Electric Surge: One in Three New U.S. Cars Could Be Electric by 2027, Bloomberg Report Predicts

By 2027, electric vehicles are projected to constitute nearly 33% of new car purchases in the United States, provided existing regulations persist, as stated in a July report from Bloomberg New Energy Finance.

Car manufacturers achieved sales of 1.5 million electric vehicles within the United States during the previous year, making up 10% of all new car purchases. However, projections from BNEF indicate a rise to 4.5 million EV sales by 2027, with the expectation of capturing nearly half the market by 2030. This surge would align closely with President Biden's ambition for electric vehicles to comprise 50% of auto sales by 2030, potentially reaching this target with the current trajectory and without additional policies, as pointed out by BNEF. This target has been deemed as overly ambitious by General Motors.

Upcoming Hyundai Ioniq 5 Model for

According to BNEF forecasts, the United States is poised to reach 7.7 million electric vehicle (EV) purchases by the year 2030, which would establish a trajectory towards achieving 67% of EV sales by 2032, in alignment with the Environmental Protection Agency's (EPA) projections derived from its most recent emissions regulations. However, this is contingent on the political climate remaining consistent and not being altered by policy shifts following the 2024 presidential vote. From certain viewpoints, it appears that the EV policies under former President Trump may lean towards providing financial incentives for petrol-powered vehicles.

BNEF forecasts that California will maintain its position at the forefront of electric vehicle sales in the United States. As of 2023, 25% of all new cars purchased in California were equipped with a charging port. It's projected that by 2030, electric vehicles will make up 65% of the state's new car market, with this figure rising to 90% by 2040 when new, tougher emission regulations are implemented.

2025 Model of Volkswagen's ID.4

By 2035, California has set the goal to cease the sale of most traditional combustion engine vehicles, allowing an exception for plug-in hybrids capable of traveling at least 50 miles on electric power alone. Toyota is championing the use of plug-in hybrids and is working towards increasing their electric-only range to about 120 miles. However, according to BNEF, it is unlikely that plug-in hybrids will grow in popularity in the U.S. beyond their current market share of 20% to 25% seen in recent years. BNEF also anticipates that the worldwide sales of plug-in hybrids will reach their highest point at 10% of the market by 2030.

According to BNEF's forecasts, the global demand for electric vehicles (EVs) is set to persist on an upward trajectory. It is estimated that the annual sales of EVs will increase by 21% leading up to the year 2027, following a robust average growth rate of more than 60% from 2020 to 2023. In comparison to China and Europe, the United States is projected to have a smaller share of the EV market. By the year 2027, BNEF anticipates that EVs will account for 60% of all vehicle sales

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