United States Electric Vehicle Market to be Dominated by Passenger Cars Through 2028
Increasing environmental
concerns, improved vehicle range, favorable government policies, and better
competitive pricing of electric cars are driving the United States electric
vehicle market during the forecast period.
According to
TechSci Research report, “United States Electric Vehicle Market – By Region,
Competition, Forecast & Opportunities, 2028,” the electric vehicle market in the United
States is led by rapid advancement in technologies, such as improving battery
efficiencies and their capacities. Increasing concerns regarding the harmful
effects of the pollution generated by vehicles powered by combustion engines,
reduction in battery costs, and supportive government rules and regulations.
Electric vehicles
(EVs) are based on the principle of energy conversion in which the electricity
generated from the battery is converted into mechanical energy. Whereas, in
combustion engines, the energy generated from the burning of fuels is under high
pressure which in turn drives the pistons. EVs are transforming the mobility
system everywhere in the world together with the arising technologies, such as
autonomous vehicles and connected cars. EVs are helping in overcoming various
issues, such as pollution, global warming, and preserving natural resources.
Therefore, they are viewed as a prospective substitute for vehicles that run
combustion engines.
The United States
electric vehicle market consists of quite a supportive environment, which is a
result of incentives from the government and increasing preferences for EVs
among customers. There are various policies in which the government is
promoting the manufacturing of electric vehicles domestically to decrease the
prices of vehicles as a trade of materials and components, including the duty
charges, which affect the cost of vehicles. Moreover, to enhance the uptake of
electric vehicles, tax credits incentives, and subsidies are also provided by
the government.
The United States
electric vehicle market is first segmented based on the vehicle type into
two-wheeler, passenger cars, light commercial vehicles, medium & heavy
commercial vehicles, and off the road vehicles. In the United States, the sales
of light commercial vehicles are the highest among all vehicle types. However,
the maximum electrification is taking place in passenger cars, followed by
two-wheelers and light commercial vehicles. Electrification in heavy commercial
vehicles and off the road vehicles is taking at a slow pace due to their
involvement in different applications making it difficult for some
standardization in terms of battery power and charging sockets.
Further, the
market is divided based on the type of propulsion. There are various methods
through which electricity is generated in vehicles to provide power to their powertrain.
So, based on propulsion type the market is divided into battery electric
vehicles, plug-in hybrid vehicles, and fuel-cell electric vehicles. The plug-in
hybrid electric vehicles consist of battery as well as internal combustion
engines. The battery in these types of vehicles can be charged by the power of the
combustion engine and from the external source using the plug. Electric
vehicles based on fuel cells are powered by the energy released from hydrogen.
These types of vehicles are more efficient than conventional vehicles and they
do not release any harmful gases when operating. However, electric vehicles
based on fuel cells are in the initial stages of development therefore they
have not been able to acquire a significant portion of the market. Currently, most
of the market is captured by electric vehicles which are purely powered by batteries.
The battery
capacity is one of the most important components of the electric vehicle
because the determines the other features of electric cars, such as range of
vehicles, acceleration, torque, and other technological features. Currently,
most passenger cars have a battery capacity of less than 100KWh with few
exceptions of high-end cars having more than 100KWh battery capacity.
Lastly, the
electric vehicle market is divided based on the region, North, East, South, and
West. The registration of EVs is not evenly distributed among different states,
but it depends heavily upon the population density and prevalence of
metropolitan areas. In the United States, the maximum uptake of electric
vehicles has taken place in the southwest and southern regions. For instance,
California witnessed the maximum sales of electric light commercial vehicles in
2020.
Another
concerning part of the electric vehicle to the consumers is the range of
vehicles. So, based on the range of vehicles, the electric vehicle market in
the United States is segmented into 0-50 Miles, 51-150 Miles, 151-200 Miles,
201-400 Miles, and above 400 Miles. On the basis to range type, the maximum
volume of the market lies within the range of 201-400 Miles.
Thus, the
electric vehicle market in the United States consists of various opportunities
both in terms of expansion and technological advancements and it is expected to
grow further in the coming years.
Browse over xx
market data Figures spread through xx Pages and an in-depth TOC on the “United States Electric Vehicle Market”
Key market
players in the United States electric vehicle market include:
- Tesla Inc.
- BMW Group
- BYD Company Ltd.
- Volkswagen AG
- Hyundai Motor Company
- AB Volvo
- Daimler AG
- Ford Motor Company
- General Motors Company
- Honda Motor Co. Ltd.
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report.
“The increasing concerns
regarding environment sustainability, supportive rules, and regulations to
manufacture electric vehicles, favorable incentives in tax reductions,
subsidies, and declining cost of electric batteries, are going to drive the
electric vehicle market in the United States during the forecast year. Further,
funds are being sanctioned to develop the electric charging infrastructure in
every state is going to positively impact the notion of people regarding the United
States electric vehicle market.” said
Mr. Karan Chechi, Research Director at TechSci Research, a research-based global
management consulting firm.
United States
Electric Vehicle Market By Vehicle Type (Two Wheelers, Passenger Cars, Light
Commercial Vehicle, Medium & Heavy Commercial Vehicle, and Off The Road),
By Propulsion Type (Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle,
Fuel Cell Electric Vehicle), By Range (0-50 Miles, 51-150 Miles, 151-200 Miles,
201-400 Miles, and Above 400 Miles), By Battery Capacity (Less Than 50KWh,
51KWh to 100KWh, 101KWh-200KWh, 201KWh-300KWh, and Above 300KWh), By Region,
Competition, Forecast & Opportunities 2028 has evaluated the future growth
potential of electric vehicle market in Unites States and provides
statistics and information on market structure, size, share and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the United States Electric
Vehicle Market .
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