US Electric Vehicle Market Growth Factors, Opportunities, Developments And Forecast 2029

In the dynamic landscape of transportation, the US Electric Vehicle (EV) Market has emerged as a powerhouse, propelling towards a dazzling future. Valued at USD 17.54 Billion in 2021, this market is set to skyrocket at a growth rate of 37.1% from 2022 to 2029, reaching an impressive USD 219.05 Billion by 2029.

Energizing the Road Ahead: Understanding Electric Vehicles

Electric Drive Vehicles (EVs) are not just modes of transportation; they represent a revolutionary shift in propulsion. From noise reduction to curbing carbon emissions, EVs are transforming the way we travel. In 2020, they accounted for 2.4% of new car sales, a notable increase from the previous year. Cities championing EV adoption are backed by robust policy support, creating a fertile ground for the electric revolution.

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US Electric Vehicle Market Dynamics

Dynamics Shaping the US Electric Vehicle Market

While EVs promise to meet personal mobility needs and reduce carbon footprints, their widespread adoption necessitates a reevaluation of the power infrastructure. As technology advances, efficiency improves, but the growing trend toward larger, less efficient vehicles poses challenges. EVs have the potential to moderate utility rate growth, offering a counterintuitive solution to rising electricity usage.

Incentives Fueling Electric Dreams

Governments worldwide are incentivizing EV adoption through tax incentives. In the US, California's Clean Vehicle Rebate Project offers cashbacks for qualifying applicants, fostering a favorable environment for prospective EV buyers. Despite challenges like cost and range, the availability of EV models in the US has grown, albeit at a slower pace compared to Europe and China.

US Electric Vehicle Market Segment Analysis

The US Electric Vehicle Market is segmented by type and vehicle type. Battery Electric Vehicles (BEVs) dominate, capturing almost 75% of the market share in 2020, driven by heightened environmental awareness. Plug-in Hybrid Electric Vehicles (PHEVs) are projected to grow at a remarkable CAGR of over 40% in revenue from 2021 to 2028, buoyed by government programs and corporate initiatives.

by Type

• BEV
• PHEV
• HEV
by Vehicle Type

• Two-wheeler
• Passenger car
• Commercial vehicle

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Who are US Electric Vehicle Market Key Players?
• BMW
• Mercedes Benz
• Bollinger
• Bollore
• Microlino
• Mistubishi
• Nissan
• Tesla
• Volkswagen.
• Alstom‎
• PSA Group‎
• General Motors
• Lucid Motors
• Rivian Vehicles
• National Motor Vehicle Company
• Nikola Corporation

Table of content for the US Electric Vehicle Market includes:

Part 01: Executive Summary

Part 02: Scope of the US Electric Vehicle Market Report

Part 03: US Electric Vehicle Market Landscape

Part 04: US Electric Vehicle Market Sizing

Part 05: US Electric Vehicle Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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US Electric Vehicle Market Regional Insights:

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