A parallel plane-wave time-domain (PWTD)-accelerated explicit marching-on-in-time (MOT) scheme for solving the time domain electric field volume integral equation (TD-EFVIE) is presented. The proposed scheme leverages pulse functions and Lagrange polynomials to spatially and temporally discretize the electric flux density induced throughout the scatterers, and a finite difference scheme to compute the electric fields from the Hertz electric vector potentials radiated by the flux density. The flux density is explicitly updated during time marching by a predictor-corrector (PC) scheme and the vector potentials are efficiently computed by a scalar PWTD scheme. The memory requirement and computational complexity of the resulting explicit PWTD-PC-EFVIE solver scale as ( log ) s s O N N and ( ) s t O N N , respectively. Here, s N is the number of spatial basis functions and t N is the number of time steps. A scalable parallelization of the proposed MOT scheme on distributed- memory CPU clusters is described. The efficiency, accuracy, and applicability of the resulting (parallelized) PWTD-PC-EFVIE solver are demonstrated via its application to the analysis of transient electromagnetic wave interactions on canonical and real-life scatterers represented with up to 25 million spatial discretization elements.