US Electric Vehicle Market size was valued at USD 12.8 Bn in 2020 and the total revenue is expected to grow at 37.1 % through 2021 to 2027, US Electric Vehicle Market is reaching nearly USD 116.5 Bn by 2027.
US Electric Vehicle Market Overview:
Maximize Market Research provides a brief description of US Electric Vehicle Market, provides the latest snapshots of the market, and best understands its features. The report provides an overview of the market with standard topics highlighted with data adjusted as needed. This overview will help you decide how to approach the market and understand the situation in the industry. This research methodology has been applied to examine the Global US Electric Vehicle Market and these findings have been logically mentioned in this report.
An electric drive vehicle, sometimes known as an EV, is a vehicle with one or more motors that provide propulsion (electric or traction). EVs can also assist cities reduce noise pollution. The extent of electrification in a car varies from vehicle to vehicle. In 2020, electric vehicles represented for over 2.4 percent of new automobile sales, up from nearly 2% in 2019. According to this study, which is an update of our previous investigation of state, local, and utility company efforts to promote electric vehicles, the states and towns with the best electric vehicle market performance continue to have the strongest and most broad policy supports. Governments should also promote electric two-wheelers and electric buses as a method to reduce pollution and noise in densely populated places where point-to-point charging is accessible. In all circumstances, the electric motor is extremely efficient, utilising 90-95 percent of the input energy to push the vehicle forward while emitting zero pollutants. Battery use, on the other hand, raises two major concerns for battery electric vehicles: cost and range.
Market Scope:
The US Electric Vehicle market report thoroughly covers analysed insights of key players in terms of market, applications, and geographies to help you identify competition both domestic and globally. The research also includes available micro market investment options for investors, as well as a full analysis of the competitive landscape and significant product offered by companies.
US Electric Vehicle Report provides in-depth knowledge and comprehension of trends, dynamics, and other topics. The research identifies the most important trends that will have an impact on the business. It aids in the identification of the information included in the research determining the competitive landscape of key companies, factors affecting the market, and other aspects that can help you determine whether your present marketing plans are on track and how to enhance them.
US Electric Vehicle Market Dynamics:
The report covers comprehensive data on market drivers, restraints, emerging trends, and growth opportunities that can change the market dynamics of the end use industry. It provides an in-depth analysis of the US Electric Vehicle Market segments which include products, applications, and competitor analysis.
In the United States, electric vehicle cars (EVs) can address personal mobility needs while reducing carbon emissions by utilising domestic energy sources. However, widespread adoption of light-duty electric vehicles in the United States will demand a study and possibly reform of the country's electric power generation and distribution infrastructure. As the EV market increases, future developments in EV technology are predicted to enable improved efficiency and lower energy usage per mile. Simultaneously, the present consumer trend toward larger, typically less efficient autos implies an increase in energy usage per mile. Electric vehicles, like any other game-changing new technology, bring a host of challenges and opportunities for economic development.
Even though the electric vehicle industry is still in its early stages, it has the potential to transform industries and communities around the world. In the United States, electric cars have the potential to cut, or at the very least moderate, utility rate growth. This may seem counterintuitive for a system that will increase overall electricity use. Tax incentives have been granted by governments all over the world to stimulate the use of electric vehicles. The State of California, for example, would compensate qualified applicants in the United States under the Clean Vehicle Rebate Project (CVRP), which would be effective for applications received on or after April 23, 2021. Candidates who meet the requirements will be able to get a loan for a new electric vehicle of their choice. On the purchase of a new battery-electric car, the applicant will receive a USD 2,000 cashback, and on the purchase of a new plug-in hybrid electric vehicle, the applicant will receive a USD 1,000 cashback.
PESTEL Analysis:
Report provided by Maximize Market Research gives PESTEL Analysis which helps you in designing the business strategies. Political factors like tax policy, environmental regulations, tariffs etc. helps you determine the extent to which a government may influence the US Electric Vehicle market. Economic factors like interest, exchange, inflation and wage rates, minimum wage, etc. helps in analysing determinants to economy’s performance that impacts US Electric Vehicle market.
Social factors like cultural norms and expectations, health consciousness, population growth rates etc. helps in planning marketing analytics and strategies. Technological factors like innovations and developments in technologies can impact market growth. Legal factors like changes to legislation impacting employment, access to materials, etc. can help you understand the impact on market in a region or country. Legal factors helps in understanding effect of the surrounding environment and the influence of ecological aspects for US Electric Vehicle market.
Competitive Landscape and US Electric Vehicle Market Share Analysis:
The competitive landscape for the US Electric Vehicle market gives statistics and data on the various competitors. The study provides a detailed analysis and reliable revenue information for the player from 2018 to 2021. It also includes a detailed analysis based on accurate revenue (global and regional) information for the period 2018-2021. Company description, principal business, total revenue and sales, revenue earned in the US Electric Vehicle business, date of entry into the US Electric Vehicle market, US Electric Vehicle product introduction, recent advancements, and other details are given.
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Segmentation:
The market is divided into three categories: BEV, PHEV, and HEV. The BEV category had about 75% of the market share in 2020, and this dominance is likely to continue throughout the forecast period. Increased environmental awareness and benefits of BEV among end-users are contributing to the substantial revenue share. In terms of revenue, the PHEV market is predicted to expand at a CAGR of more than 40% from 2021 to 2028. This rise can be traced back to government initiatives in the United States and Canada aimed at encouraging the use of electric vehicles. PHEVs are more likely to be found in larger vehicle segments, such as electric trucks and buses. The expanding transportation and logistics business is predicted to grow in segments over the projection period.
The purpose of this study is to provide stakeholders in the industry with a complete analysis of the US Electric Vehicle Market. The study includes an analysis of complicated data in simple language, as well as the industry's past and current state, as well as anticipated market size and trends. The analysis examines all areas of the industry, with a focus on significant companies such as market leaders, followers, and newcomers.
The research includes a PORTER, PESTEL analysis as well as the possible influence of microeconomic market determinants. External and internal elements that are expected to have a positive or negative impact on the firm have been examined, providing decision-makers with a clear future vision of the industry.
The research also assists in comprehending the dynamics and structure of the US Electric Vehicle Market by examining market segments and forecasting market size. The research is an investor's guide because it clearly depicts competitive analysis of key companies in the US Electric Vehicle Market by product, price, financial situation, product portfolio, growth plans, and geographical presence.
Key Players:
• BMW
• Mercedes Benz
• Bollinger
• Bollore
• Microlino
• Mistubishi
• Nissan
• Tesla
• Volkswagen.
• Alstom
• PSA Group
• General Motors
• Lucid Motors
• Rivian Vehicles
• National Motor Vehicle Company
• Nikola Corporation
The competitive landscape is an important component of US Electric Vehicle market that every crucial player should be aware of. The research report covers the competitive landscape of the worldwide US Electric Vehicle market, allowing readers to understand competitiveness at both the domestic and global levels. Areas of operation, production, and product portfolio are all important considerations. The report also focuses on BCG matrix, competitive benchmarking, and SWOT analysis in addition to US Electric Vehicle Market Share analysis of companies, detailed profiling of products and business overview.
Regional Analysis:
Our reports' Regional insights ensure that you are well-informed on the US Electric Vehicle market on a regional level. Understanding local energy, economic, political, and geographic variables is critical for any meaningful assessment of viable policy options in response to global market change. Our report enables you to understand regional insights ensuring the effects on US Electric Vehicle market and local growth opportunities, restraints domestic area wise as well.
COVID-19 Impact Analysis on US Electric Vehicle Market:
COVID-19 has a thorough impact on the US Electric Vehicle market in North America, Asia Pacific, the Middle East, Europe, and South America, according to the report offered by Maximize Market Research. During this crisis, our report presents a comprehensive examination of alternatives, challenging conditions, and difficult situations in the US Electric Vehicle market. The study briefly discusses the benefits as well as the challenges of the COVID-19 in terms of funding and market expansion. The updated study provides insights, analysis, estimates, and forecasts that take into account the impact of COVID 19 on the US Electric Vehicle market.
Key Questions answered in the US Electric Vehicle Market Report are:
- Which product segment grabbed the largest share in the US Electric Vehicle market?
- How is the competitive scenario of the US Electric Vehicle market?
- Which are the key factors aiding the US Electric Vehicle market growth?
- Which region holds the maximum share in the US Electric Vehicle market?
- What will be the CAGR of the US Electric Vehicle market during the forecast period?
- Which application segment emerged as the leading segment in the US Electric Vehicle market?
- Which are the prominent players in the US Electric Vehicle market?
- What key trends are likely to emerge in the US Electric Vehicle market in the coming years?
- What will be the US Electric Vehicle market size by 2027?
- Which company held the largest share in the US Electric Vehicle market?
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