US Electric Vehicle market is estimated to grow at a CAGR of more than 23.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases.
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The growing environmental concerns along with cohesive government initiatives are some other aspects to fuel the market growth in the country. In 2017, Atlanta passed a landmark ordinance under which all new residential homes and public parking facilities are required to accommodate electric vehicles and 20% of the spaces in all new commercial and multi-family parking structures to be plug-in ready. Similarly, Vermont’s energy building code requires commercial and residential projects over a certain size to include a percentage of EV supply equipment or EV-ready parking spaces.
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In addition, the US federal government had initiated a tax credit for plug-in electric vehicles purchased after December 2009. The tax credit ranges from ,500 to ,500 for each vehicle based on its battery capacity and gross vehicle weight rating. Lack of charging stations and availability of small range electric vehicles are the majors to restrain the market growth in the country.
The market is segmented on the basis of vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology the market is sub-segmented into battery electric vehicles, and plug-in hybrid electric vehicles. Based on the propulsion type, plug-in hybrid vehicles are anticipated to have considerable market growth during the forecast period. Based on battery type, the market is sub-segmented into NiMH, Li-Ion, and others.
US Electric Vehicle Market Segmentation
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
By Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
By Battery Type
- NiMH
- Li-Ion
- Others
Company Profiles
- Audi AG
- BMW AG
- Chevrolet
- Fiat
- Ford Motor Co.
- General Motors Co.
- Groupe PSA
- Jaguar
- Kia Motors Corp.
- Nissan Motor Co.
- Porsche
- Renault Group
- Tesla, Inc.
- Volkswagen AG
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