US Electric Vehicle Market 2023-2030

    In Stock

    US ELECTRIC VEHICLE MARKET

     

    KEY FINDINGS

     

    1. In 2020, 296,000 units were sold in the USA. 70% of the overall sales were BEVs in 2020
    2. Tesla held 60% of the overall market share with Model 3 and Model S leading the way
    3. The dominance of Tesla will continue but their overall market share will decrease as multiple vehicles are launched
    4. USA will mainly be a high-performance market among EVs as the market is not mature enough for mass segments
    5. SUVs, Trucks and crossovers will be the main releases over the next 3-4 years

     

    INTRODUCTION

     

    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

     

    infographic: ev in us market, electric vehicles in us market, electric vehicle market share in us, ev market in us, ev market share us, market share of electric vehicles in us, ev market share in us, electric car market in us, electric vehicle market share us, us ev market share, ev us market share,, electric vehicle market us, us ev market share by company, ev market share usa, US Electric Vehicle Market, US Electric Vehicle Market Size, US Electric Vehicle Market Trends, US Electric Vehicle Market Forecast, US Electric Vehicle Market Risks, US Electric Vehicle Market Report, US Electric Vehicle Market Share

     

    To know more about Global Electric Car Market, read our report

     

    US ELECTRIC VEHICLE MARKET SIZE AND FORECAST

     

    The USA’s electric vehicle market was estimated at $xx Billion in 2022. 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 2030.

    infographic: us ev market share by company, ev market share usa, US Electric Vehicle Market, US Electric Vehicle Market Size, US Electric Vehicle Market Trends, US Electric Vehicle Market Forecast, US Electric Vehicle Market Risks, US Electric Vehicle Market Report, US Electric Vehicle Market Share

     

    US ELECTRIC VEHICLE MARKET DYNAMICS

     

    Sr. No. Timeline Company Updates
    1 January 2022 Rivian & Under Canvas Rivian announced a new partnership with Under Canvas to bring EV charging to some of the most beautiful campgrounds in the US.
    2 December 2021 General Motors General Motors announced two new partnerships with manufacturers of raw materials used in electric vehicles to increase its cost efficiency, be environmentally sustainable and create jobs.
    3 February 2021 Apple, Hyundai & Kia Apple finalized a deal with Hyundai-Kia to manufacture an Apple-branded autonomous electric vehicle at the Kia assembly plant in West Point, Georgia.
    4 February 2020 Hyundai Motor Group & Canoo Hyundai Motor Group engaged with Canoo to jointly develop an electric vehicle (EV) platform based on Canoo’s proprietary skateboard design for upcoming Hyundai and Kia models.
    5 January 2020 Hyundai Motor Company and Kia Motors Corporation Hyundai Motor Company and Kia Motors Corporation announced a strategic investment of €100 million (US $110 million) in a new partnership with Arrival, an electric vehicle startup. Through the partnership, Hyundai and Kia planned to introduce competitively priced small and medium-sized electric vans and other products for logistics, on-demand ride-hailing and shuttle service companies.

     

    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.

     

    The fastest-selling used cars in the United States in July 2021 were all EVs, according to iSeeCars.com analysis of used-car sales for vehicles from model years 2016 to 2020.

     

    The Tesla Model 3 topped the charts, at an average 15.7 days to sell, while the average transaction price across model years was $46,982, according to the analysis. Even Model 3 sedans from the 2018 model year—its first—sold for $45,291.

     

    The Chevrolet Bolt EV came in second place, averaging 20.8 days to sell, with an average transaction price of $22,005. The Tesla Model S completed the podium, at an average 21.3 days to sell, with an average transaction price of $64,205.

     

    While all three models are among the most popular EVs, it’s still notable that used examples are selling so fast.

     

    Bolt EV demand seems to have remained strong despite fire issues that have triggered multiple rounds of recall efforts, as well as the introduction of a refreshed 2022 Bolt EV and new Bolt EUV model.

     

    Tesla buyers who choose a used Model S risk missing out on some of the latest features or performance upgrades, but it seems that the introduction of the Model S Plaid just served to generate more interest in this big electric fastback as a used car.

     

    This is the fifth consecutive month the Model 3 has appeared on the list of fastest-selling used cars. Perhaps more remarkable, though, are the average transaction prices of the Tesla sedan.

     

    New-vehicle prices increased $2,125 (up 5.4%) from May 2020, while increasing $493 (up 1.2%) from April 2021.

     

    Despite a large gap in average transaction prices for luxury and non-luxury segments in May 2021, non-luxury vehicles had a larger year-over-year price increase at 4.9% (up $1,805), while luxury vehicles climbed 2.9%, or $1,597, from this time last year.

     

    Standard full-size SUVs and pickup trucks contributed to the growth among non-luxury segments. The third and fourth highest-priced models within the segment include the GMC Yukon XL ($79,695) and Yukon ($77,031), both priced substantially above the industry and segment average.

     

    However, as one of two segment outliers, the other being high-performance cars, the average price for EVs dropped 10.8% from May 2020 to May 2021, from $58,863 down to $52,486. On a month-to-month basis, the average EV price in May 2021 rose 1.9% from $51,518 in April 2021.

     

    By utilising the domestic energy source, electric vehicles (EVs) in the US sector can satisfy personal mobility needs while reducing carbon emissions.

     

    The infrastructure for the generation and distribution of electric power in the United States will need to be reviewed and maybe changed in order for light-duty electric vehicles to become widely adopted.

     

    As the EV industry expands, improved efficiency and lower energy consumption per mile are anticipated to be made possible by future developments in EV technology.

     

    At the same time, the current consumer trend towards larger cars—which are often less efficient—predicts an increase in energy usage per mile. Like any other revolutionary new technology, electric vehicles provide both opportunity and challenges for economic development.

     

    Although the electric vehicle industry is still in its infancy, it has the potential to transform a variety of global sectors and communities. The US market for electric cars has the potential to limit or at the very least mitigate the growth of utility rates.

     

    This may seem counter-intuitive given that the technology will increase overall electricity consumption.  In addition to adopting clean car and zero-emission vehicle legislation and tougher policies to encourage infrastructure investment and the electric vehicle industry, an increasing number of state and municipal governments have declared their commitment to all-electric transportation.

     

    Charging Facilities – Greater infrastructure for charging is required in a number of locations, including the home, office, and public, as electric vehicle use increases and becomes more prevalent.

     

    The COVID-19 pandemic and the ensuing supply chain bottlenecks haven’t stopped the significant expansion of the Electric Vehicles (EV) market. In spite of these recent difficulties and rising production costs brought on by rising raw material prices, EV sales are nevertheless increasing quickly.

     

    They are on track to outsell conventionally driven car sales if this trend holds.  The demand for electric vehicles has grown significantly, but only in a small portion of the world.

     

    The lack of a public charging infrastructure and the higher prices of electric vehicles in those areas are the two main explanations for the slow progress seen in certain parts of the world, in addition to the fact that government subsidies are still lacking or have just recently been established.

     

    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
    • The Cherokee Nation’s EV Initiative claims after the installation the solar site’s electric vehicle charging capacity will be doubled to 16. 
      • It will include four DC fast chargers and additional level 2s, installed or planned for tribal lands throughout the area, as well as a significant investment in public transportation.
      • The present solar canopy, completed in 2017, houses eight, free, public level 2 electric car charging outlets at the Cherokee Nation’s main administrative complex. It generates up to 58,000 kilowatt-hours per year and augments grid power supplied to the buildings when not used for charging vehicles.

     

    • 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

     

    infographic: us ev market share by company, ev market share usa, US Electric Vehicle Market, US Electric Vehicle Market Size, US Electric Vehicle Market Trends, US Electric Vehicle Market Forecast, US Electric Vehicle Market Risks, US Electric Vehicle Market Report, US Electric Vehicle Market Share

     

    US ELECTRIC VEHICLE MARKET COMPETITIVE LANDSCAPE

     

    Sr. No. Timeline Company Sales
    1 Q3-2021 Ford Motor Company Ford Motor Co. reported $1.8 billion net income for the third quarter of the year, down $0.6 billion from the same quarter last year. The third-quarter revenue was $36 billion, compared with $38 billion in 2020.
    2 H1-2021 (Ending September 2021) Honda Motor Honda Motor’s consolidated operating profit amounted to 442.1 billion yen ($ 3.83B), a year-on-year increase by 272.9 billion yen ($ 2.36 B) compared to the same period last year which was heavily impacted by the COVID-19 pandemic. This was due primarily to the positive effect of increased unit sales, cost reduction efforts and favourable currency effects.
    3 Q3-2021 (Ending December 2021) Toyota Motor Corporation Toyota Motor Corp’s consolidated vehicle sales totalled approximately 6,096,000 units, an increase of approximately 658,000 units compared to the same period last fiscal year. On a consolidated basis, net revenues for the period totalled 23.2 trillion ($209.6 billion), an increase of 19.1%.
    4 Q3-2021 Hyundai Hyundai’s revenue increased 4.7% year-over-year to KRW 28.87 trillion ($24.06B) . The company sold 898,906 units around the globe in the July-September period, a 9.9% decrease from a year earlier, due to disruption of the chip supply around the globe.

     

    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.

     

    General Motors will increase its EV and AV investments from 2020 through 2025 to $35 billion, representing a 75% increase from its initial commitment announced prior to the pandemic.

     

    Comprising three interconnected initiatives, Nissan EV36Zero brings together electric vehicles, renewable energy and battery production. The project has been launched with an initial £1-billion (US$1.4-billion) investment by Nissan and its partners battery-maker Envision AESC and Sunderland City Council.

     

    The Detroit Big Three, Ford, GM, and Stellantis, announces a joint goal for electric vehicles to achieve 40% to 50% of their sales in the US by 2030. Over the last year of 2020, Ford, GM, and Stellantis each independently announced their plans to accelerate the electrification of their respective vehicle portfolio.

     

    The electric vehicle sales grew 95% between January and April 2021 compared to 36% for the overall US new car market.

     

    Porsche significantly expands its electric car sales in the U.S., delivering a record number of 3,359 Taycans. The growth rate from a low base of 818 (affected by COVID-19-related lockdowns) is 313% year-over-year.

     

    Volkswagen announces strong sales results in the second quarter of this year in the U.S.  The company sold 120,520 vehicles, which is the highest quarterly results since 1973 and the sales rebounded 72% from the weak last year. The Volkswagen ID.4 sales resulted at 5,756. In Q2 2021, the ID.4 was also responsible for a noticeable 4.8% of the total Volkswagen sales.

     

    Mitsubishi reports that its U.S. sales in the second quarter of 2021 rebounded by 106% compared to Q2 2020, reaching 25,146. The plug-in hybrid Mitsubishi Outlander PHEV remains a marginal model with just 385 units (up 35% year-over-year) sold. Its share out of Mitsubishi’s total volume decreased to 1.5%.

     

    The new Toyota RAV4 Prime sold 6,875 units in Q2 and 9,667 YTD. The brand reports strong sales results in the U.S. as its overall sales in Q2 amounted to 605,353 (up 74% year-over-year) and 1,134,166 YTD (up 46% year-over-year).

     

    COVID-19 IMPACT ON US EV MARKET

     

    Electric vehicles are seen as a major tool in reducing CO2 emissions, so the sales of these vehicles are closely watched. The amount of electricity they use also is of significant consequence to electric utilities that will have to decide whether they have enough generation to supply the growing number of EVs.

     

    As COVID-19 had a drastic impact on vehicle markets during the first half of 2020, and also that it had a different impact on each of the markets and further due to the implementation of climatic laws in Europe, the Biden administration is now racing to adopt its energy and climate policy priorities before the pressures of the 2022 midterm elections limit what the White House can do.

     

    Due to the outgrowing numbers of the new vehicle registrations data for the first half of 2020 and the announcement by the Detroit Big  Three, Ford, GM, and Stellantis,  to achieve an electrification sales from 40% to 50% of their sales in the US by 2030 along with the  General Motors which announces its  plans to stop production of gasoline-powered light-duty vehicles by 2035 and transition completely to EVs will be a worst hit for the  gasoline producers as the amount of gasoline is now going to be replaced by electric charging.

     

    Over the last year of 2020, Ford, GM, and Stellantis each independently announced their plans to accelerate the electrification of their respective vehicle portfolio.

     

    The United States, monthly average sales of passenger cars and light trucks hovered around 1.1 million, which is about 21% lower than in the first half of 2019.

     

    Whereas the share of electric vehicles has remained essentially unchanged throughout the past months, being stuck at around 2% and thereby much lower than in Europe and China.

     

    RECENT TREND IN THE MARKET

     

    Sr. No. Timeline Company Updates
    1 September 2021 Ford Ford announced a major investment in electric vehicle (EV) production in the US, promising to build its biggest ever factory in Tennessee, and two battery parks in Kentucky.
    2 June 2021 Tesla Tesla Inc delivered a high-performance version of its Model S, aiming to reignite interest in the nearly decade-old sedan and fend off rivals such as Porsche, Mercedes-Benz and Lucid Motors in the luxury electric vehicle market.
    3 January 2021 General Motors General Motors changed its corporate logo and launched an electric vehicle marketing campaign to reshape its image as clean vehicle company, rather than a builder of gas-powered pickups and SUVs.

     

    Mazda prepares for the introduction of battery – powered MX-30 which includes a a series plug-in hybrid with a rotary generator for MX-30, a plug-in hybrid for the new large platform of US, and a traditional hybrid for a new American-made crossover.

     

    The rotary generator will mark the return of our unique rotary powertrain. This technology is being engineered for nearly silent operation and will replenish the battery rather than drive the wheels.

     

     Toyota is set to launch Toyota LQ an electric vehicle designed with advanced technology it’s personalized driving experience comes from “Yui,” an Artificial Intelligence Agent onboard, program developed to learn from the driver.

     

    In addition to dual-motor AWD, Volkswagen promises the ID.5 GTX to arrive with OTA update capabilities and Car2X technology. This is Wi-Fi p technology will allow VW vehicles to communicate directly with each other and their surroundings.

     

    THIS US ELECTRIC VEHICLE MARKET REPORT WILL ANSWER FOLLOWING QUESTIONS

    1. US Electric Vehicle Market size and Forecast, by region, by application
    2. Average B-2-B price for US Electric Vehicle Market, by region, per user
    3. Technology trends and related opportunity for new US Electric Vehicle Market tech suppliers
    4. US Electric Vehicle Market share of leading vendors, by region,
    5.  Coronavirus impact on US Electric Vehicle Market earnings
     
    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2023-2030
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2023-2030
    19 Market Segmentation, Dynamics and Forecast by Application, 2023-2030
    20 Market Segmentation, Dynamics and Forecast by End use, 2023-2030
    21 Product installation rate by OEM, 2023
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2023
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix
       
    0
      0
      Your Cart
      Your cart is emptyReturn to Shop