Forecast: Electric Vehicles Sales in the US

Electric Vehicles (EV) sales in the US have shown a steady increase, from 47.69 thousand units in 2013 to 106.0 thousand units in 2023, representing an overall robust growth despite minor fluctuations. The year-on-year variations demonstrate this trend, with significant jumps such as a 32.96% increase in 2014 and a notable 10.62% rise in 2020. Notably, sales saw a slight decline of 4.87% in 2022 but rebounded by 4.35% in 2023. The compound annual growth rate (CAGR) over the past five years averages 5.02%, pointing to a relatively stable growth trajectory.

Looking ahead, forecasts indicate a continued increase in EV sales, with expected growth from 111.08 thousand units in 2024 to 127.3 thousand units by 2028. This corresponds to a forecasted 5-year CAGR of 2.76% and an overall growth rate of 14.6%. Future trends to watch for include advancements in battery technology, expansion of charging infrastructure, and potential regulatory incentives or mandates facilitating higher adoption rates.