US electric vehicle motor market is anticipated to grow at a CAGR of more than 17% during the forecast period, 2019-2025. In the country, a downfall in EV sales was registered in 2019, due to the high cost of EV and stable fossil fuel prices. Around 325,000 EVs were sold in the US in 2019 which is around 2% of the total vehicle sales in the country. However, the presence of major market players in the country is one of the major motivators for market growth as they are constructing new EV manufacturing units. Tesla Inc. is one of the major players of EVs globally and whose sales are increasing continuously. The first European plant of Tesla started construction in November 2019, and to date, the vehicle supply will be maintained from Chinese and US plants mainly. Moreover, significant investments are witnessed in the country from the automaker in electric vehicle manufacturing which will create the demand for electric vehicle motors in the country. For instance, in January 2020, General Motors announced to invest $2.2 billion in constructing a new electric vehicle plant in Detroit. In addition, Volkswagen AG announced to invest an additional $800 million in the Chattanooga plant for EV manufacturing. These types of investments are expected to provide significant growth to the electric vehicle motor market in the country.
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US electric vehicle motor market is segmented on the basis of motor type, propulsion technology, and vehicle type. On the basis of motor type market is further analyzed into AC motor and DC motor. By propulsion technology, the market is further divided into battery electric vehicles and plug-in hybrid electric vehicles. During the forecast period, the battery-electric vehicle segment is expected to show significant market growth in the country. By vehicle type, the market further analyzed into passenger cars, commercial vehicles, and others. The passenger vehicle segment will have a major market share during the forecast period.
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US Electric Vehicle Motor Market Segmentation
By Motor Type
- DC Motor
- AC Motor
By Propulsion Technology
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
By Vehicle Type
- Passenger Cars
- Commercial Vehicle
- Other (Two-Wheeler)
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
