Pune, India, Feb. 24, 2022 (GLOBE NEWSWIRE) -- The US Electric Vehicle Market size was USD 24.03 billion in 2020. The market is projected to grow from USD 28.24 billion in 2021 to USD 137.43 billion in 2028 at a CAGR of 25.4% in the 2021-2028 period. This information is published by Fortune Business Insights™, in its report, titled, “US Electric Vehicle Market, 2021-2028.”
Industry Development
October 2021: Toyota declared that it will capitalize USD 3.4 billion in automotive batteries in the U.S. by 2030. Explicitly, the investment is meant for advancing and localizing automotive battery production.
According to our researchers, promotion happenings and government stratagems are aiding to tackle the existing consumer hurdles linked with electric vehicle range as well as range anxiety, insufficient model availability, higher upfront costs, and absence of consciousness.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 25.4% |
| 2028 Value Projection | USD 137.43 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 24.03 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 90 |
| Segments covered | Vehicle Type |
| Growth Drivers | Favorable Government Incentives, Subsidies and More Focus on R&D Activities to Drive Market Growth |
| Stringent Vehicle Emission Norms to Augment Growth | |
| Rapid Development and Uptake of Charging Infrastructure to Drive Market Growth |
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Market Driving Factors:
The U.S. government has announced numerous stringent guidelines to decline carbon emissions from the automotive sector. Various states are shifting towards implementing zero-emission vehicle (ZEV) regulations to fast-track the adoption and usage of electric vehicles. In 2020, states with ZEV regulations were accountable for about two-thirds of electric vehicle sales.
Moreover, automakers have consequently surged investment in R&D happenings to accomplish the electrification purposes.
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Regional Insights
The share of U.S. electric vehicle models in novel automobile sales was about 2.4% in the year 2020, an augmentation from about 2% in comparison with 2019. EV model accessibility in the U.S. in 2020 was equal to 2019.
A rising number of cities and states declared their vision for electric mobility, implemented zero-emission vehicle and clean vehicle guidelines, and adopted more sturdy standards to develop infrastructure capitalization and the US Electric Vehicle Market growth.
Collaborations among Companies to Safeguard Their Brand Values in U.S. Market
Fundamental players in the market are incessantly rooting for operative tactics to encourage their products and inaugurate their positions in the market. One such approach is unveiling novel products by teaming up with other players in order to expand their business reach to end-users.
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Key Prominent Players Covered in this Market:
- Ford Motor Company (Michigan, U.S.)
- BMW Group (Munich, Germany)
- General Motors (Michigan, U.S.)
- Daimler AG (Stuttgart, Germany)
- Audi AG (Ingolstadt, Germany)
- Tesla, Inc. (California, U.S.)
- Nissan Motor Corporation (Yokohoma, Japan)
- Toyota Motor Corporation (Aichi, Japan)
- Volkswagen (Wolfsburg, Germany)
- Chevrolet (Michigan, U.S.)
Major Table of US Electric Vehicle Market:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Impact of COVID-19 on the US Electric Vehicle Market
- U.S. EV Sales, By Manufacturer, 2018-2020
- Top 10 Electric Vehicle Model in U.S., By Sales (Units), 2018-2020
- U.S. EV Sales, By Vehicle Type, 2019 (PHEV, HEV, BEV)
- U.S. EV Sales, By Manufacturer, 2019 (PHEV, HEV, BEV)
- US Electric Vehicle Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Competitive Analysis
- Key Industry Developments
- Global Market Position Analysis (2020)
- Competition Dashboard
- Comparative Analysis – Major Players
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- Ford Motor Company
- BMW Group
- General Motors
- Daimler AG
- AUDI AG
- Tesla, Inc.
- Nissan Motor Corporation
- Toyota Motor Corporation
- Volkswagen
- Chevrolet
TOC Continued…
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