New report finds U.S. electric transportation industry is projected to nearly double over five years, creating an additional 141,000 jobs, with additional 2 million workers able to quickly retrain to benefit from market growth
WASHINGTON, DC, August 11, 2021 — Today national business group Advanced Energy Economy (AEE) released an analysis quantifying the nationwide economic benefits of a growing electric transportation industry. As demand for electric vehicles (EVs) and investment in EV charging infrastructure grows, industry employment is expected to double from 2019 levels to nearly 300,000 jobs by 2024.
“Economic opportunities will ripple throughout the supply chain and maintenance sectors as the domestic electric vehicle industry grows quickly over the next few years,” said Ryan Gallentine, policy director at AEE. “The electric vehicle industry already employs people across all 50 states, and policymakers should expand those opportunities with incentive programs that make it easier for consumers and business fleets to fully electrify.”
The report, “Building an Electric Transportation Economy in the United States," produced by BW Research Partnership for AEE, analyzes the current electric transportation industry across the U.S.
The report finds that the U.S. electric transportation workforce:
- Will reach 296,000 workers by 2024 (up from about 155,000 in 2019), with that number pushing over 370,000 in 2025;
- Was distributed across 15,200 electric transportation businesses in 2019, contributing an estimated $29 billion in GDP; and
- Has 2.1 million people working in “adjacent” industries with skill sets that would allow them and the companies they work for to transition to the electric transportation industry with “little additional training or upskilling required.”
The report features company snapshots for EVgo, America’s largest public fast charging network, Rivian, an independent U.S. manufacturer of all-electric trucks, SUVs and delivery vans, and Hickok Waekon, an over 100-year-old Ohio-based component manufacturer that makes diagnostic scan tools for both combustion engines and electric vehicles.
The report recommends policies that will be important to helping people who currently work in the traditional automotive field transition their skills to new opportunities.
“Programs that examine these workers’ skills and transition opportunities will be essential in fostering an electrified transportation eco-system that benefits all Americans,” adds Gallentine.
Supply chain bottlenecks in components, such as lithium-ion batteries and semiconductors, are also identified in the report, along with recommended policies that would expand domestic production of these vital components to make supply chains more resilient while bolstering the nation’s economy.