United States EV and PHEV Market was valued at USD 30.92 Billion in 2022 and is projected to reach USD 90.11 Billion by 2030, growing at a CAGR of 15.5% from 2024 to 2030.
The US EV and PHEV market have been growing at a rapid pace, with increasing consumer demand and a shift towards sustainable transportation. Electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) represent a significant part of this evolution, with both vehicle types offering solutions to reduce carbon emissions and fuel consumption. While EVs rely entirely on electricity, PHEVs offer a combination of electric power and gasoline, providing greater flexibility for consumers. These innovations are transforming the automotive industry, as manufacturers and governments work together to meet ambitious environmental goals.
The demand for EVs and PHEVs has surged due to a combination of factors, including federal tax incentives, state-level rebates, and growing environmental awareness among consumers. Additionally, businesses are increasingly adopting these vehicles as part of their corporate sustainability strategies. According to recent data, sales of electric vehicles and plug-in hybrids have increased by over 60% in the past two years alone. This trend is expected to continue as more automakers expand their EV and PHEV portfolios, offering a wider range of models across different price points.
Industries are looking for efficient and cost-effective ways to incorporate electric and hybrid vehicles into their fleets. As part of the transition to cleaner technologies, many organizations are exploring partnerships with EV manufacturers to establish long-term contracts. In addition to improving their environmental impact, businesses recognize the potential for reducing fuel and maintenance costs by switching to electric and hybrid vehicles. For instance, companies with large delivery fleets or ride-sharing services can significantly benefit from the reduced energy costs of EVs and PHEVs.
Another key factor driving the growth of the US EV and PHEV market is the ongoing development of charging infrastructure. The US government has invested heavily in expanding electric vehicle charging networks, with thousands of new charging stations being added across the country each year. This investment is aimed at reducing "range anxiety" among potential buyers and ensuring that consumers can confidently adopt electric and hybrid vehicles without concerns about availability of charging stations.
The future of the US EV and PHEV market looks bright as consumer demand continues to rise and manufacturers ramp up their production. However, for businesses to truly succeed in the transition to electric and hybrid vehicles, industry-specific requirements must be met. For instance, the delivery industry requires vehicles with a longer range and faster charging times, while the tech sector may prioritize vehicles with advanced connectivity features and high performance. By understanding these needs, industries can make smarter decisions and leverage the full potential of the EV and PHEV market.
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Volkswagen
Toyota
Tesla
BMW
Porsche
Nissan
Mitsubishi
Kia
Hyundai
Honda
Ford
Fiat
Chevrolet
Audi
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the US EV and PHEV Market
Battery Electric Vehicles (BEVs)
Plug-in Hybrid Electric Vehicles (PHEVs)
Electric-only Powertrain
Hybrid Powertrain
Plug-in Hybrid Powertrain
Home Charging
Public Charging
Fast Charging
Small Battery Capacity (Up to 30 kWh)
Medium Battery Capacity (31 kWh to 60 kWh)
Large Battery Capacity (Above 60 kWh)
Private Consumers
Fleet Owners
Corporate Buyers
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the US EV and PHEV Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. US EV and PHEV Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. US EV and PHEV Market, By Type
6. US EV and PHEV Market, By Application
7. US EV and PHEV Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. US EV and PHEV Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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