US Electric Vehicle Market was valued at US$ 12.8 Bn. in 2020 and is expected to reach US$ 116.5 Bn. by 2027, at a CAGR of 37.1% during a forecast period.
US Electric Vehicle Market Overview:
The electric vehicle is powered using an electric motor instead of a normal gasoline engine. Electric vehicles or EVs use energy stored within rechargeable batteries for operating the electric motor that has the capability to rotate wheels. These electric vehicles are recharged using common household electricity. The electric motor receives energy from a controller that regulates power on the basis of the accelerator pedal used by a driver. The electric vehicle has a higher advantage over normal vehicles as it produces no tailpipe emissions and also reduces dependency on oil thereby making it cheaper to operate. The process of producing electricity in these cars moves the emissions upstream towards utility company’s smokestacks. 
To know about the Research Methodology :- Request Free Sample Report The report has covered the market trends from 2016 to forecast the market through 2027. 2020 is considered a base year. Special attention is given to 2020 and effect of lockdown on the demand and supply, and also the impact of lockdown for next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
US Electric Vehicle Market Dynamics:
Electric vehicles are one of the most well-known technologies that help to reduce pollution. As a result, governments all over the world have offered tax incentives to encourage the adoption of electric vehicles. In the United States, for example, qualified applicants would receive a reimbursement from the State of California under the Clean Vehicle Rebate Project (CVRP), which would be effective for applications received on or after April 23, 2021. Following completion of the eligibility requirements, candidates will be eligible for payback on a new electric vehicle of their choice. On the purchase of a new battery-electric car, the applicant will receive a cashback of USD 2,000, and on the purchase of a new plug-in hybrid electric vehicle, the applicant will receive a cashback of USD 1,000. The rising gasoline prices, the adoption of electric vehicles has gained pace in a number of areas and countries. Electric automobiles, which are powered by lithium-ion batteries with hybrid charging capabilities, serve as a substitute for gasoline and diesel vehicles. These automobiles are environmentally friendly and do not pollute the environment. While in operation, they do not emit damaging greenhouse gases. Electricity is far less expensive than fossil fuels. When compared to other petrol and diesel vehicles, this lowers the cost of operating electric automobiles. As a result, rising crude oil costs and the depletion of fuel reserves are likely to boost demand for electric vehicles.
US Electric Vehicle Market segment analysis:
Based on type, in 2020, the BEV segment had the biggest revenue share of almost 75%, and this dominance is expected to continue from 2021 through 2027. The growing environmental awareness and benefits of BEV among end-users are largely responsible for the high revenue share. Furthermore, BEVs' average driving range has been gradually improving. In 2020, the average range of BEVs was 350 kilometres, up from 200 kilometres in 2015. From 2021 to 2027, the PHEV segment is expected to grow at a CAGR of nearly 40% in terms of revenue. This increase can be linked to government programmers in the United States and Canada encouraging the usage of electric vehicles. PHEVs are most commonly found in bigger vehicle segments like electric trucks and buses. Over the projection period, the expanding transportation and logistics industry is expected to see segmented expansion. Furthermore, firms such as Volkswagen Group are concentrating their efforts on expanding sales of plug-in electric vehicles. 
Based on vehicle type, over the forecast period, the commercial vehicle market is expected to grow at a CAGR of more than 45 % in terms of revenue. Some of the drivers driving the segment's growth include rising demand in the logistics sector, incentives for adopting zero-emission vehicles and lower fuel and maintenance expenses. Furthermore, manufacturers are likely to engage in electric truck manufacturing as a result of strict pollution standards imposed on commercial vehicles. 
US Electric Vehicle Market Regional Insight:
The United States had the greatest revenue share of almost 70% in 2020 and is expected to maintain its dominance throughout the projected period. Regional growth is likely to be fueled by increased demand from the logistics sector. Furthermore, the California Air Resources Board set sales targets for electric truck manufacturers beginning in 2024 in June 2020. By 2035, the law is estimated to add 0.3 million electric trucks to California's highways. Electric vehicle sales in the United States fell in 2019 and 2020 as the federal tax credit for General Motors Company and Tesla was reduced. Between 2021 and 2027, Canada is expected to grow at a CAGR of more than 40% in terms of revenue. The government of the country is making major investments to encourage adoption. Ford Motor Company received USD 220 million from the province of Ontario and the federal government to encourage EV production. In addition, over the next few years, the government would invest USD 2 billion to electrify school and transit buses across the country. 
The objective of the report is to present a comprehensive analysis of the US Electric Vehicle market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the US Electric Vehicle market dynamics, structure by analyzing the market segments and projects the US Electric Vehicle market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the US Electric Vehicle market make the report investor’s guide.
US Electric Vehicle Market Scope: Inquire before buying
US Electric Vehicle Market Key Players
• BMW • Mercedes Benz • Bollinger • Bollore • Microlino • Mistubishi • Nissan • Peugeot • Smart • Tesla • ABB • Eaton • AVL • Alfen • Delphi Automotive • Volkswagen • Envoy Technologies • Hyliion • Ztractor • ChargePoint • Lucid Motors
Frequently Asked Questions:
1. What was the market size of US Electric Vehicle Market? Ans: US Electric Vehicle Market was valued at US$ 12.8 Bn. in 2020. 2. What is the growth rate of US Electric Vehicle Market? Ans: The US Electric Vehicle Market is growing at a CAGR of 37.1 % during forecasting period 2021-2027. 3. What segments are covered in US Electric Vehicle market? Ans: US Electric Vehicle Market is segmented into type, vehicle type and region. 4. Who are the key players in US Electric Vehicle market? Ans: The important key players in the US Electric Vehicle Market are – BMW, Mercedes Benz, Bollinger, Bollore, Microlino, Mistubishi, Nissan, Peugeot, Smart, Tesla, ABB, Eaton, AVL, Alfen. 5. What is the study period of this market? Ans: The US Electric Vehicle Market is studied from 2020 to 2027.
