U.S. Electric Vehicle Market Size Worth USD 137.43 Billion, Globally, by 2028 at 25.4% CAGR
Fortune Business Insights
5 min read
Fortune Business Insights
The U.S. Electric Vehicle Market size is expected to grow from USD 28.24 Billion in 2021 to USD 137.43 Billion by 2028; it is estimated to grow at a CAGR of 25.4% from 2022 to 2029.
Pune, India, July 19, 2022 (GLOBE NEWSWIRE) -- The U.S. electric vehicle market size was USD 24.03 billion in 2020. The market is projected to grow from USD 28.24 billion in 2021 to USD 137.43 billion in 2028 at a CAGR of 25.4% in the 2021-2028 period. This information is published by Fortune Business Insights™, in its report, titled, “U.S. Electric Vehicle Market, 2021-2028.”
According to our researchers, promotion happenings and government stratagems are aiding to tackle the existing consumer hurdles linked with electric vehicle range as well as range anxiety, insufficient model availability, higher upfront costs, and absence of consciousness. These aspects will impact the U.S. electric vehicle market growth positively.
COVID-19 Impact
Global Lockdown Measures to Hinder EV Market Sales
The worldwide impacts of the coronavirus disease were observed by almost every sector in the first half of the year 2020. This pandemic has swayed numerous aspects, such as restraints on all indoor, as well as outdoor occasions, flight terminations, prohibition on non-important public mobility, restaurants shut down, colossal interruption of the supply chain cycle, decaying business graph, surging fright among people, as well as uncertainty regarding the future. Almost over 40 nations globally declared a state of emergency and imposed lockdowns to curtail the further spread of the virus. This is expected to hinder the electric vehicle automotive sector in the U.S.
Based on vehicle type, the market is classified into commercial vehicles and passenger cars. In 2020, the passenger cars segment held the biggest U.S. electric vehicle market share.
Growth Drivers
Strict Release Standards to Amplify Growth
U.S. to Lead Stoked by Growing Consciousness Regarding EVs
Market Drivers-
Strict Release Standards to Amplify Growth
The U.S. government has announced numerous stringent guidelines to decline carbon emissions from the automotive sector. Various states are shifting towards implementing zero-emission vehicle (ZEV) regulations to fast-track the adoption and usage of electric vehicles. In 2020, states with ZEV regulations were accountable for about two-thirds of electric vehicle sales.
Moreover, automakers have consequently surged investment in R&D happenings to accomplish the electrification purposes.
The report presents a methodical study of the U.S. electric vehicle market segments and a detailed review of the market. A considerate assessment of the latest market trends as well as the forthcoming prospects are presented in the report. Furthermore, it offered an in-depth examination of the regional insights and their assistance in forming the market growth. The COVID-19 sways have been mentioned in the report to aid investors and entrepreneurs with an enhanced comprehension of the imaginable jeopardies present in the market. The report further converses the fundamental companies and their important tactics to remain in the dominating position.
Regional Segmentation-
U.S. to Lead Stoked by Growing Consciousness Regarding EVs
The share of U.S. electric vehicle models in novel automobile sales was about 2.4% in the year 2020, an augmentation from about 2% in comparison with 2019. EV model accessibility in the U.S. in 2020 was equal to 2019.
A rising number of cities and states declared their vision for electric mobility, implemented zero-emission vehicle and clean vehicle guidelines, and adopted more sturdy standards to develop infrastructure capitalization and the U.S. electric vehicle market growth.
Collaborations among Companies to Safeguard Their Brand Values in U.S. Market
Fundamental players in the market are incessantly rooting for operative tactics to encourage their products and inaugurate their positions in the market. One such approach is unveiling novel products by teaming up with other players in order to expand their business reach to end-users.
List of Players Operating in the U.S. Electric Vehicle Market are as follows:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
