The electric vehicle market in the country is expected to grow by 55.8% on an annual basis to reach US$64.3 billion in 2024.
The electric vehicle market is expected to record steady growth over the medium term. The demand, however, is expected to slow down in 2024. This is largely due to higher borrowing costs and elevated repair expenses. As a result of this, electric vehicle manufacturers are shifting towards more affordable models to attract customers in the United States. This is projected to drive the competitive landscape in 2024.
Tesla, in May 2024, announced that the electric vehicle manufacturer is planning to expand its fast-charging network. The announcement comes days after the EV firm abruptly laid off employees running the charging business. Biden Administration, on the other hand, had imposed higher tariffs on electric vehicles and key electric vehicle components. Overall, the publisher maintains a positive growth outlook for the electric vehicle market in the United States over the next three to four years.
Biden claimed that for years, the Chinese government has invested heavily in various industries, including electric vehicles, aluminium, semiconductors, steel, and solar panels, among other things. China has subsidized these products, encouraging domestic companies to produce far more than the demand in the global market. The firms then sell the excess at unfairly low prices, which drives other manufacturers out of business. According to Biden, these low prices are possible because Chinese firms do not need to focus on profit, due to the significant government subsidies.
The medium to long term growth story of the electric vehicle market in United States remains strong. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 23.2% during 2024-2028. The electric vehicle market in the country will increase from US$41.3 billion in 2023 to reach US$148.1 billion 2028.
This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.
This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Market opportunity for the electric vehicle segment has been further broken down by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components in United States.
The electric vehicle charging infrastructure module provides market size data by number of charging stations, and number of charging points. Market opportunity is broken down by type of chargers, by location of charging points, by charging speed, by connection phase, by type of connectivity and by charger connectivity infrastructure.
The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.
The electric vehicle market is expected to record steady growth over the medium term. The demand, however, is expected to slow down in 2024. This is largely due to higher borrowing costs and elevated repair expenses. As a result of this, electric vehicle manufacturers are shifting towards more affordable models to attract customers in the United States. This is projected to drive the competitive landscape in 2024.
Tesla, in May 2024, announced that the electric vehicle manufacturer is planning to expand its fast-charging network. The announcement comes days after the EV firm abruptly laid off employees running the charging business. Biden Administration, on the other hand, had imposed higher tariffs on electric vehicles and key electric vehicle components. Overall, the publisher maintains a positive growth outlook for the electric vehicle market in the United States over the next three to four years.
Firms are shifting towards more affordable models amid higher borrowing costs and demand slump
The demand for electric vehicles has declined significantly over the last 12 months in the United States. This is largely due to the higher borrowing costs and elevated repair expenses for vehicles. As a result of the reduced demand, firms are shifting gears towards more affordable models to better navigate the current market dynamics.- Rivian Automotive, in March 2024, announced the launch of new and affordable-priced electric R2 SUVs and R3 crossovers. The launch of lower-priced electric vehicles is part of the firm's strategy to attract more customers. The production of the R2 will take place at its United States facility, with deliveries projected to happen in H1 2026. To deal with the ongoing slowdown in the market, the firm has also cut down its production rate. The forecast for 2024 stands at 57,000 vehicles, which is significantly lower than the anticipated 81,700 units.
Tesla plans to expand its charging infrastructure through an investment of US$500 million in 2024
Tesla, in May 2024, announced that the electric vehicle manufacturer is planning to expand its fast-charging network. The announcement comes days after the EV firm abruptly laid off employees running the charging business.- To create thousands of new chargers in 2024, Tesla has announced an investment of more than US$500 million. The spending is just on new sites and expansions. This does not include the operational costs.
- Electric vehicle manufacturers are increasingly adopting Tesla's North American Charging Standard, moving the firm’s superchargers toward becoming the industry norm. This shift is happening at the expense of the competing Combined Charging System.
Biden Administration imposes higher tariffs on electric vehicles and key electric vehicle components
President Biden, in May 2024, announced that the United States would impose Section 301 tariffs on approximately US$18 billion worth of goods. This includes a 100% tariff on all-electric vehicles from China. The new tariffs will also affect key components of the EV supply chain, such as permanent magnets, lithium-ion batteries, and critical minerals, for which China is a major, if not the sole, supplier. These tariffs come in response to China's increasing global market share in the EV sector.Biden claimed that for years, the Chinese government has invested heavily in various industries, including electric vehicles, aluminium, semiconductors, steel, and solar panels, among other things. China has subsidized these products, encouraging domestic companies to produce far more than the demand in the global market. The firms then sell the excess at unfairly low prices, which drives other manufacturers out of business. According to Biden, these low prices are possible because Chinese firms do not need to focus on profit, due to the significant government subsidies.
The medium to long term growth story of the electric vehicle market in United States remains strong. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 23.2% during 2024-2028. The electric vehicle market in the country will increase from US$41.3 billion in 2023 to reach US$148.1 billion 2028.
This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.
This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Market opportunity for the electric vehicle segment has been further broken down by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components in United States.
The electric vehicle charging infrastructure module provides market size data by number of charging stations, and number of charging points. Market opportunity is broken down by type of chargers, by location of charging points, by charging speed, by connection phase, by type of connectivity and by charger connectivity infrastructure.
The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.
Scope
This report provides in-depth data-centric analysis of Electric Vehicle and Charging Infrastructure Market in United States through 97 tables and 119 charts. Below is a summary of key market segments:United States Overall Vehicle Market Size and Future Growth Dynamics
- Market size by value
- Market size by volume
United States Electric Vehicle Market Size and Forecast
- Market size by value
- Market size by volume
United States Electric Vehicle Market Volume By Drive Segment
- Front Wheel Drive
- Rear Wheel Drive
- All-Wheel Drive
United States Electric Vehicle Market Value and Volume By Car Segment
- Passenger Car
- Commercial Vehicle
United States Electric Vehicle Market Value and Volume By Passenger Car Segment
- Small Car
- Medium Car
- Crossover Car
- Large Car
- SUV
United States Electric Vehicle Market Value and Volume By Commercial Vehicle Segment
- Light Duty Vehicle (Class 1-Class 3)
- Medium Duty Vehicle (Class 4-Class 6)
- Heavy Duty Vehicle (Class 7-Class 8)
United States Electric Vehicle Market Value By Vehicle Class
- Low-Priced
- Mid-Priced
- Luxury Class
United States Electric Vehicle Market Value By Powertrain
- Parallel Hybrid
- Series Hybrid
- Combined Hybrid
United States Electric Vehicle Market Value By Distance Range
- Up to 150 Miles
- 151-300 Miles
- Above 300 Miles
United States Electric Vehicle Market Value By Charging Type
- Normal Charging
- Super Charging
United States Electric Vehicle Market Value By Propulsion Type
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Fuel Cell Electric Vehicles (FCEVs)
United States Electric Vehicle Market Value and Volume By Vehicle Type
- Two Wheelers (e2W)
- Three-Wheeler (e3W)
- Four Wheelers (e4W)
- Electric Buses
United States Electric Vehicle Market Value By Cities
- Tier 1 Cities
- Tier 2 Cities
- Tier 3 Cities
United States Electric Vehicle Market Value By Components
- Battery Cells & Packs
- On-Board Charge
- Motor
- Reducer
- Power Control Unit
- Battery Management System
- Fuel Processor
- Power Conditioner
- Air Compressor
- Humidifier
United States Electric Vehicle Infrastructure Market Value
United States Electric Vehicle Infrastructure Market Volume
- Number of Charging Points
- Number of Charging Stations
United States Electric Vehicle - Number of Charging Points By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
United States Electric Vehicle - Number of Charging Stations By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
United States Electric Vehicle - Number of Charging Points By Location
- Residential and Destination
- Streets
- Workplaces
- Flew depots
United States Electric Vehicle - Number of Charging Points By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
United States Electric Vehicle - Number of Charging Stations By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
United States Electric Vehicle - Number of Charging Points By Vehicle
- Passenger Cars
- Buses
- Trucks
- Light Commercial Vehicles
United States Electric Vehicle - Number of Charging Points By Connection Phase
- Single Phase
- Three Phase
United States Electric Vehicle - Number of Charging Points By Infrastructure Type
- CSS
- CHAdeMO
- GB/T
- Other
United States Electric Vehicle - Number of Charging Points By Connectivity
- Smart Charging Station
- Non-Connected Charging Station
Reasons to buy
The report provides a comprehensive overview of the United States electric vehicle market and infrastructure, covering the following key aspects:- Market size by value and volume: This report provides detailed market size and forecast data for electric vehicles in United States, by value and volume. This data is essential for understanding the current and future potential of the market.
- Detailed EV market opportunity: This report segments the electric vehicle market by drive segment, car segment, commercial vehicle segment, passenger car segment, commercial vehicle segment, vehicle class, powertrain, distance range, charging type, propulsion type, vehicle type, and cities. This segmentation provides a granular view of the market and helps to identify key growth areas.
- EV infrastructure: This report also provides a comprehensive overview of the United States electric vehicle infrastructure market, including market size and forecast data, along with detailed market segmentation. This information is essential for businesses that are looking to invest in the United States electric vehicle infrastructure market.
- Assess risks: Granular segment level information helps in identifying new business opportunities and risks in the United States electric vehicle and infrastructure market.
Table of Contents
1. About this Report
2. United States Overall Vehicle Market Size and Future Growth Dynamics
3. United States Electric Vehicle Market Size and Forecast
4. United States Electric Vehicle Market Size and Forecast by Vehicle Drive Type Segment
5. United States Electric Vehicle Market Size and Forecast by Vehicle Type Segment
6. United States Electric Vehicle Type Market Size and Forecast by Passenger Car Segment
7. United States Electric Vehicle Type Market Size and Forecast by Commercial Vehicle Segment
8. United States Electric Vehicle Market Size and Forecast by Vehicle Class Segment
9. United States Electric Vehicle Market Size and Forecast by Powertrain Segment
10. United States Electric Vehicle Market Size and Forecast by Distance Range Segment
11. United States Electric Vehicle Market Size and Forecast by Charging Type Segment
12. United States Electric Vehicle Market Size and Forecast by Propulsion Type Segment
13. United States Electric Vehicle Penetration Market Size and Forecast by Segment
14. United States Electric Vehicle Market Size and Forecast by City Type
15. United States Electric Vehicle Market Size and Forecast by Components
16. United States Electric Vehicle Infrastructure Market Size and Forecast
17. United States Electric Vehicle Infrastructure - Number of charging stations by charging type, 2019-2028
18. United States Electric Vehicle Infrastructure - Number of charging points by charging type, 2019-2028
19. United States Electric Vehicle Infrastructure - Number of charging points by location, 2019-2028
20. United States Electric Vehicle Infrastructure - Number of charging points by charging speed, 2019-2028
21. United States Electric Vehicle Infrastructure - Number of charging stations by charging speed, 2019-2028
22. United States Electric Vehicle Infrastructure - Number of charging points by vehicle type, 2019-2028
23. United States Electric Vehicle Infrastructure - Number of charging points by connection phase, 2019-2028
24. United States Electric Vehicle Infrastructure - Number of charging points by charging infrastructure type, 2019-2028
25. United States Electric Vehicle Infrastructure - Number of charging points by connectivity, 2019-2028
26. Further Reading
List of Figures
List of Tables