United States Electric Vehicle Market Electric Dreams Envision 18.23% CAGR Growth by 2028

Written by yama  »  Updated on: May 01st, 2024

United States Electric Vehicle Market Electric Dreams Envision 18.23% CAGR Growth by 2028

As of 2022, the United States Electric Vehicle Market size is approximately 750 thousand units. However, projections suggest an exponential surge in adoption rates, with a compound annual growth rate (CAGR) of 18.23% anticipated from 2023 to 2028. Such an unprecedented growth trajectory underscores the escalating demand for electric vehicles across the nation.

Electric vehicles (EVs) are based on the principle of energy conversion in which the electricity generated from the battery is converted into mechanical energy. Whereas, in combustion engines, the energy generated from the burning of fuels is under high pressure which in turn drives the pistons. EVs are transforming the mobility system everywhere in the world together with the arising technologies, such as autonomous vehicles and connected cars. EVs are helping in overcoming various issues, such as pollution, global warming, and preserving natural resources. Therefore, they are viewed as a prospective substitute for vehicles that run combustion engines.

The United States electric vehicle market consists of quite a supportive environment, which is a result of incentives from the government and increasing preferences for EVs among customers. There are various policies in which the government is promoting the manufacturing of electric vehicles domestically to decrease the prices of vehicles as a trade of materials and components, including the duty charges, which affect the cost of vehicles. Moreover, to enhance the uptake of electric vehicles, tax credits incentives, and subsidies are also provided by the government.

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The United States electric vehicle market is first segmented based on the vehicle type into two-wheelers, passenger cars, light commercial vehicles, medium & heavy commercial vehicles, and off-the-road vehicles. In the United States, the sales of light commercial vehicles are the highest among all vehicle types. However, the maximum electrification is taking place in passenger cars, followed by two-wheelers and light commercial vehicles. Electrification in heavy commercial vehicles and off-the-road vehicles is taking at a slow pace due to their involvement in different applications making it difficult for some standardization in terms of battery power and charging sockets.

Further, the market is divided based on the type of propulsion. There are various methods through which electricity is generated in vehicles to provide power to their powertrain. So, based on propulsion type the market is divided into battery electric vehicles, plug-in hybrid vehicles, and fuel-cell electric vehicles. The plug-in hybrid electric vehicles consist of battery as well as internal combustion engines. The battery in these types of vehicles can be charged by the power of the combustion engine and from the external source using the plug. Electric vehicles based on fuel cells are powered by the energy released from hydrogen. These types of vehicles are more efficient than conventional vehicles and they do not release any harmful gases when operating. However, electric vehicles based on fuel cells are in the initial stages of development therefore they have not been able to acquire a significant portion of the market. Currently, most of the market is captured by electric vehicles which are purely powered by batteries.

The battery capacity is one of the most important components of the electric vehicle because the determines the other features of electric cars, such as range of vehicles, acceleration, torque, and other technological features. Currently, most passenger cars have a battery capacity of less than 100KWh with few exceptions of high-end cars having more than 100KWh battery capacity.

Lastly, the electric vehicle market is divided based on the region, North, East, South, and West. The registration of EVs is not evenly distributed among different states, but it depends heavily upon the population density and prevalence of metropolitan areas. In the United States, the maximum uptake of electric vehicles has taken place in the southwest and southern regions. For instance, California witnessed the maximum sales of electric light commercial vehicles in 2020.

Another concerning part of the electric vehicle to the consumers is the range of vehicles. So, based on the range of vehicles, the electric vehicle market in the United States is segmented into 0-50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles, and above 400 Miles. On the basis of range type, the maximum volume of the market lies within the range of 201-400 Miles.

Thus, the electric vehicle market in the United States consists of various opportunities both in terms of expansion and technological advancements and it is expected to grow further in the coming years.

Key market players in the United States electric vehicle market include:

  • Tesla Inc.
  • BMW Group
  • BYD Company Ltd.
  • Volkswagen AG
  • Hyundai Motor Company
  • AB Volvo
  • Daimler AG
  • Ford Motor Company
  • General Motors Company
  • Honda Motor Co. Ltd.

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“The increasing concerns regarding environment sustainability, supportive rules, and regulations to manufacture electric vehicles, favorable incentives in tax reductions, subsidies, and declining cost of electric batteries, are going to drive the electric vehicle market in the United States during the forecast year. Further, funds are being sanctioned to develop the electric charging infrastructure in every state is going to positively impact the notion of people regarding the United States electric vehicle market,” said Mr. Karan Chechi, Research Director at TechSci Research, a research-based global management consulting firm.

The United States Electric Vehicle Market By Vehicle Type (Two Wheelers, Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicle, and Off Road), By Propulsion Type (Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, Fuel Cell Electric Vehicle), By Range (0-50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles, and Above 400 Miles), By Battery Capacity (Less Than 50KWh, 51KWh to 100KWh, 101KWh-200KWh, 201KWh-300KWh, and Above 300KWh), By Region, Competition, Forecast & Opportunities 2028 has evaluated the future growth potential of electric vehicle market in Unites States and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the United States Electric Vehicle Market .

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Table of Content-United States Electric Vehicle Market

  1. Introduction

1.1. Product Overview

1.2. Key Highlights of the Report

1.3. Market Coverage

1.4. Market Segments Covered

1.5. Research Tenure Considered

  1. Research Methodology

2.1. Objective of theStudy

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

  1. Executive Summary

3.1. Market Overview

3.2. Market Forecast

3.3. Key Regions

3.4. Key Segments

  1. Impact of COVID-19 on the United States Electric Vehicle Market
  2. Voice of Customer Analysis

5.1. Brand Awareness

5.2. Factors Influencing Purchase Decision

5.3. Challenges & Unmet Needs

5.4. Brand Satisfaction

  1. United States Electric Vehicle Market Outlook

6.1. Market Size & Forecast

6.1.1. By Volume

6.1.2. By Value

6.2. Market Share & Forecast

6.2.1. By Vehicle Type Market Share Analysis (Two-Wheelers, Passenger Cars, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Off the Road (OTR) Vehicles)

6.2.2. By Propulsion Market Share Analysis (BEV, PHEV, FCEV)

6.2.3. By Range Market Share Analysis (0-50 miles, 51-150 miles, 151-200 miles, 201-400 Miles, and Above 400 miles)

6.2.4. By Battery Capacity (Less than 50 kWh, 51-100 kWh, 101-200 kWh, 201-300 kWh, and above 300 kWh)

6.2.5. By Regional Market Share Analysis Northeast Region Market Share Analysis Midwest Region Market Share Analysis South Region Market Share Analysis West Region Market Share Analysis

6.2.6. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)

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