US Electric Vehicle Market Research Covers, Future Trend,

The US Electric Vehicle Market size was valued at USD 38.18 Billion in 2023 and the total US Electric Vehicle Market revenue is expected to grow at a CAGR of 25.4% from 2024 to 2030, reaching nearly USD 233.46 Billion by 2030.

US Electric Vehicle Market Overview

In 2023, there were 1.4 million new electric vehicle registrations in the US, a more than 40% increase from 2022. The demand for electric automobiles remained robust in 2023, despite a slower relative annual rise than in the two years before. The sales forecast for electric vehicles in the US shows a patchwork of possibilities and obstacles. The trajectory is still rising despite the unfavourable publicity headwinds and the growth rate deceleration. A trend that reflects the state of the global market, major manufacturers like Ford and General Motors have reduced their production plans in reaction to softening demand.

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US Electric Vehicle Market Dynamics

Trade Analysis of the US Electric Vehicle Market

With car imports reaching $17.9 billion and exports totaling $5.52 billion, the United States was confronted with a difficult economic situation in September 2023, leaving a $12.4 billion trade deficit. When comparing September 2022 and September 2023, auto exports increased by 9.75% to $5.52 billion, while imports significantly increased by 35.5% to $17.9 billion. In September 2023, the US Electric Vehicle Market exported notable goods to Canada, Germany, Mexico, the United Arab Emirates, and China, with Canada topping the list with $1.33 billion in sales. On the other hand, Mexico led the way with $4.28 billion in car imports, followed by Japan, Canada, South Korea, and Germany.

In the grand scheme of things, the United States ranked third in the world for automobile exports in 2021, with $55.4 billion in total. The demand for electric vehicles in the US is driven by cars, which were the fourth most exported commodity from the US in that year. South Korea, Mexico, China, Canada, and Germany were important export markets. Canada, Mexico, and South Korea had the fastest-growing export markets between 2020 and 2021, indicating these countries’ strong growth and contribution to the US electric vehicle industry. Regarding imports, the United States surpassed all other countries in the globe in 2021, bringing in a whopping $139 billion worth of automobiles.

US Electric Vehicle Market Segmentation

by Type

BEV

PHEV

HEV

by Vehicle Type

Two-wheeler

Passenger car

Commercial vehicle

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US Electric Vehicle Market Key Players

1. Tesla

2. Lucid Motors

3. Rivian

4. BMW

5. Mercedes Benz

6. Nissan

7. Volkswagen‎

8. General Motors

9. National Motor Vehicle Company

10. Nikola Corporation

11. Kia

12. Ford

13. Volvo

14. Toyota

15. Hyundai

16. Cadillac

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The United States is spearheading the electric vehicle revolution with innovative policies and investments.

The US electric vehicle industry is growing as a result of the current rise in EV adoption, which marks a significant change in the country’s transportation environment and offers significant benefits to people, companies, and communities across the board. Recognising the many advantages of electric vehicles, the federal government has set lofty targets, one of which is to have half of all new cars sold in the United States be zero-emission vehicles by 2030. To assure accessibility for all Americans, the government also plans to build a fair and extensive network of 500,000 chargers. The Bipartisan Infrastructure Law, which was just passed, provides $7.5 billion for EV charging stations, promoting the development of both urban and rural areas.

Key Questions answered in the US Electric Vehicle Market Report are:

How has the US Electric Vehicle market performed so far and how will it perform in the coming years?

What is the market segmentation of the global US Electric Vehicle market?

What is the regional breakup of the global US Electric Vehicle market?

What are the price trends of various feedstocks in the US Electric Vehicle industry?

What is the structure of the US Electric Vehicle industry and who are the key players?

What are the various unit operations involved in a US Electric Vehicle processing plant?

What is the total size of land required for setting up a US Electric Vehicle processing plant?

What is the layout of a US Electric Vehicle processing plant?

What are the machinery requirements for setting up a US Electric Vehicle processing plant?

What are the raw material requirements for setting up a US Electric Vehicle processing plant?

What are the packaging requirements for setting up a US Electric Vehicle processing plant?

What are the transportation requirements for setting up a US Electric Vehicle processing plant?

What are the utility requirements for setting up a US Electric Vehicle processing plant?

Key offerings:

Market Share, Size, and Forecast by Revenue|2022-2029

Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends

Market Segmentation: A detailed analysis by US Electric Vehicle

Landscape- Leading key players and other prominent key players.

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