United States Automotive High Performance Electric Vehicles Market - Growth, Trends, and Forecasts 2020 - 2025)

The United States Automotive High Performance Electric Vehicles market is anticipated to register a CAGR of over 15% during the forecast period (2020 - 2025).

• The growing demand of high performance electric vehicles in the United States can be attributed to the growing environmental concerns (owing to rising exhaust emissions), enactment of stringent emissions and fuel economy norms are increasing the adoption rate of electric vehicles.
• Also, the lower operating and maintenance cost, along with increasing government initiatives to encourage the use of electric vehicles isdriving the growth of high-performance electric vehicles market significantly. United States is leading the global market in the manufacture of these vehicles.
• Consumer perception and willingness to purchase automobiles with new technologies is going to drive the demand for these vehicles, mainly in this country.
• The high performance electric vehicles can be differentiated from other EVs on few aspects, such as longer range of distance (i.e., over 90 miles in a single charge), which is significantly high compared to other commercially available EVs.

Key Market Trends

Increasing Demand for Plug-in Hybrid Vehicles

Currently, the plug-in hybrid electric vehicles segment is experiencing increase in demand and it is projected to continue its dominance during the forecast period. The increasing demand is attributed to the emission regulations and the subsidies for hybrid and electric vehicles in the United States. The massive fluctuations of fuel prices and a decrease in the subsidies offered on the plug-in-hybrid vehicles had affected the growth of sales in this country.

The manufacturers, such as Mercedes-Benz, Volvo, BMW, Volkswagen, Ford, Lincoln, etc., have already launched the plug-in-hybrid versions of the existing IC engine vehicle models, which registered a considerable portion of the sales of the overall plug-in vehicle sales.

Many automakers are launching the plug-in-hybrid versions of the existing vehicles, which indicate that the market trend is shifting toward eco-friendly plug-in hybrid vehicles. For instance,

• In April 2020, Daimler AG had announced the EQ Power in plug-in hybrid technology, which is sustainable, efficient, and dynamic. With its EQ Power models, Mercedes-Benz is offering an efficient package which is already in its third generation, marking a further step towards CO2 neutral mobility. Mercedes-Benz customers will be able to experience the advantages of the technology by the end of 2020.

The United States is the largest manufacturer of plug-in hybrid vehicles in the North America region. The country is also the largest market for these vehicles, with manufacturers, such as Cadillac, GMC, Tesla and Chrysler, leading the market.

Passenger Cars is likely to lead the market growth

The demand for high performance electric vehicles in passenger cars is rapidly growing and is anticipated to continue its demand over the forecast period. OEMs are now manufacturing electric cars with higher mobility range that goes beyond 200 miles in a single charge. Tesla leads the market when it comes to producing high-performance vehicles. Also, the low fuel prices and the passion for speed, luxurious automobiles in the United States are also few factors driving the demand for this segment.

The high-performance electric vehicle models from key players include Hyundai Kona (258 miles), Kia Niro Electric (239 miles) and Chevy Bolt (257 miles) per single charge. Since the cost of ownership of electric and hybrid vehicles is higher, OEMs are now opening their manufacturing hubs in this country. For instance,

• In March 2019, BMW entered the market and launched i3 and i8 plug-in hybrid models. Both of BMW’s i-series models have been delivered in relatively significant volumes.

Additionally, the most successful United States electric vehicle companies are GM, Tesla, and Chevrolet. Tesla had spent a USD 608 million for the biggest lithium-ion battery factory named Gigafactory situated in Nevada; United States, which is taking up the production of electric motors for the latest Tesla models. Furthermore, the sales and production of the cars have been decreased gradually mainly due to the economy lockdown. This declining trend has further continued during the first quarter of 2020 due to the outbreak of Corona Virus across the country. The government had announced country lockdown, due to which both production facilities and dealerships were shutdown.

• In May 2020, Tesla had resumed in manufacturing its cars in California plant. The company had called back some of its workers and has completed around 200 Model Y and Model 3 vehicles.

Thus, the increasing demand for electric vehicles in the United States is likely to grow over the forecast period.

Competitive Landscape

The United States Automotive High Performance Electric Vehicles market is dominated by several players such as Tesla, General Motors Company, Toyota Motor Corporation, Daimler AG (Mercedes-Benz), and Hyundai Motors. These Companies are expanding their business by new innovative technologies such as increase in range of kilometers per single charge, so that they can have edge over their competitors.

Tesla is the pioneer of the EHPV (electric high-performance vehicle) concept and is supporting and encouraging the concept’s development. The company is developing cost-effective, but high-performance electric vehicles to leverage the adoption of electric vehicles.

• In November 2019, Tesla launched Cybertruck, an all-electric pickup truck. Tesla claims that Cybertruck has a range of more than 500 miles (250+ miles range for the base model which is priced at USD 39,900) and reaches 0 to 60 miles per hour in less than 2.9 seconds. Maximum towing capacity of Cybertruck is 14000 lbs.
• In January 2019, Toyota Motor Corporation, United States and Kenworth Truck Company announced that they are collaborating to build ten zero-emission Kenworth T680s powered by Toyota hydrogen fuel cell electric powertrain.

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