrastructure is increasing. Utilities are proposing more than $3 billion worth of infrastructure projects.
- Over the past decade, battery costs have fallen by more than 80%.
- By 2024, EVs are expected to reach price parity with gasoline-fueled vehicles.
Benefits for Society, Time-Sensitive Action
EVs are fun to drive, comfortable, safe, and convenient to refuel. They also offer a wide array of societal, climate, environmental and public health benefits:
- The gasoline-free driving experience offered by EVs can cut vehicle emissions - which is especially critical in frontline communities adjacent to heavily trafficked roadways.
- EVs help to shift our energy reliance to domestic sources.
- EVs can cost less to operate over their lifetime thanks to purchase incentives, lease options, and discounted electricity rates.
According to an EPRI-Natural Resources Defense Council study, widespread electric transportation powered by a cleaner grid has the potential to reduce greenhouse gases by as much as 77% between 2015 and 2050. However, EV market transformation is time-sensitive: Because cars sold today are expected to last an average of about 12 years—with many lasting a decade longer—postponing the scale-up of EVs could result in missing 2030 climate targets.