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United States Electric Vehicle Market Share, Size, Growth, Analysis, Insights, Trends, Forecast: By Type: BEV, PHEV, FCEV; By Vehicle Class: Mid-Priced, Luxury; By Vehicle Type: Passenger Cars, Commercial Vehicles; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028
United States Electric Vehicle Market Outlook
The United States electric vehicle market would likely grow at a CAGR of 24.6% during 2023-2028.
Market Likely to be Driven by Advancements in Technology and Need for Cleaner Transportation Systems
Electric vehicles comprise a relatively small portion of the total automotive market. However, electric vehicles are becoming increasingly popular with growing range, style and performance of modern electric vehicles. This growing popularity is expected to boost the United States electric vehicle market. Automakers are striving to make recharging easier and quicker. Customers seeking zero-emission driving have more options to choose from, with a broader variety of body styles and many price points.
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A Variety of Popular Vehicle Brands Expected to Boost Market Growth
Popular electric vehicle brands in the US include GMC Hummer EV — 47 MPGe, Rivian R1S — 69 MPGe, Rivian R1T — 70 MPGe, Porsche Taycan Cross Turismo — 76 MPGe, Jaguar I-Pace — 76 MPGe, Audi e-tron Sportback — 77 MPGe, Audi e-tron — 78 MPGe, Porsche Taycan — 79 MPGe, Audi e-tron GT — 82 MPGe, Volvo XC40 Recharge — 85 MPGe, Volvo C40 Recharge — 87 MPGe, Mazda MX-30 — 92 MPGe, Mercedes EQS — 97 MPGe, Volkswagen ID.4 — 99 MPGe, Ford Mustang Mach-E — 101 MPGe, Tesla Model X — 102 MPGe, Polestar 2 — 107 MPGe, Mini Cooper SE Electric — 110 MPGe, Nissan Leaf — 111 MPGe, Kia Niro EV — 112 MPGe, Hyundai Ioniq 5 — 114 MPGe, Chevrolet Bolt EUV — 115 MPGe, Kia EV6 — 117 MPGe, Chevrolet Bolt EV — 120 MPGe (tie), Hyundai Kona Electric — 120 MPGe (tie), Tesla Model S — 120 MPGe (tie), Tesla Model Y — 122 MPGe, and Lucid Air — 131 MPGe. These offerings are expected to drive the United States electric vehicle market.
Initiatives to Promote Green Transportation Systems Expected to Drive Market Growth
The Inflation Reduction Act (IRA) is an important climate legislation in the US. IRA’s investments in climate and clean energy could significantly decrease U.S. greenhouse gas (GHG) emissions.
Transportation is the nation’s biggest source of GHG emissions, and electric vehicles are considered the quickest way to reverse that trend.
IRA seeks to lay the foundation for a more equitable, sustainable, and secure transportation future. Investments in a diverse international electric vehicle supply chain would expectedly decrease battery costs and promote clean transportation.
Market Segmentation
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By type, the United States electric vehicle market is divided into:
- BEV
- PHEV
- FCEV
By vehicle class, the market is classified into:
- Mid-Priced
- Luxury
By vehicle type, the market is segmented into:
- Passenger Cars
- Commercial Vehicles
By region, the market is classified into:
- Mideast
- New England
- Plains
- Great Lakes
- Southwest
- Southeast
- Far West
- Rocky Mountain
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Key Industry Players in the Market
The report offers an extensive assessment of major players in the US electric vehicle market; it evaluates their capability, observes latest occurrences such as mergers and acquisitions, capacity expansions, and plant turnarounds:
- Tesla, Inc
- FCA Italy S.p.A (Fiat)
- BMW AG
- Volkswagen Group
- Ford Motor Company
- Hyundai Motor Company,
- AB Volvo
- Mercedes-Benz Group AG
- General Motors
- Renault-Nissan-Mitsubishi
- Toyota Motor Corporation
- Others
Using SWOT analysis and Porter’s Five Forces model, the EMR report offers deep insights into the industry.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Vehicle Class |
|
| Breakup by Vehicle Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Industry Opportunities and Challenges
8 United States Electric Vehicle Market Analysis
8.1 Key Industry Highlights
8.2 United States Electric Vehicle Historical Market (2018-2022)
8.3 United States Electric Vehicle Market Forecast (2023-2028)
8.4 United States Electric Vehicle Market by Type
8.4.1 BEV
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 PHEV
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 FCEV
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.5 United States Electric Vehicle Market by Vehicle Class
8.5.1 Mid-Priced
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Luxury
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 United States Electric Vehicle Market by Vehicle Type
8.6.1 Passenger Cars
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Commercial Vehicles
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.7 United States Electric Vehicle Market by Region
8.7.1 Market Share
8.7.1.1 New England
8.7.1.2 Mideast
8.7.1.3 Great Lakes
8.7.1.4 Plains
8.7.1.5 Southeast
8.7.1.6 Southwest
8.7.1.7 Rocky Mountain
8.7.1.8 Far West
9 Regional Analysis
9.1 New England
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Mideast
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.3 Great Lakes
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
9.4 Plains
9.4.1 Historical Trend (2018-2022)
9.4.2 Forecast Trend (2023-2028)
9.5 Southeast
9.5.1 Historical Trend (2018-2022)
9.5.2 Forecast Trend (2023-2028)
9.6 Southwest
9.6.1 Historical Trend (2018-2022)
9.6.2 Forecast Trend (2023-2028)
9.7 Rocky Mountain
9.7.1 Historical Trend (2018-2022)
9.7.2 Forecast Trend (2023-2028)
9.8 Far West
9.8.1 Historical Trend (2018-2022)
9.8.2 Forecast Trend (2023-2028)
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 Tesla, Inc
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 FCA Italy S.p.A (Fiat)
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 BMW AG
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 Volkswagen Group
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 Hyundai Motor Company,
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Certifications
11.2.6 AB Volvo
11.2.6.1 Company Overview
11.2.6.2 Product Portfolio
11.2.6.3 Demographic Reach and Achievements
11.2.6.4 Certifications
11.2.7 Mercedes-Benz Group AG
11.2.7.1 Company Overview
11.2.7.2 Product Portfolio
11.2.7.3 Demographic Reach and Achievements
11.2.7.4 Certifications
11.2.8 Ford Motor Company
11.2.8.1 Company Overview
11.2.8.2 Product Portfolio
11.2.8.3 Demographic Reach and Achievements
11.2.8.4 Certifications
11.2.9 Toyota Motor Corporation
11.2.9.1 Company Overview
11.2.9.2 Product Portfolio
11.2.9.3 Demographic Reach and Achievements
11.2.9.4 Certifications
11.2.10 General Motors
11.2.10.1 Company Overview
11.2.10.2 Product Portfolio
11.2.10.3 Demographic Reach and Achievements
11.2.10.4 Certifications
11.2.11 Renault-Nissan-Mitsubishi
11.2.11.1 Company Overview
11.2.11.2 Product Portfolio
11.2.11.3 Demographic Reach and Achievements
11.2.11.4 Certifications
11.2.12 Others
12 Key Trends and Developments in the Market
List of Figures and Tables
1. United States Electric Vehicle Market: Key Industry Highlights, 2018 and 2028
2. United States Electric Vehicle Historical Market: Breakup by Type (USD Million), 2018-2022
3. United States Electric Vehicle Market Forecast: Breakup by Type (USD Million), 2023-2028
4. United States Electric Vehicle Historical Market: Breakup by Vehicle Class (USD Million), 2018-2022
5. United States Electric Vehicle Market Forecast: Breakup by Vehicle Class (USD Million), 2023-2028
6. United States Electric Vehicle Historical Market: Breakup by Vehicle Type (USD Million), 2018-2022
7. United States Electric Vehicle Market Forecast: Breakup by Vehicle Type (USD Million), 2023-2028
8. United States Electric Vehicle Historical Market: Breakup by Region (USD Million), 2018-2022
9. United States Electric Vehicle Market Forecast: Breakup by Region (USD Million), 2023-2028
10. United States Electric Vehicle Market Structure
Key Questions Answered in the Report
The market is estimated to grow at a CAGR of 24.6% in the forecast period of between 2023 and 2028.
The major drivers of the market include the rapid transition towards cleaner powered transportation systems, growing awareness pertaining to the eco-friendly properties of electric vehicles, and increasing spending of car owners towards maintenance of traditional cars.
The growing research and development activities by the major automotive manufacturers in the country aimed towards improving the quality of the modern EVs and rising popularity of luxury electric vehicles, are the key trends in the market.
BEV, PHEV, and FCEV are the various types of electric vehicles in the market.
Mid-priced and luxury are the different vehicle class categories available in the market.
The major players in the United States electric vehicle market are Tesla, Inc, FCA Italy S.p.A (Fiat), BMW AG, Volkswagen Group, Hyundai Motor Company, AB Volvo, Mercedes-Benz Group AG, Ford Motor Company, Toyota Motor Corporation, General Motors, and Renault-Nissan-Mitsubishi, among others.
The cost to charge the battery of an electric vehicle may range from USD 15 to 30.
Yes, electric vehicles can be fully air conditioned.
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