US Electric Vehicle Market Growth, Outlook 2024-2030

In the fast lane of innovation and sustainability, the US Electric Vehicle (EV) Market is not just a trend; it's a dynamic shift in the automotive landscape. Valued at USD 38.18 Billion in 2023, this market is set to redefine the future, accelerating at a CAGR of 25.4%. Buckle up as we navigate through the driving forces, competitive landscapes, and groundbreaking policies propelling the EV revolution in the United States.

Electrifying Growth Trajectory: From Niche to Mainstream

The US EV industry is not just experiencing growth; it's rewriting the script of vehicular evolution. From a modest 0.2% of total car sales in 2011, electric cars zoomed to an impressive 4.6% in 2021. Despite a dip of 8% in the overall new vehicle market in 2022, EV sales defied the odds, surging by a staggering 65% to over 800,000 units. The forecast is electric, with estimates pointing to a milestone of surpassing 1 million units by November 2022.

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US Electric Vehicle Market Dynamics

Driving Forces Behind EV Adoption: Beyond Environmental Consciousness

Manufacturers play a pivotal role in this transformation, diversifying their EV offerings. While compact cars initiated the EV journey, the introduction of larger vehicles, including trucks and SUVs, has seen EVs capturing a whopping 78% of new vehicle sales in 2021. With a robust lineup of new models expected by 2024, consumers can anticipate a broader range of options.

Addressing range anxiety, a significant concern for potential EV buyers, battery technology has evolved. The median range, once a modest 68 miles in 2011, has soared to 234 miles in 2021. As battery technology advances further, the fear of running out of battery power is gradually dissipating.

Market Projections: Paving the Way for the Future

The road ahead is electric, with optimistic projections foreseeing EV sales potentially surpassing 50% of total passenger car sales in the United States by 2030. The convergence of environmental consciousness, expanded vehicle choices, improved range, and compelling cost savings positions the U.S. EV market for continued growth and widespread adoption in the coming decade.

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US Electric Vehicle Market Segment Analysis

With a $18 billion market valuation, California-based Rivian has effectively carved out a niche for itself in the EV industry. Notably, part of the reason for Rivian's success is its strategic partnerships, like the one it has for electric delivery vehicles with Amazon.

by Type

BEV
PHEV
HEV
Anticipating a surge in EV adoption, General Motors (GM) hopes to achieve profitability in its North American US Electric Vehicle Market portfolio by 2025.

by Vehicle Type

Two-wheeler
Passenger car
Commercial vehicle

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Who are US Electric Vehicle Market Key Players?

1. BMW
2. Mercedes Benz
3. Bollinger
4. Bollore
5. Microlino
6. Mistubishi
7. Nissan
8. Tesla
9. Volkswagen.
10. Alstom‎Mitsubishi
11. PSA Group‎
12. General Motors
13. Lucid Motors
14. Rivian Vehicles
15. National Motor Vehicle Company
16. Nikola Corporation

Table of content for the US Electric Vehicle Market includes:

Part 01: Executive Summary

Part 02: Scope of the US Electric Vehicle Market Report

Part 03: US Electric Vehicle Market Landscape

Part 04: US Electric Vehicle Market Sizing

Part 05: US Electric Vehicle Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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US Electric Vehicle Market Regional Insights:

North India is leading in the sunglasses market, holding 35% of the share and expected to maintain its position during the forecast period. Delhi, in particular, stands out due to its strong fashion culture. The demand for eye protection, vision correction spectacles, and international brands is on the rise. The increasing use of digital devices among the youth is fueling the need for vision correction spectacles and contact lenses.

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