Electric Vehicles - United States

The Electric Vehicles market in the United States is projected to reach a revenue of US$94.9bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 10.49%, resulting in a projected market volume of US$156.3bn by 2029.
The unit sales of Electric Vehicles market in the United States are expected to reach 2.32m vehicles in 2029.
The volume weighted average price of Electric Vehicles market in the United States in 2024 is expected to be US$67.3k.
From an international perspective, it is shown that China is expected to generate the most revenue in the Electric Vehicles market, with US$376bn in 2024.
The United States is experiencing a surge in the demand for electric vehicles, driven by government incentives and increasing environmental consciousness among consumers.

CO2 emissions exert a profound influence on climate and the environment, fueling the greenhouse effect and contributing significantly to global climate change. Nearly one-fourth of these emissions worldwide can be attributed to the transportation sector. Electric vehicles (EVs) emerge as a promising solution, potentially acting as a carbon-neutral alternative when powered by renewable energy sources. This underscores their pivotal role in mitigating the impact of traditional combustion engine vehicles on the environment.

The Electric Vehicles market includes information about electric vehicles in countries where, according to our sources, a public electric vehicle charging infrastructure is already available. In this context, “public” means that people have unrestricted access to the charging infrastructure. A vehicle can be defined as electric if it is self-contained with a battery or classified as a plug-in hybrid. All key figures shown represent the sales of new cars, and their basic configuration in the respective year. The figures do not include the sale of used vehicles nor adapted equipment for the new cars sold. The prices and revenues shown are accordingly based on the basic models.

The Electric Vehicle market is divided into distinct two distinct markets, namely Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). This categorization allows for a nuanced understanding of the market dynamics, considering the specific attributes and market penetration of each electric vehicle type. The emphasis on new car sales and their foundational configurations ensures clarity, while the exclusion of used vehicles and customizations maintains focus on the evolving landscape of electric vehicles.

Battery electric vehicles (BEVs)
Plug-in hybrid electric vehicles (PHEVs)
Road electric vehicles
Passenger Cars

Electric vehicles that are not self-contained and cannot be classified as BEVs or PHEVs
Rail electric vehicles
Surface and underwater vessels
Electric aircraft or spacecraft
Motorcycles, scooters, mopeds, buses, vans, and trucks

The Electric Vehicles market in United States has been experiencing significant growth in recent years.

Customer preferences: One of the key reasons for the growth of the Electric Vehicles market in United States is the increasing consumer demand for environmentally friendly transportation options. With a growing awareness of the impact of traditional gasoline-powered vehicles on the environment, many consumers are now opting for electric vehicles as a more sustainable alternative.

Trends in the market: The Electric Vehicles market in United States has witnessed several trends in recent years. One of the notable trends is the increasing availability and variety of electric vehicle models. Major automakers have been investing heavily in electric vehicle technology and are introducing new models with improved features and performance. This has made electric vehicles more appealing to a wider range of consumers. Another trend in the market is the expansion of charging infrastructure. As the demand for electric vehicles increases, there is a growing need for charging stations to support these vehicles. The government and private companies have been investing in the development of charging infrastructure, making it more convenient for electric vehicle owners to charge their vehicles.

Local special circumstances: The United States has a well-developed automotive industry and a strong consumer base, which has contributed to the growth of the Electric Vehicles market. The country has a large number of potential customers who are willing to adopt new technologies and are environmentally conscious. Additionally, the government has implemented various incentives and subsidies to promote the adoption of electric vehicles, further driving the market growth.

Underlying macroeconomic factors: The growth of the Electric Vehicles market in United States is also influenced by underlying macroeconomic factors. The country has a stable economy with a high disposable income, which enables consumers to afford electric vehicles. Additionally, the government's focus on reducing carbon emissions and promoting clean energy has created a favorable environment for the electric vehicle industry. In conclusion, the Electric Vehicles market in United States is experiencing significant growth due to increasing consumer demand for environmentally friendly transportation options. The availability of a wide range of electric vehicle models, the expansion of charging infrastructure, and government incentives have further fueled the market growth. With a strong automotive industry and a consumer base that is willing to adopt new technologies, the United States is poised to continue its growth in the electric vehicle market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

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For the first time in the past decade, lithium-ion battery pack costs increased in 2022 due to the raw material and battery component soaring price inflation. However, this increase in production cost has not slowed down the global electric vehicle (EV)market. Electric vehicle sales have increased tremendously over the past decade.