It’s no secret that electric vehicles (“EVs”) are becoming increasingly popular. According to the International Energy Agency, EVs accounted for approximately 18% of all car sales worldwide in 2023, a marked increase from 4% in 2020.
Closer to home, current estimates put the number of plug-in electric vehicles on U.S. roads at 5.4 million. And, this number will continue to grow as some major automakers have firm plans to stop selling gasoline-powered cars and trucks by 2040, and several states, including New York, have banned the sale of new gasoline-powered cars by 2035. The Union of Concerned Scientists projects that 50 percent of U.S. passenger car sales could be electric by 2030, and that EVs could make up 60 to 70 percent of the cars on U.S. roads by 2050.