The US battery electric vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. In the last two quarters of 2019, electric vehicle sales were down as compared to 2018. However, with the decreasing prices of the EV in the near future, the market of EV is expected to increase in the country. The rising popularity of BEV such as Tesla models in the US is one of the major factors for the growth of the market. As an estimate, around 45-50% of the total EV sales in the US were Tesla Model 3 with around 160,000 units sold in 2019 whereas the highest-selling PHEV was Toyota Prius Prime with around 8,000 units volume in 2019. In the commercial vehicle segment, BYD Auto Co., Ltd., and Proterra, Inc. are expected to hold a major market share in the country. Continuous technological advancement, support from the local government, new EV model launch and developing charging infrastructure are some of the other major factors contributing to the growth of the market in the country. For instance, California has set a target to add 5 million EVs by 2030.
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The market is segmented on the basis of vehicle type and battery type. Based on vehicle type, the market is segmented into commercial vehicles, passenger cars, and others. The passenger vehicle segment is expected to hold the largest market share during the forecast period. Based on the battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion batteries car market is projected to cover a major market share during the forecast period.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
US Battery Electric Vehicle Market by Vehicle Type
- Passenger Car
- Commercial Vehicle
- Others (Two-Wheelers)
US Battery Electric Vehicle Market by Battery Type
- NiMH
- Li-Ion
- Others
Company Profiles
- AB Volvo
- Audi AG
- BMW AG
- BYD Auto Co., Ltd.
- Daimler AG
- Fiat Chrysler Automobiles N.V.
- Ford Motor Co.
- General Motors Co.
- Honda Motor Co., Ltd.
- Hyundai Motor Co.
- Kia Motors Corp.
- Nissan Motor Co.
- Proterra, Inc.
- Tesla, Inc.
- Toyota Motor Corp.
- Volkswagen AG
The Report Covers
- Comprehensive research methodology of the US Battery Electric Vehicle Market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the US Battery Electric Vehicle Market.
- Insights about market determinants which are stimulating the US Battery Electric Vehicle Market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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