The US electric vehicle market is projected to grow at a significant CAGR of more than 23.0% during the forecast period (2019-2025). The factors that propel the growth of the market include rising investments in electric vehicles and increasing adoption of electric vehicles in commercials and government sectors. The companies are investing heavily in the manufacturing of electric vehicles. In January 2021, Tesla announced its updated and redesigned model of the electric vehicle named Model S. The new Model S is an electric Sedan and the price starts at $79,990. Its plaid version starts at $119,990. Tesla offers a tri-motor powertrain that will allow the vehicle to go from zero to 60 miles per hour in under 2 seconds.
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In the third quarter of 2019, Tesla produced 145,000 vehicles and deliver 140,000. The company is planning to reduce the cost of the electric car to $25,000 in the next three years and it is planning to produce over 20 million cars per year. Tesla cut down the cost of purchasing for its Model 3, for which the pricing starts from $37,900. The starting price of Model S and Model X is $ 69,420 and $ 79,990 respectively. The major factor for reducing the price of the electric vehicle is the declining cost of lithium-ion batteries. The price for lithium-ion batteries per kilowatt-hour is reduced. In 2010 the price was $1,183 and reduced to $156 in 2019.
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US Electric Vehicle Market Report Segment
By Vehicle Type
- Passenger Cars
- Commercial Vehicle
- Two-Wheeler
By Propulsion Technology
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
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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