US ELECTRIC VEHICLE MARKET
- In 2020, 296,000 units were sold in the USA. 70% of the overall sales were BEVs in 2020
- Tesla held 60% of the overall market share with Model 3 and Model S leading the way
- The dominance of Tesla will continue but their overall market share will decrease as multiple vehicles are launched
- USA will mainly be a high-performance market among EVs as the market is not mature enough for mass segments
- SUVs, Trucks and crossovers will be the main releases over the next 3-4 years
USA is one of the most prominent automobile markets in the world with 14-16 million units yearly. The market is mainly based on trucks with Ford F-150 holding the most sold vehicle tag. SUVs and crossovers are other segments popular among vehicle owners in this region.
USA is also home to prominent global OEMs such as the Detroit 3 – Ford,GM and Stellanis groups. Nissan, Toyota, and Honda are some of the foreign OEMs who have established manufacturing facilities in USA to develop and manufacture vehicles for the American customers
US ELECTRIC VEHICLE MARKET DYNAMICS
There is a $7,500 credit for EV owners in the USA currently and there is a push for raising it to $12,500. President Joe Biden has proposed $174 billion for electric vehicles and charging stations, including $100 billion for consumer rebates.
Multiple states have an extra tax benefit on top of the federal tax benefit for EVs. California is the largest market for EV sales mainly due to the incentives offered as well as the higher purchasing power in the state. In California, on top of $7,500 there is a $2,000 tax credit which decreases the overall price by $10,000 for the consumer.
US ELECTRIC VEHICLE MARKET SIZE AND FORECAST
The USA’s electric vehicle market was estimated at $xx Billion in 2020. With more than 20 EVs (BEV PHEV) in pipeline, the market volume could grow up to XX Million or xx% of new car sales by 2025.
US ELECTRIC VEHICLE MARKET CHARGING INFRASTRUCTURE
There are about 5,192 DC Fast chargers present across USA with 18,643 connectors
- Tesla runs 10,555 of the connectors (56% of the overall connectors) out of its 1,068 stations
- Electrify America and EV Go are the other prominent networks across USA for DC fast chargers
- 5,694 of the charging outlets are in California alone (30%) of the fast chargers
Biden administration has proposed $15 Billion to deploy charging stations across the country and to reach 500,000 charging stations by 2030.
US ELECTRIC VEHICLE MARKET SEGMENTATION
US ELECTRIC VEHICLE MARKET COMPETITIVE LANDSCAPE
Tesla leads the way for EV sales in the USA. They began with Roadster in 2008 and now have Model 3,S,X and Y. Tesla Semi, Roadster and Cybertruck will also hit the market soon. The dominance of Tesla will remain as they increase their production capacity with a new Gigafactory in Texas.
GM launched the Ultium platform with more than 20 models to be launched by 2025, with Hummer SUV and Truck being the first models followed by Cadillac Lyriq and Chevrolet Bolt EV. LG Chem will be one of the biggest associates for GM in their electrification journey.
GM announced a $2.2 Billion investment at its Detroit-Hamtramck assembly plant to produce a variety of all-electric trucks and SUVs along with $800 Million for supplier tooling and other projects related to the launch of the new electric trucks. GM and LG Chem announced plans to build a $2.3 billion plant in Lordstown, Ohio to mass produce battery cells for electric vehicles
Ford launched Mustang Mach E and is one of the best sellers in 2021 across USA among EVs. They also announced the electric version of their most selling vehicle Ford F-150 and has 70,000 pre orders. Ford is investing ~$30 Billion for electrification of their models and this will include a battery plant in association with SK Innovation.
Stellantis, the consolidated group of FCA and PSA, will launch multiple BEVs and PHEVs across the USA mainly along the brands of Chrysler and Jeep. PSA’s stronghold in the European market will allow it to make inroads in the USA with technological knowledge as well as FCA’s consumer understanding.
USA is also home to multiple electric vehicle startups. Rivian showcased their truck and SUV and have already received large orders from Amazon and other firms for electric vans etc. Ford is also an investor in Rivian.Lucid motors showcased their electric vehicle and is expecting to take on Tesla in terms of performance and dominance among luxury electric vehicles in the country.
US ELECTRIC VEHICLE MARKET COMPANY PROFILES
ELECTRIC CAR MANUFACTURERS
THIS US ELECTRIC VEHICLE MARKET REPORT WILL ANSWER FOLLOWING QUESTIONS
- US Electric Vehicle Market size and Forecast, by region, by application
- Average B-2-B price for US Electric Vehicle Market, by region, per user
- Technology trends and related opportunity for new US Electric Vehicle Market tech suppliers
- US Electric Vehicle Market share of leading vendors, by region,
- Coronavirus impact on US Electric Vehicle Market earnings