Record 2024 EV Sales: What Electric Co-ops Need To Know

The electric vehicle (EV) market experienced a remarkable year in 2024, setting new records and signaling a shift in consumer transportation. As electric cooperatives prepare for evolving grid demands and infrastructure investments, it is essential to understand the trends that drove this record year and the resources available to plan for the future. 

According to Cox Automotive’s Q4 2024 market insights, EV sales continued to accelerate in the final quarter of the year. The analysis highlighted a robust performance driven by increased consumer interest, broader model availability and enhanced battery technology. Fourth quarter data revealed that EVs not only captured a growing share of the market, but also contributed significantly to overall automotive sales growth.  

“This momentum indicates that the trends observed in the fourth quarter are likely to carry into the following years, influencing both residential and commercial energy usage patterns,” CFC Director of Utility Research & Policy Brian Sloboda said. “Factors such as improved charging infrastructure, supportive governmental policies and heightened environmental awareness among consumers contributed to this surge. The record-setting sales figures reflect a broader shift in consumer behavior that could have significant implications for future energy demand and grid management.” 

More than 2.5 million EVs were sold in the United States in 2023 and 2024. Sales in 2024 (1,301,411) increased 7.3% from the prior year and accounted for 8.1% of total new vehicle sales. Cox Automotive expects further EV sales growth in 2025, citing the introduction of 15 new vehicles scheduled to enter the market. It predicts 2025 EV sales could reach 10% of all new vehicle sales in the U.S. 

“For electric cooperatives, these trends signal both challenges and opportunities,” Sloboda said. “With the rapid adoption of EVs, cooperatives may need to reassess their load forecasting models, upgrade grid infrastructure and possibly explore new rate designs to accommodate the evolving energy landscape. Preparing for increased demand on the grid—especially during peak charging times—will be critical to maintaining reliable service while supporting the transition to cleaner energy.” 

To help navigate this evolving environment, electric cooperative staff are encouraged to visit the EPRI EVs2Scale2030 resource, available at https://eroadmap.epri.com/. This interactive tool provides valuable insights into local EV adoption trends and offers strategic planning guidance.  

“By leveraging these data-driven insights, cooperatives can better prepare for the challenges ahead while seizing opportunities to contribute to a more sustainable and resilient energy future,” Sloboda said. “The record-breaking EV sales of 2024 highlight a pivotal moment in the automotive and energy sectors. Staying informed and proactive will be key for electric cooperatives as they adapt to a rapidly changing market landscape.”