United States (US) Electric Vehicle Market Overview, 2027

United States (US) Electric Vehicle Market Overview, 2027

Bonafide Research 27-08-2022 45 Pages Figures : 4 Tables : 16
Region : North America Country : United States Category : Automotive & Transport Automotive

The electric vehicle (EV) market in the United States has been growing steadily, as more consumers look for eco-friendly and cost-efficient alternatives to traditional gasoline-powered cars. According to the International Energy Agency, the number of electric cars on American roads exceeded 1.5 million in 2020, which represents about 4% of total passenger car sales. Tesla is the dominant player in the US EV market, with its Model 3 and Model Y being among the best-selling EVs in the country. Other popular EV models in the US include the Chevrolet Bolt, Nissan Leaf, and the Ford Mustang Mach-E. There are also a number of emerging players in the US EV market, such as Rivian, Lucid Motors, and Fisker Inc., which are developing new electric models to compete with established automakers. According to the research report "United States of America Electric Vehicle Market Overview, 2027," published by Bonafide Research, The United States of America Electric Vehicle market is expected to grow at above 22.89% CAGR from 2021 to 2027. In the US market, Plug-in Hybrid Electric Vehicles (PHEVs) made up nearly one-third of all electric vehicles. Well-known models in this category include the Toyota Prius Prime, Ford Escape PHEV, and Honda Clarity PHEV. Additionally, several major car manufacturers, such as General Motors, Ford, and Volkswagen, have committed to investing billions of dollars in EV production and research over the next few years. Automakers are introducing more electric models to their lineups, with a growing range of electric cars, SUVs, and trucks available for consumers. In addition to Tesla, established automakers such as Ford, General Motors, and Volkswagen are ramping up production of EVs, and new players such as Rivian and Lucid Motors are entering the market. Several states in the US have also implemented policies to encourage the adoption of EVs, such as offering incentives for EV purchases, expanding charging infrastructure, and setting targets for the percentage of new vehicles sold that are electric. In California, buyers of new EVs are eligible for a rebate of up to $2,000. Other states, such as Colorado, offer tax credits for EV purchases. Electric vehicles are allowed to use high occupancy vehicle (HOV) lanes, even if the driver is the only occupant. This can help reduce commute times and incentivize the purchase of an EV. States such as California, Georgia, and Utah offer this incentive. In Oregon, the state is investing around USD 5.3 million in a program to install 42 DC fast-charging stations along key transportation corridors. The US government sets fuel economy standards for cars and trucks, known as CAFE standards. States have implemented ZEV mandates, which require automakers to sell a certain percentage of zero-emission vehicles in their fleets. California's ZEV mandate is the most well-known, but several other states, including Colorado, Connecticut, Maine, Maryland, Massachusetts, New Jersey, New York, Oregon, Rhode Island, and Vermont have also adopted ZEV mandates. The NABCEP PV Installation Professional Certification offered by the North American Board of Certified Energy Practitioners (NABCEP), is focused on the installation and maintenance of photovoltaic (PV) solar systems, which are often used to power EV charging stations. However, the growing popularity of EVs, they still face some challenges, including range anxiety, limited charging infrastructure in some areas, and higher upfront costs compared to traditional gasoline-powered cars. Range anxiety has been a major obstacle to EV adoption, but improvements in battery technology are helping to alleviate this concern. Several new electric models are offering ranges of over 300 miles on a single charge, making them a more viable option for long-distance travel. The North American International Auto Show (NAIAS) is held annually in Detroit, Michigan, and is one of the largest and most prestigious auto shows in the world. Drive Electric Week is a nationwide campaign to promote EVs and educate the public about the benefits of EV ownership. Considered in this report • Geography: United States of America • Historic year: 2017 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • United States of America market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type • Passenger Vehicle • Commercial Vehicle By population type • BEV • PHEV The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us. we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to organic food and beverage industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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