Market Research Report
US Electric Car Market 2019-2025
|US Electric Car Market 2019-2025|
Published: April 5, 2020
Orion Market Research Pvt Ltd
Delivery time: 2-3 business days
US Electric Car Market Size, Share & Trends Analysis Report by Vehicle Type (Hatchback, Sedan, and SUV), By Propulsion Technology (Battery, Plug-in Hybrid, and Fuel Cell), By Battery Type (NiMH, Li-ion, and Others), and Forecast 2019-2025
The US Electric Vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. The major factor driving the market include supportive government regulations for electric vehicles and charging infrastructure. The growing environmental concerns along with cohesive government initiatives are some other aspects to fuel the market growth in the country. However, a downfall in EV sales is registered in 2019, due to the high cost of EV and stable fossil fuel prices. Around 325,000 EVs were sold in the US in 2019 which is around 2% of the total vehicle sales in the country. The downfall is registered despite the increase in the EV vehicle models available in the market (45 new EV models were introduced in the market). However, the government targets to increase the EV fleet, which is providing a significant opportunity to the market. For instance, California has set a target of 5 million EVs by 2030. Some states in the US have also extended their subsidy programs such as Massachusetts will offer a subsidy of $2,500 on BEV and $1,500 on PHEV with at least 25 electric range till 2021.
The market is segmented on the basis of vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is sub-segmented into hatchback, sedan, and SUV. In 2019, Sedan has the largest market share in the country as Tesla Model 3 is a Sedan. SUV is expected to witness a significant growth rate as companies are launching its model in this section. For instance, Tesla has launched Cybertruck, in November 2019 which is expected to be available in 2021. Based on propulsion technology the market is sub-segmented into battery, plug-in hybrid and fuel cell technology. Battery electric vehicle is expected to have significant growth during the forecast period. By battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion batteries vehicle is expected to hold a major market share in the near future.
The companies which are contributing significantly in the market include BMW AG, Tesla, Inc., Nissan Motor Co., Volkswagen AG, Audi AG, Daimler AG, Fiat Chrysler Automobiles N.V., Ford Motor Co., General Motors Co., Jaguar Land Rover Ltd., Kia Motors Corp., Mitsubishi Motors Corp., Renault Group and others. The market players are considerably contributing to the market growth by adopting various growth strategies including new product launch, merger and acquisition, collaborations with government, and technological advancements to stay competitive in the market. Some of the most common car models sold in the country include Tesla S, 3, and X, Nissan Leaf, Toyota Prius, Chevrolet Bolt and so on. Tesla had more than two-thirds of the US electric market in 2019.
The market study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts to brings authenticity to the reports.
Secondary Sources Include:
The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.
The Report Covers: