Report Description

According to ConsTrack360, the electric vehicle market in the country are expected to grow by 55.8% on an annual basis to reach US$64.3 billion in 2023.

The medium to long term growth story of the electric vehicle market in United States remains strong. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 23.2% during 2023-2027. The electric vehicle market in the country will increase from US$41.3 billion in 2022 to reach US$148.1 billion by 2027.

The sales of electric vehicles are poised to significantly in the United States over the next five years, driven by incentives offered through the Inflation Reduction Act (IRA). The United States government, through IRA, is offering tax credits of up to US$7,500 per passenger electric vehicle (EV) that are made in North America.
The IRA has emphasized strengthening the domestic supply chain for electric vehicles, batteries, and minerals. From August 2022, when the IRA was passed, several major EV players and battery makers from around the world have announced various multi-billion-dollar investments in the EV supply chain in the United States. All of these factors are expected to boost the growth of the electric vehicles market in the country from the short to medium-term perspective.

Tesla dominates the fast-growing electric vehicle market in the United States in 2023

Tesla, one of the early entrants into the electric vehicle industry, has continued to grow its market share in the United States in 2023. According to a report from Experian, the EV maker is the leader in the sector in terms of market share.

  • In the first seven months of 2023, the EV manufacturer experienced 390,377 new registrations in the United States. This represents a growth of 50% compared to the same period in 2022. The strategy to reduce the prices of its EV models also led to the growth in new registrations. According to an Experian report, the Elon Musk-led car manufacturer now has 59.5% of the market share in the United States. Model Y remains the most popular model sold by Tesla, accounting for 236,041 or 60.5% of the overall new registrations.
    Going forward, ConsTrack360 expects Tesla to keep leading the growth of the EV industry in the United States. Following Tesla, General Motors is leading the EV market in second place, with 39,647 registrations between January and July 2023. This represents 6% of the overall EV market. General Motors is followed by Ford with 33,935 registrations and Hyundai with 28,198 registrations.

    Investment in electric vehicle batteries and materials continues to grow at a rapid pace in the United States

    Investment in lithium iron phosphate (LFP) battery cells and materials, which are used to power EVs, is rising significantly in the United States. Six companies, including Ford and LG Energy Solution, have pledged more than US$11 billion in future LFP manufacturing facilities. Other EV makers like Tesla and Rivian are also expected to consider similar investments from the short to medium-term perspective. Firms like Epsilon Advanced Materials (EAM), General Motors, and Samsung SDI have also announced investments towards the establishment of an EV battery facility.
  • EAM recently announced a substantial investment of $650 million in the establishment of a synthetic graphite anode manufacturing facility within the United States. This proposed facility, projected to possess an annual production capacity of 50,000 tonnes, will cater to the energy requirements of over 1 million electric vehicles.
  • Additionally, in April 2023, General Motors and Samsung SDI unveiled their plan to jointly invest a substantial US$3 billion in the construction of an electric vehicle battery manufacturing plant in the United States. This state-of-the-art facility, scheduled to commence operations in 2026, aims to achieve an annual production capacity of 30 gigawatt hours.
    From the short to medium-term perspective, ConsTrack360 expects more such players to announce investment in the domestic EV market, supporting the growth of the industry over the next three to four years.

    Automakers are seeking to build 30,000 electric vehicle chargers to persuade more people to buy electric vehicles

    One of the major reasons people hesitate to buy electric vehicles is the unavailability of fast chargers on major highways and other locations in the United States. Consequently, to lure more buyers and drive the adoption of electric vehicles, automakers are seeking to build 30,000 EV chargers across the country.
  • Automakers, including BMW Group, General Motors, Hyundai, Honda, Kia, Mercedes-Benz Group, and Stellantis, have announced an initial investment of at least US$1 billion in a joint venture. This initiative is set to pave the way for the creation of 30,000 fast-charging ports strategically positioned along key highways and various locations across the United States and Canada.



At present, Tesla dominates the landscape, with over 50% of the fast chargers in the United States under its purview. In the past, Tesla has announced that it will open its charger network to other car brands. However, it has made less than 100 ports available, as of July 2023. Starting early next year, owners of Ford and General Motors electric vehicles will gain the capability to link up with a network of 12,000 Tesla fast chargers, thanks to the use of an adapter.
The decision of the major automakers to form a joint venture and build electric vehicle chargers is an indication that they are not relying on Tesla to boost the adoption of their EVs in the United States.

This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.

This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Electric vehicle further breaks down market opportunity by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components in United States.

The electric vehicle charging infrastructure provides market size data by number of charging stations, and number of charging points. It breaks down market opportunity by type of chargers, by location of charging points, by charging speed, by connection phase, by type of connectivity and by charger connectivity infrastructure.

ConsTrack360’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.


Scope

This report provides in-depth data-centric analysis of Electric Vehicle and Charging Infrastructure Market in United States through 97 tables and 119 charts. Below is a summary of key market segments:

United States Overall Vehicle Market Size and Future Growth Dynamics

  • Market size by value
  • Market size by volume


    United States Electric Vehicle Market Size and Forecast
  • Market size by value
  • Market size by volume

    United States Electric Vehicle Market Volume By Drive Segment
  • Front Wheel Drive
  • Rear Wheel Drive
  • All-Wheel Drive

    United States Electric Vehicle Market Value and Volume By Car Segment
  • Passenger Car
  • Commercial Vehicle

    United States Electric Vehicle Market Value and Volume By Passenger Car Segment
  • Small Car
  • Medium Car
  • Crossover Car
  • Large Car
  • SUV

    United States Electric Vehicle Market Value and Volume By Commercial Vehicle Segment
  • Light Duty Vehicle (Class 1-Class 3)
  • Medium Duty Vehicle (Class 4-Class 6)
  • Heavy Duty Vehicle (Class 7-Class 8)

    United States Electric Vehicle Market Value By Vehicle Class
  • Low-Priced
  • Mid-Priced
  • Luxury Class

    United States Electric Vehicle Market Value By Powertrain
  • Parallel Hybrid
  • Series Hybrid
  • Combined Hybrid

    United States Electric Vehicle Market Value By Distance Range
  • Up to 150 Miles
  • 151-300 Miles
  • Above 300 Miles

    United States Electric Vehicle Market Value By Charging Type
  • Normal Charging
  • Super Charging

    United States Electric Vehicle Market Value By Propulsion Type
  • Plug-In Hybrid Electric Vehicles (PHEVs)
  • Battery Electric Vehicles (BEVs)
  • Hybrid Electric Vehicles (HEVs)
  • Fuel Cell Electric Vehicles (FCEVs)

    United States Electric Vehicle Market Value and Volume By Vehicle Type
  • Two Wheelers (e2W)
  • Three-Wheeler (e3W)
  • Four Wheelers (e4W)
  • Electric Buses

    United States Electric Vehicle Market Value By Cities
  • Tier 1 Cities
  • Tier 2 Cities
  • Tier 3 Cities

    United States Electric Vehicle Market Value By Components
  • Battery Cells & Packs
  • On-Board Charge
  • Motor
  • Reducer
  • Power Control Unit
  • Battery Management System
  • Fuel Processor
  • Power Conditioner
  • Air Compressor
  • Humidifier

    United States Electric Vehicle Infrastructure Market Value

    United States Electric Vehicle Infrastructure Market Volume
  • Number of Charging Points
  • Number of Charging Stations

    United States Electric Vehicle - Number of Charging Points By Charging Type
  • Level 1 – 240 (V)
  • Level 2 – 120 (V)
  • Direct Current (DC)

    United States Electric Vehicle - Number of Charging Stations By Charging Type
  • Level 1 – 240 (V)
  • Level 2 – 120 (V)
  • Direct Current (DC)

    United States Electric Vehicle - Number of Charging Points By Location
  • Residential and Destination
  • Streets
  • Workplaces
  • Flew depots

    United States Electric Vehicle - Number of Charging Points By Charging Speed
  • Slow
  • Fast
  • Rapid
  • Ultrarapid

    United States Electric Vehicle - Number of Charging Stations By Charging Speed
  • Slow
  • Fast
  • Rapid
  • Ultrarapid

    United States Electric Vehicle - Number of Charging Points By Vehicle
  • Passenger Cars
  • Buses
  • Trucks
  • Light Commercial Vehicles

    United States Electric Vehicle - Number of Charging Points By Connection Phase
  • Single Phase
  • Three Phase

    United States Electric Vehicle - Number of Charging Points By Infrastructure Type
  • CSS
  • CHAdeMO
  • GB/T
  • Other

    United States Electric Vehicle - Number of Charging Points By Connectivity
  • Smart Charging Station
  • Non-Connected Charging Station


    Reasons To Buy

    The report provides a comprehensive overview of the United States electric vehicle market and infrastructure, covering the following key aspects:
  • Market size by value and volume: This report provides detailed market size and forecast data for electric vehicles in United States, by value and volume. This data is essential for understanding the current and future potential of the market.
  • Detailed EV market opportunity: This report segments the electric vehicle market by drive segment, car segment, commercial vehicle segment, passenger car segment, commercial vehicle segment, vehicle class, powertrain, distance range, charging type, propulsion type, vehicle type, and cities. This segmentation provides a granular view of the market and helps to identify key growth areas.
  • EV infrastructure: This report also provides a comprehensive overview of the United States electric vehicle infrastructure market, including market size and forecast data, along with detailed market segmentation. This information is essential for businesses that are looking to invest in the United States electric vehicle infrastructure market.
  • Assess risks: Granular segment level information helps in identifying new business opportunities and risks in the United States electric vehicle and infrastructure market.