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U.S. Electric Vehicle (EV) Market Trends

Report ID: GMI6444
Published Date: Aug 2023
Report Format: PDF

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U.S. Electric Vehicle Market Trends

U.S. EVs majorly leverage on battery type and propulsion type. These are the major factors that impact the buying behavior of customers as they affect emission ratios and the battery life of vehicles. The efficiency and dependency on fossil fuel will reduce by respective PHEV, HEV & FCEV types of electric vehicles. In addition, EVs emit lesser amounts of toxic gases when compared to IC engine vehicles. This has prompted various U.S. public transportation agencies, such as Sound Transit and Maryland Transit Administration, to expand their usage of electric vehicles for public transportation.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size for electric vehicle on U.S. reached USD 49.1 billion in 2022 and will record over 15.5% CAGR from 2023 to 2032, due to the rising awareness of environmental pollution and the surging need for efficient & eco-friendly vehicles worldwide.

The passenger cars vehicle type segment held over 84% of the U.S. electric vehicle industry share in 2022, driven by the ever-increasing demand for faster, more efficient, and more reliable vehicles.

California electric vehicle industry crossed USD 18.2 billion in revenue in 2022 and will see expansion through 2032, due to the strong presence of cultural & technological hubs in the region.

Some of the major companies operating in the U.S. electric vehicle market include General Motors, Audi, Kia Corporation, Renault Group, Ford Motor Company, Nissan, Volkswagen, BMW, Mercedes, Stellantis, Honda Motor, Hyundai, Tesla, Rivians, Daimler Truck AG., Isuzu Commercial Truck of America, Inc., and Paccar.