Electric Vehicle (EV) Market in US by Type - Forecast and Analysis 2021-2025

  • Published: May 2021
  • Pages: 120
  • SKU: IRTNTR70597
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The electric vehicle (EV) market in the US has the potential to grow by 1736.13 thousand units during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 44.65%.

This electric vehicle (EV) market in the US research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by type (All-electric/BEV and PHEV). The electric vehicle (EV) market in the US report also offers information on several market vendors, including BMW Group, Daimler AG, Ford Motor Co., General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Renault SA, Tesla Inc., Toyota Motor Corp., and Volkswagen AG among others.

What will the Electric Vehicle (EV) Market Size in the US be in 2021?

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Electric Vehicle (EV) Market in the US: Key Drivers and Trends

The government subsidies and incentives is notably driving the electric vehicle (EV) market growth in the US, although factors such as high upfront cost of electric trucks may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the electric vehicle (EV) market in the US industry get your FREE report sample now.

  • Government funding, incentives, and subsidies that aim to boost the manufacturing and adoption of EVs in the US are the key factors influencing the growth of the market in focus.
  • The governments in the US have been taking several initiatives to boost the adoption of EVs among customers. Government support is crucial for the sales of new energy vehicles such as BEVs and PHEVs.

 

  • Declining prices of lithium-ion batteries is another important driver influencing the electric vehicle (EV) market growth in the US.
  • Lithium-ion batteries are crucial in PHEVs and BEVs. The cost of these vehicles is declining gradually due to a decrease in the cost of sub-systems and components.
  • There have been several improvements in EV batteries, which have been making them more lucrative to consumers thereby driving the market growth.

This electric vehicle (EV) market in the US analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Electric Vehicle (EV) Market Vendors in the US?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • BMW Group
  • Daimler AG
  • Ford Motor Co.
  • General Motors Co.
  • Honda Motor Co. Ltd.
  • Hyundai Motor Co.
  • Renault SA
  • Tesla Inc.
  • Toyota Motor Corp.
  • Volkswagen AG

 

The electric vehicle (EV) market in the US is concentrated and the vendors are deploying growth strategies such as making huge investments in research and development to push better vehicles to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the forecast report of electric vehicle (EV) market in the US for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

What are the Revenue-generating Type Segments in the Electric Vehicle (EV) Market in the US?

Electric-Vehicle-(EV)-Market-In-US-Market-Share-by-Type-2020-2025

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The BEV market in the US is set to grow at a substantial rate on account of favorable government incentives supporting BEV ownership in the country. The government offers various easy payment plans to consumers for the purchase of BEVs. Additionally, stringent regulations regarding vehicle emissions have further boosted the demand for BEVs in the country.

Fetch actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the electric vehicle (EV) market size in the US.

 

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What are the Key Factors Covered in this Electric Vehicle (EV) Market in the US Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive electric vehicle (EV) market growth in the US during the next five years
  • Precise estimation of the electric vehicle (EV) market size in the US and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the electric vehicle (EV) industry across the US
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of electric vehicle (EV) market vendors in the US

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Electric Vehicle (EV) Market In US Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Decelerate at a CAGR of 45%

Market growth 2021-2025

1736.13 th units

Market structure

Concentrated

YoY growth (%)

69.35

Regional analysis

US

Performing market contribution

US at 100%

Key consumer countries

US

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

BMW Group, Daimler AG, Ford Motor Co., General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Renault SA, Tesla Inc., Toyota Motor Corp., and Volkswagen AG

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The electric vehicle (ev) market growth will increase by $1736.13 thousand units during 2020-2025.
The electric vehicle (ev) market is expected to grow at a CAGR of 44.65% during 2020-2025.
Technavio has segmented the electric vehicle (ev) market by type (All-electric/BEV and PHEV) and geographic (US).
BMW Group, Daimler AG, Ford Motor Co., General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Renault SA, Tesla Inc., Toyota Motor Corp., Volkswagen AG are a few of the key vendors in the electric vehicle (ev) market.
US will register the highest growth rate of 100.00% among the other regions. Therefore, the electric vehicle (ev) market in US is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the electric vehicle (ev) market growth are:
  • Government subsidies and incentives
The electric vehicle (ev) market vendors should focus on grabbing business opportunities from the all-electric/bev segment as it accounted for the largest market share in the base year.
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