U.S. Electric Vehicle MarketU.S. Electric Vehicle Market Report Probes the Thousand Units Size, Share, Growth Report and Future Analysis by 2032
U.S. Electric Vehicle Market by Vehicle Type (Passenger Cars, Commercial Vehicles), by Forecast 2024-2032
Base Year: 2023
180 Pages
U.S. Electric Vehicle Market Report Probes the Thousand Units Size, Share, Growth Report and Future Analysis by 2032
Key Insights
The U.S. Electric Vehicle Market size was valued at USD 8.6 Thousand Units in 2023 and is projected to reach USD 10.94 Thousand Units by 2032, exhibiting a CAGR of 3.5 % during the forecast period. An electric powered vehicle operates on strength in contrast to its counterpart, which runs on gas. Instead of inner combustion engine, those cars run on an electric powered motor that calls for regular deliver of power from batteries to operate. There are a whole lot of batteries utilized in those vehicles. These consist of lithium ion, molten salt, zinc-air, and diverse nickel-primarily based totally designs. The electric powered vehicle became on the whole designed to update traditional methods of journey as they result in environmental pollution. It has received popularity, due to severe technological advancements. It outperforms traditional cars imparting better gas economy, low carbon emission & maintenance, comfort of charging at home, smoother drive, and decreased sound from engine. There are 3 sorts of electric powered vehicle batteries, hybrid, and plug-in hybrid electric powered cars. In addition, electric vehicle require no engine oil modifications however are barely high-priced than their gas equivalents.
U.S. Electric Vehicle Trends
- Increasing demand for EVs as environmental awareness grows
- Government policies and incentives supporting EV adoption
- Advancements in battery technology leading to longer ranges
- Growing EV charging infrastructure network
Driving Forces: What's Propelling the U.S. Electric Vehicle Market
- Climate change mitigation initiatives and the shift towards renewable energy sources
- Government incentives, tax credits, and rebates that make EVs more affordable
- Technological advancements leading to increased battery range, performance, and efficiency
- Growing popularity of car-sharing services and ride-hailing apps that promote EV adoption
- Environmental concerns and rising awareness about the benefits of zero-emission vehicles
Challenges and Restraints in U.S. Electric Vehicle Market
- High upfront purchase cost of EVs compared to gasoline-powered vehicles
- Limited range anxiety due to insufficient charging infrastructure and concerns about access to charging stations
- Supply chain disruptions and raw material shortages affecting EV production and delivery
- Battery degradation over time and the associated replacement costs, which can impact the long-term viability of EVs
- Lack of standardized charging infrastructure and payment systems across different regions
- Potential grid infrastructure challenges as EV adoption increases and demand for electricity grows
Emerging Trends in U.S. Electric Vehicle
- Adoption of solid-state batteries and wireless charging
- Integration of autonomous driving features
- Growth of subscription-based EV ownership models
- Increasing focus on renewable energy sources for EV charging
Growth Catalysts in U.S. Electric Vehicle Industry
- Collaboration between automakers and energy providers
- Innovations in battery technology and charging infrastructure
- Government investments in EV research and development
- Strengthening regulatory frameworks for EV adoption
Market Segmentation: U.S. Electric Vehicle Analysis
- Vehicle Type: * Passenger Cars * Commercial Vehicles
Leading Players in the U.S. Electric Vehicle Market
- Tesla, Inc.
- Ford Motor Company
- General Motors
- Chevrolet
- Nissan Motor Corporation
- Toyota Motor Corporation
- Volkswagen
- Audi AG
- Daimler AG
- BMW Group
Significant Developments in U.S. Electric Vehicle Sector
- Tesla's Model 3 is the best-selling EV in the U.S.
- Ford has invested $30 billion in EV development and production
- General Motors plans to phase out gasoline-powered vehicles by 2035
- California has the largest number of EV registrations in the U.S.
Comprehensive Coverage U.S. Electric Vehicle Market Report
Our comprehensive report provides in-depth insights into:
- Market trends, forecasts, and projections for the U.S. EV market
- Analysis of the driving forces and challenges shaping the market
- Profiles of leading players and their strategies in the EV space
- Emerging trends and growth catalysts in the EV industry
- Comprehensive segmentation by vehicle type, powertrain, and market segment
- Regional insights and analysis of the U.S. EV market across different states and regions
Regional Insight
- California leads the U.S. in EV adoption
- Northeast and West Coast regions are key EV markets
- Southern and Midwest regions have room for growth
Pricing Strategies
- Automakers are offering incentives and discounts to promote EV sales
- Charging station operators are implementing dynamic pricing models
DROCs
- Government subsidies are driving EV adoption
- High battery costs remain a challenge for cost-effective EV production
Segmentation
- Vehicle Type: Passenger Cars and Commercial Vehicles
- Battery Type: Lithium-ion, solid-state
SWOT Analysis
Strengths:
- Growing environmental awareness
- Government support
- Technological advancements
Weaknesses:
- High purchase cost
- Range anxiety
- Lack of charging infrastructure
Opportunities:
- Expansion of charging infrastructure
- Advancements in battery technology
- Subscription-based ownership models
Threats:
- Fluctuating oil prices
- Competition from gasoline vehicles
- Changing government policies
U.S. Electric Vehicle Market REPORT HIGHLIGHTS
| Aspects | Details |
|---|---|
| Study Period | 2018-2032 |
| Base Year | 2023 |
| Estimated Year | 2024 |
| Forecast Period | 2024-2032 |
| Historical Period | 2018-2023 |
| Growth Rate | CAGR of 3.5% from 2018-2032 |
| Segmentation |
|
Frequently Asked Questions
Table Of Content
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1 Increasing Demand for Forged Products in Power
- 3.2.2 Agriculture
- 3.2.3 Aerospace
- 3.2.4 and Defense to Drive Industry Expansion
- 3.3. Market Restrains
- 3.3.1. Lower Usage of Commercial Charging Stations Could Hamper U.S. EV Market Prospects
- 3.4. Market Trends
- 3.4.1. Rising Adoption of Automation in Manufacturing to Drive Market Growth
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. U.S. Electric Vehicle Market Analysis, Insights and Forecast, 2018-2030
- 5.1. Market Analysis, Insights and Forecast - by Vehicle Type
- 5.1.1. Passenger Cars
- 5.1.2. Commercial Vehicles
- 5.2. Market Analysis, Insights and Forecast - by Region
- 5.2.1.
- 5.1. Market Analysis, Insights and Forecast - by Vehicle Type
- 6. Northeast U.S. Electric Vehicle Market Analysis, Insights and Forecast, 2018-2030
- 6.1. Market Analysis, Insights and Forecast - By Vehicle Type
- 6.1.1 Passenger Cars
- 6.1.2 Commercial Vehicles
- 7. Southeast U.S. Electric Vehicle Market Analysis, Insights and Forecast, 2018-2030
- 7.1. Market Analysis, Insights and Forecast - By Vehicle Type
- 7.1.1 Passenger Cars
- 7.1.2 Commercial Vehicles
- 8. Midwest U.S. Electric Vehicle Market Analysis, Insights and Forecast, 2018-2030
- 8.1. Market Analysis, Insights and Forecast - By Vehicle Type
- 8.1.1 Passenger Cars
- 8.1.2 Commercial Vehicles
- 9. Southwest U.S. Electric Vehicle Market Analysis, Insights and Forecast, 2018-2030
- 9.1. Market Analysis, Insights and Forecast - By Vehicle Type
- 9.1.1 Passenger Cars
- 9.1.2 Commercial Vehicles
- 10. West U.S. Electric Vehicle Market Analysis, Insights and Forecast, 2018-2030
- 10.1. Market Analysis, Insights and Forecast - By Vehicle Type
- 10.1.1 Passenger Cars
- 10.1.2 Commercial Vehicles
- 11. Competitive Analysis
- 11.1. Market Share Analysis 2023
- 11.2. Company Profiles
- 11.2.1 Ford Motor Company (Michigan U.S.)
- 11.2.1.1. Overview
- 11.2.1.2. Products
- 11.2.1.3. SWOT Analysis
- 11.2.1.4. Recent Developments
- 11.2.1.5. Financials (Based on Availability)
- 11.2.2 BMW Group (Munich Germany)
- 11.2.2.1. Overview
- 11.2.2.2. Products
- 11.2.2.3. SWOT Analysis
- 11.2.2.4. Recent Developments
- 11.2.2.5. Financials (Based on Availability)
- 11.2.3 General Motors (Michigan U.S.)
- 11.2.3.1. Overview
- 11.2.3.2. Products
- 11.2.3.3. SWOT Analysis
- 11.2.3.4. Recent Developments
- 11.2.3.5. Financials (Based on Availability)
- 11.2.4 Daimler AG (Stuttgart Germany)
- 11.2.4.1. Overview
- 11.2.4.2. Products
- 11.2.4.3. SWOT Analysis
- 11.2.4.4. Recent Developments
- 11.2.4.5. Financials (Based on Availability)
- 11.2.5 Audi AG (Ingolstadt Germany)
- 11.2.5.1. Overview
- 11.2.5.2. Products
- 11.2.5.3. SWOT Analysis
- 11.2.5.4. Recent Developments
- 11.2.5.5. Financials (Based on Availability)
- 11.2.6 Tesla Inc. (California
- 11.2.6.1. Overview
- 11.2.6.2. Products
- 11.2.6.3. SWOT Analysis
- 11.2.6.4. Recent Developments
- 11.2.6.5. Financials (Based on Availability)
- 11.2.7 U.S.)
- 11.2.7.1. Overview
- 11.2.7.2. Products
- 11.2.7.3. SWOT Analysis
- 11.2.7.4. Recent Developments
- 11.2.7.5. Financials (Based on Availability)
- 11.2.8 Nissan Motor Corporation (Yokohoma Japan)
- 11.2.8.1. Overview
- 11.2.8.2. Products
- 11.2.8.3. SWOT Analysis
- 11.2.8.4. Recent Developments
- 11.2.8.5. Financials (Based on Availability)
- 11.2.9 Toyota Motor Corporation (Aichi Japan)
- 11.2.9.1. Overview
- 11.2.9.2. Products
- 11.2.9.3. SWOT Analysis
- 11.2.9.4. Recent Developments
- 11.2.9.5. Financials (Based on Availability)
- 11.2.10 Volkswagen (Wolfsburg Germany)
- 11.2.10.1. Overview
- 11.2.10.2. Products
- 11.2.10.3. SWOT Analysis
- 11.2.10.4. Recent Developments
- 11.2.10.5. Financials (Based on Availability)
- 11.2.11 Chevrolet (Michigan U.S.)
- 11.2.11.1. Overview
- 11.2.11.2. Products
- 11.2.11.3. SWOT Analysis
- 11.2.11.4. Recent Developments
- 11.2.11.5. Financials (Based on Availability)
- 11.2.1 Ford Motor Company (Michigan U.S.)
List of Figures
- Figure 1: U.S. Electric Vehicle Market Revenue Breakdown (Thousand Units, %) by Product 2023 & 2031
- Figure 2: U.S. Electric Vehicle Market Value Share (%), by Vehicle Type 2023 & 2031
- Figure 3: U.S. Electric Vehicle Market Share (%) by Company 2023
List of Tables
- Table 1: U.S. Electric Vehicle Market Revenue Thousand Units Forecast, by Vehicle Type 2018 & 2031
- Table 2: U.S. Electric Vehicle Market Volume Thousand Units Forecast, by Vehicle Type 2018 & 2031
- Table 3: U.S. Electric Vehicle Market Revenue Thousand Units Forecast, by Region 2018 & 2031
- Table 4: U.S. Electric Vehicle Market Volume Thousand Units Forecast, by Region 2018 & 2031
- Table 5: U.S. Electric Vehicle Market Revenue Thousand Units Forecast, by Vehicle Type 2018 & 2031
- Table 6: U.S. Electric Vehicle Market Volume Thousand Units Forecast, by Vehicle Type 2018 & 2031
- Table 7: U.S. Electric Vehicle Market Revenue Thousand Units Forecast, by Region 2018 & 2031
- Table 8: U.S. Electric Vehicle Market Volume Thousand Units Forecast, by Region 2018 & 2031
- Table 9: U.S. Electric Vehicle Market Revenue Thousand Units Forecast, by Vehicle Type 2018 & 2031
- Table 10: U.S. Electric Vehicle Market Volume Thousand Units Forecast, by Vehicle Type 2018 & 2031
- Table 11: U.S. Electric Vehicle Market Revenue Thousand Units Forecast, by Country 2018 & 2031
- Table 12: U.S. Electric Vehicle Market Volume Thousand Units Forecast, by Country 2018 & 2031
- Table 13: Northeast U.S. Electric Vehicle Market Revenue (Thousand Units) Forecast, by Application 2018 & 2031
- Table 14: Northeast U.S. Electric Vehicle Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
- Table 15: Southeast U.S. Electric Vehicle Market Revenue (Thousand Units) Forecast, by Application 2018 & 2031
- Table 16: Southeast U.S. Electric Vehicle Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
- Table 17: Midwest U.S. Electric Vehicle Market Revenue (Thousand Units) Forecast, by Application 2018 & 2031
- Table 18: Midwest U.S. Electric Vehicle Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
- Table 19: Southwest U.S. Electric Vehicle Market Revenue (Thousand Units) Forecast, by Application 2018 & 2031
- Table 20: Southwest U.S. Electric Vehicle Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
- Table 21: West U.S. Electric Vehicle Market Revenue (Thousand Units) Forecast, by Application 2018 & 2031
- Table 22: West U.S. Electric Vehicle Market Volume (Thousand Units) Forecast, by Application 2018 & 2031
- Table 23: U.S. Electric Vehicle Market Revenue Thousand Units Forecast, by Vehicle Type 2018 & 2031
- Table 24: U.S. Electric Vehicle Market Volume Thousand Units Forecast, by Vehicle Type 2018 & 2031
- Table 25: U.S. Electric Vehicle Market Revenue Thousand Units Forecast, by Country 2018 & 2031
- Table 26: U.S. Electric Vehicle Market Volume Thousand Units Forecast, by Country 2018 & 2031
| Aspects | Details |
|---|---|
| Study Period | 2018-2032 |
| Base Year | 2023 |
| Estimated Year | 2024 |
| Forecast Period | 2024-2032 |
| Historical Period | 2018-2023 |
| Growth Rate | CAGR of 3.5% from 2018-2032 |
| Segmentation |
|
STEP 1 - Identification of Relevant Samples Size from Population Database
STEP 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)
Top-down and bottom-up approaches are used to validate the global market size and estimate the market size for manufactures, regional segemnts, product and application.
Note* : In applicable scenarios
STEP 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations
STEP 4 - Data Triangulation
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
Additionally after gathering mix and scattered data from wide range of sources, data is triangull- ated and correlated to come up with estimated figures which are further validated through primary mediums, or industry experts, opinion leader.
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