July 21, 2024

Bank of America forecasts that electric vehicle adoption will reach 25% nationwide by 2027.

According to Bank of America, the sales penetration of electric vehicles (EVs) is expected to gradually increase in the coming years due to challenges related to affordability, residual value risks, and higher ownership costs. The senior automotive analyst, John Murphy, projects that EV penetration will reach 11% in 2024, 15% in 2025, 20% in 2026, and 25% in 2027.


Q: What factors are hindering the wider adoption of EVs?

A: Affordability challenges, residual value risks, and higher ownership costs are some of the main factors preventing a faster penetration of EVs in the market.


Bank of America’s projections suggest that EV penetration will continue to increase steadily over the next few years. Despite the challenges facing the adoption of EVs, the market is expected to see significant growth in the coming years.

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