Pune, India, July 19, 2022 (GLOBE NEWSWIRE) -- The U.S. 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, “U.S. Electric Vehicle Market, 2021-2028.”
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. These aspects will impact the U.S. electric vehicle market growth positively.
COVID-19 Impact
Global Lockdown Measures to Hinder EV Market Sales
The worldwide impacts of the coronavirus disease were observed by almost every sector in the first half of the year 2020. This pandemic has swayed numerous aspects, such as restraints on all indoor, as well as outdoor occasions, flight terminations, prohibition on non-important public mobility, restaurants shut down, colossal interruption of the supply chain cycle, decaying business graph, surging fright among people, as well as uncertainty regarding the future. Almost over 40 nations globally declared a state of emergency and imposed lockdowns to curtail the further spread of the virus. This is expected to hinder the electric vehicle automotive sector in the U.S.
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Report Scope & Segmentation:
| 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 2021 | USD 28.24 billion |
| Historical Data for | 20187-2019 |
| No. of Pages | 90 |
| Segments covered | Based on vehicle type, the market is classified into commercial vehicles and passenger cars. In 2020, the passenger cars segment held the biggest U.S. electric vehicle market share. |
| Growth Drivers | Strict Release Standards to Amplify Growth |
| U.S. to Lead Stoked by Growing Consciousness Regarding EVs |
Market Drivers-
Strict Release Standards to Amplify Growth
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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Highlights of the Report-
The report presents a methodical study of the U.S. electric vehicle market segments and a detailed review of the market. A considerate assessment of the latest market trends as well as the forthcoming prospects are presented in the report. Furthermore, it offered an in-depth examination of the regional insights and their assistance in forming the market growth. The COVID-19 sways have been mentioned in the report to aid investors and entrepreneurs with an enhanced comprehension of the imaginable jeopardies present in the market. The report further converses the fundamental companies and their important tactics to remain in the dominating position.
Regional Segmentation-
U.S. to Lead Stoked by Growing Consciousness Regarding EVs
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 U.S. electric vehicle market growth.
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Competitive Landscape-
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.
List of Players Operating in the U.S. Electric Vehicle Market are as follows:
• Ford Motor Company
• BMW Group
• General Motors
• Daimler AG
• Audi AG
• Tesla, Inc.
• Nissan Motor Corporation
• Toyota Motor Corporation
• Volkswagen
• Chevrolet
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U.S. Electric Vehicle Market Segmentation:
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
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
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on U.S. Electric Vehicle Market
5. Global U.S. Electric Vehicle Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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