The US battery electric vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. In the last two quarters of 2019, electric vehicle sales were down as compared to 2018. However, with the decreasing prices of the EV in the near future, the market of EV is expected to increase in the country. The rising popularity of BEV such as Tesla models in the US is one of the major factors for the growth of the market. As an estimate, around 45-50% of the total EV sales in the US were Tesla Model 3 with around 160,000 units sold in 2019 whereas the highest-selling PHEV was Toyota Prius Prime with around 8,000 units volume in 2019. In the commercial vehicle segment, BYD Auto Co., Ltd., and Proterra, Inc. are expected to hold a major market share in the country. Continuous technological advancement, support from the local government, new EV model launch and developing charging infrastructure are some of the other major factors contributing to the growth of the market in the country. For instance, California has set a target to add 5 million EVs by 2030.
A full report of US Battery Electric Vehicle (BEV) Market is available at: https://www.omrglobal.com/industry-reports/us-battery-electric-vehicle-bev-market
The market is segmented on the basis of vehicle type and battery type. Based on vehicle type, the market is segmented into commercial vehicles, passenger cars, and others. The passenger vehicle segment is expected to hold the largest market share during the forecast period. Based on the battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion batteries car market is projected to cover a major market share during the forecast period.
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Major companies contributing to the US BEV market include AB Volvo, Tesla, Inc., BYD Auto Co., Ltd., Audi AG, BMW AG, Daimler AG, Ford Motor Co., General Motors Co., Honda Motor Co., Ltd., Hyundai Motor Co., Kia Motors Corp., Nissan Motor Co., Proterra, Inc., Toyota Motor Corp., Volkswagen AG and so on. The market players are considerably contributing to the market growth by adopting various growth strategies including new product launch, merger and acquisition, collaborations with government, and technological advancements to stay competitive in the market.
US Battery Electric Vehicle (BEV) Market- Segmentation
By Battery Type
- NiMH
- Li-Ion
- Others
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
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