Market Trends of united states electric car Industry
Rapid growth in electric vehicle sales driven by government initiatives and increasing demand in the US
- The United States has witnessed a significant surge in the adoption of electric vehicles (EVs) in recent years. This uptick can be attributed to a heightened awareness of EVs, growing environmental concerns, and the implementation of government regulations. Notably, in 2016, California introduced the Zero-Emission Vehicle (ZEV) program aimed at curbing carbon emissions and improving air quality. This initiative has not only spurred the growth of electric cars within California but has also influenced other states to adopt similar ZEV regulations. Consequently, the nation saw a remarkable 634% surge in demand for battery electric vehicles (BEVs) from 2017 to 2022.
- The demand for electric commercial vehicles in the United States is also on the rise. Factors such as the booming e-commerce industry, increased logistics activities, and governmental initiatives for cleaner transportation have fueled this growth. In a significant move, the governor of New York signed the Advanced Clean Truck (ACT) Rule in September 2021. This rule sets a target for all new light-duty vehicles to be zero-emission by 2035 and the same for medium- and heavy-duty vehicles by 2045. As a result, the United States witnessed a 21% surge in demand for electric commercial vehicles in 2022 compared to the previous year.
- Governmental efforts, including rebates, subsidies, and strategic plans, are further bolstering the electrification of vehicles nationwide. In May 2022, President Biden unveiled a USD 3 billion plan to expedite domestic battery manufacturing, with the aim of transitioning gas-powered vehicles to electric ones. This push is expected to significantly boost electric mobility in the country, particularly during 2024-2030, thereby amplifying the demand for battery packs.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The US population continues to grow steadily, driven by immigration and economic opportunities that require strategic planning
- The CVP is expected to experience consistent growth, driven by technological advancements, a focus on sustainable transportation, and the US's commitment to automotive innovation and reducing carbon emissions
- The recent US auto interest rate of 3.6% reflects fluctuations influenced by monetary policies, credit demand, and economic conditions, with a modest increase indicating optimism in the post-pandemic recovery
- The United States achieved a milestone of 128,000 EV Charging Stations in 2022, and the country is poised for continued growth in green mobility
- Rising demand and strategic product launches drive the electric vehicle market in the US.
- The United States remained a net crude oil importer in 2022, importing about 6.28 million bpd of crude oil from 80 countries
- The US exhibits remarkable economic resilience and growth, driven by factors like robust financial markets, technological advancements, and adaptable policies
- The United States grapples with fluctuating inflation but aims for stability for long-term economic leadership
- Evolution of Mobility as a Service (MaaS) in the United States: a focus on shared rides, car rentals, car-sharing, and ride-hailing and taxi services
- Decreasing battery pack prices and government initiatives drive the US electric vehicle market
- The recovery of the US used car sales market can be attributed to several factors, including the economic revival after the challenges of 2020 and the increasing consumer preference for used cars due to their cost-effectiveness
- From 2017 to 2022, North America, especially the US, witnessed a shift in hybrid and electric vehicle production, with Tesla and Toyota seeing significant growth
