US Battery Electric Vehicle (BEV) Market Size, Share & Trends Analysis Report by Vehicle Type (Commercial Vehicle, Passenger Car, and Others), by Battery Type (NiMH, Li-ion, and Others), and Forecast 2019-2025.
The US battery electric vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. In the last two quarters of 2019, electric vehicle sales were down as compared to 2018. However, with the decreasing prices of the EV in the near future, the market of EV is expected to increase in the country. The rising popularity of BEV such as Tesla models in the US is one of the major factors for the growth of the market. As an estimate, around 45-50% of the total EV sales in the US were Tesla Model 3 with around 160,000 units sold in 2019 whereas the highest-selling PHEV was Toyota Prius Prime with around 8,000 units volume in 2019. In the commercial vehicle segment, BYD Auto Co., Ltd., and Proterra, Inc. are expected to hold a major market share in the country. Continuous technological advancement, support from the local government, new EV model launch and developing charging infrastructure are some of the other major factors contributing to the growth of the market in the country. For instance, California has set a target to add 5 million EVs by 2030.
The market is segmented on the basis of vehicle type and battery type. Based on vehicle type, the market is segmented into commercial vehicles, passenger cars, and others. The passenger vehicle segment is expected to hold the largest market share during the forecast period. Based on the battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion batteries car market is projected to cover a major market share during the forecast period.
Major companies contributing to the US BEV market include AB Volvo, Tesla, Inc., BYD Auto Co., Ltd., Audi AG, BMW AG, Daimler AG, Ford Motor Co., General Motors Co., Honda Motor Co., Ltd., Hyundai Motor Co., Kia Motors Corp., Nissan Motor Co., Proterra, Inc., Toyota Motor Corp., Volkswagen AG and so on. The market players are considerably contributing to the market growth by adopting various growth strategies including new product launch, merger and acquisition, collaborations with government, and technological advancements to stay competitive in the market.
Research Methodology
The market study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors.
Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables the analyst to derive the closest possible figures without any major deviations in the actual number. The analysts try to contact as many executives, managers, key opinion leaders, and industry experts to bring authenticity to the reports.
Secondary Sources Include:
Market Segmentation:
1. US Battery Electric Vehicle Market Research and Analysis by Vehicle Type
2. US Battery Electric Vehicle Market Research and Analysis by Battery Type
The Report covers:
The US battery electric vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. In the last two quarters of 2019, electric vehicle sales were down as compared to 2018. However, with the decreasing prices of the EV in the near future, the market of EV is expected to increase in the country. The rising popularity of BEV such as Tesla models in the US is one of the major factors for the growth of the market. As an estimate, around 45-50% of the total EV sales in the US were Tesla Model 3 with around 160,000 units sold in 2019 whereas the highest-selling PHEV was Toyota Prius Prime with around 8,000 units volume in 2019. In the commercial vehicle segment, BYD Auto Co., Ltd., and Proterra, Inc. are expected to hold a major market share in the country. Continuous technological advancement, support from the local government, new EV model launch and developing charging infrastructure are some of the other major factors contributing to the growth of the market in the country. For instance, California has set a target to add 5 million EVs by 2030.
The market is segmented on the basis of vehicle type and battery type. Based on vehicle type, the market is segmented into commercial vehicles, passenger cars, and others. The passenger vehicle segment is expected to hold the largest market share during the forecast period. Based on the battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion batteries car market is projected to cover a major market share during the forecast period.
Major companies contributing to the US BEV market include AB Volvo, Tesla, Inc., BYD Auto Co., Ltd., Audi AG, BMW AG, Daimler AG, Ford Motor Co., General Motors Co., Honda Motor Co., Ltd., Hyundai Motor Co., Kia Motors Corp., Nissan Motor Co., Proterra, Inc., Toyota Motor Corp., Volkswagen AG and so on. The market players are considerably contributing to the market growth by adopting various growth strategies including new product launch, merger and acquisition, collaborations with government, and technological advancements to stay competitive in the market.
Research Methodology
The market study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors.
Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables the analyst to derive the closest possible figures without any major deviations in the actual number. The analysts try to contact as many executives, managers, key opinion leaders, and industry experts to bring authenticity to the reports.
Secondary Sources Include:
- Financial reports of companies involved in the market.
- Whitepapers, research-papers, and news blogs.
- Company websites and their product catalog.
- Government Websites
Market Segmentation:
1. US Battery Electric Vehicle Market Research and Analysis by Vehicle Type
2. US Battery Electric Vehicle Market Research and Analysis by Battery Type
The Report covers:
- Comprehensive research methodology of the US Battery Electric Vehicle Market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the US Battery Electric Vehicle Market.
- Insights about market determinants which are stimulating the US Battery Electric Vehicle Market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
Table of Contents
1. Report Summary
2. Market Overview and Insights
3. Competitive Landscape
4. Market Determinants
5. Market Segmentation
6. Company Profiles
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
A selection of companies mentioned in this report includes:
- AB Volvo
- Audi AG
- BMW AG
- BYD Auto Co., Ltd.
- Daimler AG
- Fiat Chrysler Automobiles N.V.
- Ford Motor Co.
- General Motors Co.
- Honda Motor Co., Ltd.
- Hyundai Motor Co.
- Kia Motors Corp.
- Nissan Motor Co.
- Proterra, Inc.
- Tesla, Inc.
- Toyota Motor Corp.
- Volkswagen AG
