IMARC Group, a leading market research company, has recently releases report titled “United States Electric Car Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the United States electric car market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the United States electric car market?
The United States electric car market is projected to exhibit a growth rate (CAGR) of 18.20% during 2023-2028.
What is an electric car?
An electric car, often referred to as an electric vehicle (EV), is an automobile propelled by one or more electric motors, utilizing electrical energy stored in batteries as its primary source of power. Unlike traditional internal combustion engine (ICE) vehicles that rely on gasoline or diesel fuel, electric cars convert electrical energy into mechanical motion, driving the wheels and the vehicle forward. Electric cars contribute to sustainable transportation by producing lower or zero tailpipe emissions, reducing air pollutants and greenhouse gas emissions contributing to climate change. The heart of an electric car is its battery pack, which stores electrical energy supplied from an external power source, typically the electric grid. These rechargeable batteries allow the vehicle to travel varying distances depending on the battery capacity and energy efficiency. Charging infrastructure, including home chargers, public charging stations, and fast-charging networks, has been developed to support the convenience and accessibility of electric vehicle ownership. Electric cars come in various configurations, from all-electric models that solely rely on electricity for propulsion to plug-in hybrid electric vehicles (PHEVs) that combine electric power with an internal combustion engine. The latter can operate in electric-only mode for short distances before switching to traditional fuel-based operation. At present, electric cars are gaining immense traction across the United States due to increasing environmental awareness, evolving technology, and supportive government incentives.
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What are the growth prospects and trends in the United States electric car industry?
The United States electric car market is primarily driven by the growing environmental consciousness due to increasing concerns over air quality and climate change. Moreover, the implementation of stringent emission regulations and government incentives has accelerated the electric vehicle (EV) adoption rate among consumers and manufacturers. Apart from this, numerous technological advancements in battery technology, resulting in higher range and improved charging infrastructure, have augmented product demand. Additionally, the escalating consumer interest and the heightening awareness of the economic benefits of lower operational and maintenance costs are propelling market growth. Besides this, the rising collaborative initiatives between automakers, tech companies, and the public sector to invest in EV research and development (R&D) is another major growth-inducing factor. Along with this, the increasing emphasis of the US administration on clean energy and infrastructure development has catalyzed market growth. Furthermore, the expanding network of charging stations, coupled with the convenience of at-home charging, is contributing to market growth. Other factors, including the rising focus of manufacturers on making electric cars more affordable and competitive with traditional gasoline-powered vehicles, inflating consumer disposable incomes, and rapid urbanization, are also anticipated to drive the market further in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
Battery Electric Vehicle
Plug-In Hybrid Electric Vehicle
Fuel Cell Electric Vehicle
Breakup by Vehicle Class:
Mid-Priced
Luxury
Breakup by Vehicle Drive Type:
Front Wheel Drive
Rear Wheel Drive
All-Wheel Drive
Breakup by Region:
Northeast
Midwest
South
West
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