U.S. Electric Vehicle (EV) Market Analysis

U.S. Electric Vehicle Market Analysis

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The battery electric vehicle segment held a major share of the U.S. electric vehicle market in 2022. BEVs are associated with zero emissions as they operate completely on battery, thereby reducing air pollution. This type of vehicle has fewer moving parts and encounters lower operating costs with zero noise pollution. However, they can be charged at home using standard electrical outlets or dedicated charging stations, thus eliminating the need for visiting gas stations. The fuel cell electric vehicle market size is predicted to surpass USD 30 billion by 2032, propelled by the rising adoption of electric vehicles globally.
 

The passenger cars segment captured around 84% share of the U.S. electric vehicle market in 2022. The ever-increasing demand for faster, more efficient, and more reliable vehicles is propelling the two-wheelers segment growth. For instance, in December 2022, the National Association of City Transportation Officials (NACTO), an agency to exchange transportation ideas between transit agencies and 96 major cities of North America, reported that e-bikes are booming due to the rising demand for micro-mobility systems and are providing crucial options for essential workers. Similarly, the U.S. has been the second-largest e-commerce market, and this has increased the demand for last-mile delivery solutions.
 

The California EV market generated USD 18.2 billion revenue in revenue in 2022. California has the presence of cultural & technological hubs, such as Los Angeles and San Francisco, where new trends & technologies are often adopted quickly. Moreover, gasoline prices in the state are often higher than in other states, and thus the adoption of EVs is appealing in terms of cost-saving benefits. In addition, the California Ambient Air Quality Standards (CAAQS) has formulated stringent rules and standards compared to the national standards. This has made Californians tend to be more environmentally conscious and consider buying electric vehicles.