Market Snapshot: EV Infrastructure

Market Snapshot: EV Infrastructure

The Biden administration recently announced additional funds towards electric vehicle (EV) infrastructure through the Charging and Fueling Infrastructure (CFI) Program. In this round, $521 million was allocated to 29 states for projects in communities and highway corridors (click here for a full list of recipients). 

We looked at U.S. Department of Energy (DOE) data on EV registrations and gathered a few insights:

• The U.S. added 1.1 million EVs in 2023, increasing the volume by almost 46% vs. 2022.
• California, Florida, Texas, Washington, and New Jersey added the most EVs last year.
• The highest year-over-year percentage increases were in North Dakota, Wisconsin, Maryland, Delaware, and New York.
• From a regional perspective, EV relative growth was the highest in the Mid-Atlantic (New Jersey, New York, Maryland, Pennsylvania, and Delaware) followed by Great Lakes (Illinois, Michigan, Ohio, Wisconsin, and Indiana).
• The U.S. added almost as many hybrid electric vehicles (HEVs), which represented an increase of 18% for the category.
• Southern states Louisiana, Mississippi, Alabama, and South Carolina had the highest percentage increases for HEVs.

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