What You Should Know About Electric Vehicles Market in US

by Global Market Research Analyst

With a global climate change crisis looming, more and more consumers are becoming aware and vigilant about their carbon footprint and per capita carbon emissions. The latest estimates suggest that around 6.5% of the population in the United States own an electric vehicle and two-fifths of adults are in serious consideration to electric vehicle market in US the next time they make a purchasing decision in regards to automobiles.

Accounting for the base rate effect and adoption in absolute numbers, Electric Vehicles have exhibited a significant rise in users in the United States and continental North America. However, it is a matter of concern that Electric Vehicle adoption is abysmally low other than for a few metropolitan clusters in US. For instance, in the year 2020, with the effects of the pandemic still looming, the number of Electric Vehicles registered in the United States is approximately three times that of the year 2016. This is indicative of an average consumer’s willingness to adopt electric vehicles and make the transition from conventional fossil fuels to electric alternatives. The Electric Vehicle market is still in a nascent stage in the United States.

The statistics of those Vehicles in the United States in comparison to its counterparts narrates a different story. Of the world’s total existing stock of around 10 million electric vehicles, Electric Vehicles have a prominent presence in Scandinavian countries followed by Western European countries. For instance, in the year 2020, of the total stock of new electric vehicles sold, Norway sold a volume of 73% of electric cars in contrast to a dismal 2% in the United States. Furthermore, it is even more interesting to note that developing countries like China have two-fifths of Electric Vehicles in the world in contrast to 15% of Electric Vehicles held by the US, an advanced and developed country. The Electric Vehicle market has also been adversely affected by the pandemic, slowing the sales down of Electric Vehicles in the U.S.

Another interesting thing to note is that even though the adoption of electric vehicles has increased in the United States in the last few years, the trend of purchasing Electric Vehicles in the United States is seeing a decline due to the reduced popularity of plug-in hybrids and phasing out of federal tax credits in the United States on popular Electric Vehicles models. In the past three years, Electric Vehicles accounted for approximately a meagre 1%-2% of new cars sold in US.

The key player in Electric Vehicles Market in the United States is Tesla Inc. Tesla Inc holds the lion’s share of the U.S electric vehicles market. In contrast, conventional American automobile manufacturers like Ford and General Motors are heavily investing in the Electric Vehicle segment’s research and development and to compete with existing Electric Vehicle players in the United States.

Generation wise breakdown suggests that the Millenial cohort is most open to buying Electric Vehicles in the United States while Baby Boomers and Gen X’ers. Global Market Database is your one-source destination for all of your market research needs. It covers the Electric Vehicles market in US and their impact. Login to the global market database to uncover a 10-year market forecast, regional market forecast, and top 20 country market analysis.

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