US Electric Vehicle market is estimated to grow at a CAGR of more than 23.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases. 

The growing environmental concerns along with cohesive government initiatives are some other aspects to fuel the market growth in the country. In 2017, Atlanta passed a landmark ordinance under which all new residential homes and public parking facilities are required to accommodate electric vehicles and 20% of the spaces in all new commercial and multi-family parking structures to be plug-in ready. Similarly, Vermont’s energy building code requires commercial and residential projects over a certain size to include a percentage of EV supply equipment or EV-ready parking spaces. 

In addition, the US federal government had initiated a tax credit for plug-in electric vehicles purchased after December 2009. The tax credit ranges from $2,500 to $7,500 for each vehicle based on its battery capacity and gross vehicle weight rating. Lack of charging stations and availability of small range electric vehicles are the majors to restrain the market growth in the country.

The market is segmented on the basis of vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology the market is sub-segmented into battery electric vehicles, and plug-in hybrid electric vehicles. Based on the propulsion type, plug-in hybrid vehicles are anticipated to have considerable market growth during the forecast period. Based on battery type, the market is sub-segmented into NiMH, Li-Ion, and others. 

Research Methodology

The market study of the US Electric Vehicle market is incorporated by extensive primary and secondary research conducted by the research team.  Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report is intended for auto ancillaries, auto-manufacturers, vendors, and venture capitalists among others for the overall market and competitive analysis. The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. US Electric Vehicle Market Research and Analysis by vehicle Type 
2. US Electric Vehicle Market Research and Analysis by Propulsion Technology
3. US Electric Vehicle Market Research and Analysis by Battery Type

The Report Covers

• Comprehensive research methodology of the US Electric Vehicle market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the US Electric Vehicle market.
• Insights about market determinants which are stimulating the US Electric Vehicle market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.