Authored By: Sarah
25 May 2021

Electric vehicle (EV) Market in US | Market Size to Grow by 1736.13 Th Units During 2021-2025

Technavio has been monitoring the electric vehicle (EV) market in us and it is expected to grow by 1736.13 th units, decelerating at a CAGR of almost 45% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking

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Electric vehicle (EV) Market In US: Declining price of lithium-ion batteries

  • Declining price of lithium-ion batteries is a significant factor that is influencing the electric vehicle (EV) market growth in the US.
  • Lithium-ion batteries are crucial in PHEVs and BEVs. The cost of these vehicles is declining gradually due to a decrease in the cost of sub-systems and components.
  • There have been several improvements in EV batteries, which has made EVs a more feasible option for consumers.
  • Governments in the US have been taking several initiatives to boost the adoption of EVs among customers. Government support is crucial for the sale of new energy vehicles such as BEVs and PHEVs.

Electric vehicle (EV) Market In US: Key Competitors

The market is concentrated. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. BMW Group, Daimler AG, Ford Motor Co., General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Renault SA, Tesla Inc., Toyota Motor Corp., and Volkswagen AG are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

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Electric vehicle (EV) Market In US: Key Highlights of the Report for 2021-2025

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive electric vehicle (EV) market in us growth during the next five years
  • Precise estimation of the electric vehicle (EV) market in us size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the electric vehicle (EV) market in us industry across US
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of electric vehicle (EV) market in us vendors
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