The transition to electric mobility is accelerating across the world. McKinsey analysis shows that annual sales of electrified passenger vehicles exceeded ten million units in 2022, marking an increase of more than 50 percent over sales in 2021. And McKinsey projects that they will reach roughly 40 million in 2030.

An increase of this scale has repercussions that go far beyond electric-vehicle (EV) sales. First and foremost, it will require an equally impressive rise in the availability of public and private chargers. In the United States, for instance, about 2.6 million ports were available in 2022; but with the number of EVs increasing every year, the country will need approximately 9.5 million ports by 2025 and 28.0 million by 2030. If the growth in EV-charging infrastructure fails to keep pace with demand, consumers may hesitate to make the shift from an internal combustion engine (ICE) vehicle. Other charging issues, including consumers’ lingering concerns about being able to charge as conveniently as they can fuel up today, could also slow the widespread adoption of EVs.