Market Size of united states electric car Industry
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Study Period | 2017 - 2030 |
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Base Year For Estimation | 2023 |
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Market Size (2024) | USD 92.86 Billion |
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Market Size (2030) | USD 248.9 Billion |
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CAGR (2024 - 2030) | 17.86 % |
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Market Concentration | Low |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
United States Electric Car Market Analysis
The United States Electric Car Market size is estimated at 92.86 billion USD in 2024, and is expected to reach 248.9 billion USD by 2030, growing at a CAGR of 17.86% during the forecast period (2024-2030).
92.86 Billion
Market Size in 2024 (USD)
248.9 Billion
Market Size in 2030 (USD)
28.26 %
CAGR (2017-2023)
17.86 %
CAGR (2024-2030)
Largest Segment by Vehicle Body Type
73.43 %
value share, Sports Utility Vehicle, 2023
Electric SUVs dominate the market due to their combination of spaciousness, versatility, higher seating capacity, and increasing preference for vehicles offering a blend of comfort and utility.
Largest Segment by Fuel Category
54.31 %
value share, BEV, 2023
BEVs are the largest segment due to increased consumer awareness, government incentives for zero-emission vehicles, and rapid advancements in electric vehicle technology.
Fastest-growing Segment by Fuel Category
33.80 %
Projected CAGR, FCEV, 2024-2030
FCEVs are the fastest-growing segment due to advancements in hydrogen technology, investments in hydrogen refueling stations, and a push for zero-emission transportation solutions.
Leading Market Player
13.03 %
market share, Tesla Inc., 2023
The EV producer offering various electric car models, and the consumer shift to EV is providing Tesla an advantage of being a home brand, making Tesla a market leader in Electric car sales in the US.
Second leading Market Player
7.61 %
market share, Toyota Motor Corporation, 2023
Diversified product portfolio offerings, high production capabilities, and extensive supply chain network and strong brand value marks Toyota at second place in US electric car market.
Electric car configurations in the US electric car market are rapidly evolving, catering to the growing consumer demand for variety, performance, and sustainability
- The electric vehicle (EV) industry experienced a surge in consumer interest and adoption due to technological advancements in battery technology, improvements in charging infrastructure, and increased environmental awareness. Hatchbacks and sedans led the way, appealing to urban commuters and eco-conscious individuals seeking affordable and efficient transportation. MPVs gained popularity for their versatility, catering to families and those needing more space. Electric SUVs also captured attention, appealing to consumers seeking sustainability and a robust, high-riding vehicle. During 2017-2023, a solid foundation was established for the continued growth and development of the electric car market in the US.
- In 2023, automakers' research and development efforts improved EV performance and range. Sustainability concerns have driven the market's expansion. Hatchbacks, sedans, and MPVs cater to various preferences, but electric SUVs have witnessed remarkable growth due to their eco-friendliness and versatility. Advancements in battery tech and charging infrastructure made electric cars more affordable and convenient, boosting their market share in the US.
- The market is expected to experience significant growth, with estimates suggesting a CAGR of approximately 25% over the next five years. This growth is likely to be supported by government policies promoting EV adoption, such as tax incentives and regulations favoring clean energy vehicles. Additionally, as consumer awareness and preference for environment-friendly alternatives increase, electric cars are set to become a more dominant force in the automotive industry, making up an ever-larger portion of new vehicle sales.
Understand The Key Trends Shaping This Market
United States Electric Car Industry Segmentation
Passenger Cars are covered as segments by Vehicle Configuration. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category.
- The electric vehicle (EV) industry experienced a surge in consumer interest and adoption due to technological advancements in battery technology, improvements in charging infrastructure, and increased environmental awareness. Hatchbacks and sedans led the way, appealing to urban commuters and eco-conscious individuals seeking affordable and efficient transportation. MPVs gained popularity for their versatility, catering to families and those needing more space. Electric SUVs also captured attention, appealing to consumers seeking sustainability and a robust, high-riding vehicle. During 2017-2023, a solid foundation was established for the continued growth and development of the electric car market in the US.
- In 2023, automakers' research and development efforts improved EV performance and range. Sustainability concerns have driven the market's expansion. Hatchbacks, sedans, and MPVs cater to various preferences, but electric SUVs have witnessed remarkable growth due to their eco-friendliness and versatility. Advancements in battery tech and charging infrastructure made electric cars more affordable and convenient, boosting their market share in the US.
- The market is expected to experience significant growth, with estimates suggesting a CAGR of approximately 25% over the next five years. This growth is likely to be supported by government policies promoting EV adoption, such as tax incentives and regulations favoring clean energy vehicles. Additionally, as consumer awareness and preference for environment-friendly alternatives increase, electric cars are set to become a more dominant force in the automotive industry, making up an ever-larger portion of new vehicle sales.
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Need A Different Region Or Segment?
United States Electric Car Market Size Summary
The United States electric car market is poised for substantial growth, driven by advancements in battery technology, enhanced charging infrastructure, and a growing emphasis on environmental sustainability. The market has seen a significant increase in consumer interest and adoption, with hatchbacks, sedans, and MPVs catering to diverse consumer preferences. Electric SUVs have particularly gained traction due to their eco-friendliness and versatility, appealing to those seeking sustainable yet robust vehicles. The market's expansion is further supported by government policies promoting electric vehicle adoption, such as tax incentives and regulations favoring clean energy vehicles. These initiatives have established a solid foundation for the continued growth of the electric car market in the US, making electric vehicles an increasingly dominant force in the automotive industry.
The demand for electric commercial vehicles is also on the rise, fueled by the booming e-commerce sector, increased logistics activities, and governmental initiatives for cleaner transportation. Significant regulatory measures, such as California's Zero-Emission Vehicle program and New York's Advanced Clean Truck Rule, have spurred the growth of electric vehicles across the nation. Additionally, strategic government efforts, including rebates, subsidies, and plans to boost domestic battery manufacturing, are expected to further accelerate the transition from gas-powered to electric vehicles. The market is characterized by fragmentation, with major players like Honda, Hyundai, Tesla, Toyota, and Volkswagen holding significant shares. Recent strategic partnerships and acquisitions, such as Ford's collaboration with suppliers and Tesla's acquisition of SiILion, highlight the ongoing efforts to enhance electric vehicle production and sustainability in the United States.
United States Electric Car Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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1.1 Vehicle Configuration
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1.1.1 Passenger Cars
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1.1.1.1 Hatchback
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1.1.1.2 Multi-purpose Vehicle
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1.1.1.3 Sedan
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1.1.1.4 Sports Utility Vehicle
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1.2 Fuel Category
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1.2.1 BEV
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1.2.2 FCEV
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1.2.3 HEV
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1.2.4 PHEV
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United States Electric Car Market Size FAQs
How big is the United States Electric Car Market?
The United States Electric Car Market size is expected to reach USD 92.86 billion in 2024 and grow at a CAGR of 17.86% to reach USD 248.91 billion by 2030.
What is the current United States Electric Car Market size?
In 2024, the United States Electric Car Market size is expected to reach USD 92.86 billion.
