The US Electric Vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. The major factor driving the market include supportive government regulations for electric vehicles and charging infrastructure. The growing environmental concerns along with cohesive government initiatives are some other aspects to fuel the market growth in the country. However, a downfall in EV sales is registered in 2019, due to the high cost of EV and stable fossil fuel prices. Around 325,000 EVs were sold in the US in 2019 which is around 2% of the total vehicle sales in the country. The downfall is registered despite the increase in the EV vehicle models available in the market (45 new EV models were introduced in the market). However, the government targets to increase the EV fleet, which is providing a significant opportunity to the market. For instance, California has set a target of 5 million EVs by 2030. Some states in the US have also extended their subsidy programs such as Massachusetts will offer a subsidy of $2,500 on BEV and $1,500 on PHEV with at least 25 electric range till 2021.
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The market is segmented on the basis of vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is sub-segmented into hatchback, sedan, and SUV. In 2019, Sedan has the largest market share in the country as Tesla Model 3 is a Sedan. SUV is expected to witness a significant growth rate as companies are launching its model in this section. For instance, Tesla has launched Cybertruck, in November 2019 which is expected to be available in 2021. Based on propulsion technology the market is sub-segmented into battery, plug-in hybrid and fuel cell technology. Battery electric vehicle is expected to have significant growth during the forecast period. By battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion batteries vehicle is expected to hold a major market share in the near future.
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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 Electric Car Market by Vehicle Type
- Sedan
- Hatchback
- SUV
US Electric Car Market by Propulsion Technology
- Battery
- Plug-in Hybrid
- Fuel Cell
US Electric Car Market by Battery Type
- NiMH
- Li-Ion
- Others
Company Profiles
- BMW AG
- Audi AG
- Daimler AG
- Fiat Chrysler Automobiles N.V.
- Ford Motor Co.
- General Motors Co.
- Groupe PSA
- Jaguar Land Rover Ltd.
- Kia Motors Corp.
- Mitsubishi Motors Corp.
- Nissan Motor Co.
- Renault Group
- Tesla, Inc.
- Volkswagen AG
The Report Covers
- Comprehensive research methodology of the US Electric Car 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 Electric Car Market.
- Insights about market determinants which are stimulating the US Electric Car Market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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