United States Electric Vehicle Market Growth Analysis - Forecast Trends and Outlook (2025-2034)

The United States electric vehicle market would likely grow at a CAGR of 24.60% during 2025-2034.

Market Likely to be Driven by Advancements in Technology and Need for Cleaner Transportation Systems

Electric vehicles comprise a relatively small portion of the total automotive market. However, electric vehicles are becoming increasingly popular with growing range, style and performance of modern electric vehicles. This growing popularity is expected to boost the United States electric vehicle market. Automakers are striving to make recharging easier and quicker. Customers seeking zero-emission driving have more options to choose from, with a broader variety of body styles and many price points.

A Variety of Popular Vehicle Brands Expected to Boost Market Growth

Popular electric vehicle brands in the US include GMC Hummer EV - 47 MPGe, Rivian R1S - 69 MPGe, Rivian R1T - 70 MPGe, Porsche Taycan Cross Turismo - 76 MPGe, Jaguar I-Pace - 76 MPGe, Audi e-tron Sportback - 77 MPGe, Audi e-tron - 78 MPGe, Porsche Taycan - 79 MPGe, Audi e-tron GT - 82 MPGe, Volvo XC40 Recharge - 85 MPGe, Volvo C40 Recharge - 87 MPGe, Mazda MX-30 - 92 MPGe, Mercedes EQS - 97 MPGe, Volkswagen ID.4 - 99 MPGe, Ford Mustang Mach-E - 101 MPGe, Tesla Model X - 102 MPGe, Polestar 2 - 107 MPGe, Mini Cooper SE Electric - 110 MPGe, Nissan Leaf - 111 MPGe, Kia Niro EV - 112 MPGe, Hyundai Ioniq 5 - 114 MPGe, Chevrolet Bolt EUV - 115 MPGe, Kia EV6 - 117 MPGe, Chevrolet Bolt EV - 120 MPGe (tie), Hyundai Kona Electric - 120 MPGe (tie), Tesla Model S - 120 MPGe (tie), Tesla Model Y - 122 MPGe, and Lucid Air - 131 MPGe. These offerings are expected to drive the United States electric vehicle market.

Initiatives to Promote Green Transportation Systems Expected to Drive Market Growth

The Inflation Reduction Act (IRA) is an important climate legislation in the US. IRA’s investments in climate and clean energy could significantly decrease U.S. greenhouse gas (GHG) emissions.

Transportation is the nation’s biggest source of GHG emissions, and electric vehicles are considered the quickest way to reverse that trend.

IRA seeks to lay the foundation for a more equitable, sustainable, and secure transportation future. Investments in a diverse international electric vehicle supply chain would expectedly decrease battery costs and promote clean transportation.

Market Segmentation

United States Electric Vehicle Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• BEV
• PHEV
• FCEV

Market Breakup by Vehicle Class

• Mid-Priced
• Luxury

Market Breakup by Vehicle Type

• Passenger Cars
• Commercial Vehicles

Market Breakup by Region

• New England
• Mideast
• Great Lakes
• Plains
• Southeast
• Southwest
• Rocky Mountain
• Far West

Key Industry Players in the Market

The report offers an extensive assessment of major players in the US electric vehicle market; it evaluates their capability, observes latest occurrences such as mergers and acquisitions, capacity expansions, and plant turnarounds:

• Tesla, Inc
• FCA Italy S.p.A (Fiat)
• BMW AG
• Volkswagen Group
• Ford Motor Company
• Hyundai Motor Company,
• AB Volvo
• Mercedes-Benz Group AG
• General Motors
• Renault-Nissan-Mitsubishi
• Toyota Motor Corporation
• Others

Using SWOT analysis and Porter’s Five Forces model, the report offers deep insights into the industry.