United States Electric Vehicles Market

Market Overview: 

The United States electric vehicles market is projected to exhibit a growth rate (CAGR) of 35.1% during 2023-2028. The rising government incentives and policies promoting EV adoption across the country, numerous advancements in EV technology, and increasing environmental awareness and the push for sustainable transportation solutions represent some of the key factors driving the market.

Electric vehicles (EVs) are a class of automobiles powered by one or more electric motors, which draw their energy from rechargeable batteries instead of traditional internal combustion engines fueled by gasoline or diesel. The primary component that sets EVs apart is their battery pack, which stores electrical energy to power the vehicle. When the driver engages the accelerator, electricity from the battery is sent to the electric motor, generating rotational motion to propel the wheels and move the vehicle forward. Unlike conventional vehicles, EVs produce zero tailpipe emissions, contributing to reduced air pollution and a smaller carbon footprint. Electric vehicles come in different variants, including all-electric cars, plug-in hybrid electric vehicles (PHEVs), and electric buses and trucks. All-electric cars rely solely on electric power and need to be charged using external charging stations or home charging units. PHEVs, on the other hand, combine an electric motor with an internal combustion engine, allowing the vehicle to run on electricity for shorter distances and switch to conventional fuel for longer trips. As battery costs continue to decrease and charging infrastructure expands, EVs are becoming more accessible and appealing to consumers and businesses alike, revolutionizing the future of the automotive industry across the United States and the world.

United States Electric Vehicles Market Trends:

In the United States, the escalating adoption of electric vehicles due to the rising environmental consciousness and the growing emphasis on reducing greenhouse gas emissions that have led to increased consumer demand for eco-friendly transportation options represents the primary factor driving the market growth. Moreover, favorable government initiatives and incentives, such as tax credits and subsidies, encouraging consumers to purchase EVs, is positively influencing the market growth. Apart from this, numerous advancements in battery technology, resulting in improved range and faster charging capabilities, have alleviated range anxiety and made EVs more appealing to a broader audience, thereby propelling the market growth. Additionally, the rising awareness about energy security and the desire to reduce dependence on fossil fuels have accelerated the product adoption rate. Besides this, automakers' commitment to investing in and expanding their electric vehicle portfolios has led to the introduction of a wider variety of models, providing consumers with more choices, thus contributing to market growth. Along with this, the significant expansion and improvement of EV charging infrastructure across the country is another major growth-inducing factor as consumers consider switching to electric vehicles and the availability of convenient and accessible charging stations. Furthermore, the rapid progress in autonomous driving technology is positively influencing the market growth.

United States Electric Vehicles Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the United States electric vehicles market report, along with forecasts at the country level for 2023-2028. Our report has categorized the market based on component, charging type, propulsion type, and vehicle type.

Component Insights:

• Battery Cells and Packs
• On-Board Charger
• Fuel Stack
   

 The report has provided a detailed breakup and analysis of the market based on the component. This includes battery cells and packs, on-board, and fuel stack.

Charging Type Insights:

• Slow Charging
• Fast Charging
   

A detailed breakup and analysis of the market based on the chargeing type has also been provided in the report. This includes slow and fast charging.

Propulsion Type Insights:

• Battery Electric Vehicle (BEV)
• Fuel Cell Electric Vehicle (FCEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)
   

A detailed breakup and analysis of the market based on the propulsion type has also been provided in the report. This includes battery electric vehicle (BEV), fuel cell electric vehicle (FCEV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV).

Vehicle Type Insights:

• Passenger Vehicles
• Commercial Vehicles
• Others
   

A detailed breakup and analysis of the market based on the vehicle type has also been provided in the report. This includes passenger vehicles, commercial vehicles, and others.

Regional Insights:

• Northeast
• Midwest
• South
• West
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Northeast, Midwest, South, and West.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the United States electric vehicles market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

United States Electric Vehicles Market Report Coverage:

Key Questions Answered in This Report:

• How has the United States electric vehicles market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the United States electric vehicles market?
• What is the breakup of the United States electric vehicles market on the basis of the component?
• What is the breakup of the United States electric vehicles market on the basis of the charging type?
• What is the breakup of the United States electric vehicles market on the basis of the propulsion type?
• What is the breakup of the United States electric vehicles market on the basis of the vehicle type?
• What are the various stages in the value chain of the United States electric vehicles market?
• What are the key driving factors and challenges in the United States electric vehicles market?
• What is the structure of the United States electric vehicles market and who are the key players?
• What is the degree of competition in the United States electric vehicles market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the United States electric vehicles market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the United States electric vehicles market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the United States electric vehicles industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.