US Electric Vehicle Market was valued at US$ 12.8 Bn. in 2020 and is expected to reach US$ 116.5 Bn. by 2027, at a CAGR of 37.1% during a forecast period.
US Electric Vehicle Market Overview:
Instead of a gasoline engine, the electric vehicle is powered by an electric motor. Electric cars, often known as EVs, use energy stored in rechargeable batteries to power an electric motor that can rotate wheels. Electric vehicles are recharged using regular household energy. The electric motor is powered by a controller that adjusts power based on how hard the driver presses the accelerator pedal. The electric car has a significant benefit over conventional automobiles in that it creates no exhaust emissions and decreases reliance on oil, making it less expensive to operate. The process of creating electricity in these autos pushes emissions upstream, towards the smokestacks of utility companies.
The paper covers market trends from 2016 to 2027 and forecasts the industry. The year 2020 is seen as a starting point. Special focus is paid to 2020 and the impact of the lockdown on demand and supply, as well as the market’s impact during the next two years. Some companies have done well in lockdown as well, and the paper includes a strategic analysis of those companies.
The US Electric Vehicle Market research report gives the comprehensive look at the current and future situation of the US Electric Vehicle market in different regions. The analysis covers and contains estimations of emerging market scope and market size, concentration ratio, growth rate, and new project investment ideas. In addition, the US Electric Vehicle market research covers industry trends, market dynamics, sales volume analysis, market potential, raw material source analysis, company latest developments, and price fluctuation analysis.
US Electric Vehicle Market Scope:
Manufacturing processes and cost structures, as well as development aims and targets, are investigated. This US Electric Vehicle market analysis includes data on import/export consumption, supply and demand, cost, price, revenue, and gross margins. This analysis looks at each producer’s manufacturing sites, capacity, production, ex-factory price, revenue, and market share in the US Electric Vehicle market. The United States (US), Canada, Mexico, Germany, France, the United Kingdom (UK), Russia, Italy, China, Japan, Korea, India, Southeast Asia, Australia, Brazil, and Saudi Arabia are among the countries (regions) examined in the research.
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US Electric Vehicle Market Segmentation:
According to type, the BEV category had the largest revenue share of about 75% in 2020, and this dominance is predicted to continue from 2021 through 2027. The significant revenue share is partly due to increased environmental awareness and benefits of BEV among end-users. Furthermore, the average driving range of BEVs has been steadily increasing. The average range of BEVs in 2020 will be 350 kilometres, up from 200 kilometres in 2015.
In terms of revenue, the PHEV market is predicted to expand at a CAGR of over 40% from 2021 to 2027. Government programmes in the United States and Canada are pushing the use of electric vehicles, which has resulted in a rise. The majority of PHEVs are found in larger vehicle sectors, such as electric trucks and buses. The developing transportation and logistics business is predicted to expand in segments over the forecast period.
The commercial vehicle market is predicted to increase at a CAGR of more than 45 percent in terms of revenue over the forecast period, depending on vehicle type. Rising demand in the logistics sector, incentives for adopting zero-emission vehicles, and cheaper fuel and maintenance costs are some of the factors driving the segment’s rise. Furthermore, due to tight pollution rules placed on commercial vehicles, manufacturers are expected to engage in electric truck manufacturing.
BMW, Mercedes Benz, Bollinger, Bollore, Microlino, Mistubishi, Nissan, Peugeot, Smart, Tesla, ABB, Eaton, AVL, Alfen, Delphi Automotive, Volkswagen, Envoy Technologies, Hyliion, Ztractor, ChargePoint, Lucid Motors
In 2020, the United States had the highest revenue share of about 70%, and this dominance is predicted to continue throughout the forecast period. Increased demand from the logistics sector is projected to stimulate regional growth. Furthermore, commencing in June 2020, the California Air Resources Board set sales targets for electric truck manufacturers starting in 2024. According to estimates, the bill will add 0.3 million electric trucks to California’s highways by 2035. As the federal tax credit for General Motors Company and Tesla was lowered, electric vehicle sales in the United States declined in 2019 and 2020.
The US Electric Vehicle market is segmented into five regions: Europe, North America, Asia-Pacific, the Middle East and Africa, and Latin America.
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COVID-19 Impact Analysis on US Electric Vehicle Market:
The COVID-19 Pandemic has the potential to have three significant consequences on the global market: directly affecting production and demand, disrupting supply chains and marketplaces, and affecting businesses and financial markets financially. The goal of the research is to give a more complete picture of the current situation, the economic slowdown, and COVID-19’s impact on the whole market.
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