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U.S. Electric Vehicle Market Size
U.S. Electric Vehicle Market size was valued at USD 49.1 billion in 2022 and is anticipated to register a CAGR of over 15.5% between 2023 and 2032. Driven by rising need for efficient & eco-friendly vehicles. The adoption of commercial EVs in public transportation to reduce environmental pollution will further bolster the market development.
U.S. Electric Vehicle Market size was valued at USD 49.1 billion in 2022 and is anticipated to register a CAGR of over 15.5% between 2023 and 2032. Driven by
Companies, associations, and government agencies are seeking ways to reduce their carbon footprint by complying with stringent emission regulations. Electric Vehicles (EVs), particularly those powered by electric or alternative fuels, offer greener & more eco-friendly transportation solutions. By adopting these vehicles, businesses can demonstrate their commitment to sustainability and gain a competitive edge in the market.
U.S. Electric Vehicle Market Report Attributes
| Report Attribute |
Details |
| Base Year: | 2022 |
|---|
| U.S. Electric Vehicle Market Size in 2022: | USD 49.1 Billion |
|---|
| Forecast Period: | 2023 to 2032 |
|---|
| Forecast Period 2023 to 2032 CAGR: | 15% |
|---|
| 2032 Value Projection: | USD 215.7 Billion |
|---|
| Historical Data for: | 2018 to 2022 |
|---|
| No. of Pages: | 220 |
|---|
| Tables, Charts & Figures: | 856 |
| Segments covered: | Propulsion Type, Vehicle Type, Drive Type, Battery Type, Range, Price Range, End Use |
|---|
| Growth Drivers: | - Supportive government regulations for EVs
- Rising environmental awareness in North America
- The rapidly growing e-commerce industry
- Increasing adoption of efficient public transportation solutions
|
|---|
| Pitfalls & Challenges: | - High initial investments in EVs
- High-capacity battery raises concerns related to both financial costs and its impact on environmental pollution
|
|---|
The high purchasing cost of electrical vehicles and investments in setting up charging infrastructure are major concerns hindering the U.S. electric vehicle market growth. Electric vehicles have huge benefits; however, there are several concerns regarding battery charging time, driving range on a full charge, and many more, which have been diminishing through continuous R&D by manufacturers over the past five years.
