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U.S. Electric Vehicle Market Share

Report ID: GMI6444
Published Date: Nov 2024
Report Format: PDF

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U.S. Electric Vehicle Market Share

Tesla, Ford, Mercedes-Benz, BMW, Hyundai, Chevrolet, and Volkswagen collectively held a significant market share of 63% in the U.S. electric vehicle industry in 2024. Tesla retains its market leadership through relentless innovation in battery tech, software, and autonomous driving features. Its exclusive Supercharger network not only alleviates range anxiety but also fosters brand loyalty.

Distinct from its rivals, Tesla's direct-to-consumer sales approach and esteemed brand image set it apart. With global Gigafactories in the pipeline, Tesla is ramping up production efficiency and scalability. These strategic maneuvers ensure Tesla's continued dominance and its role as a trendsetter in the US electric vehicle domain.

Ford is carving its niche in the U.S. electric vehicle landscape with the launch of sought-after models like the Mustang Mach-E and F-150 Lightning. These offerings resonate with both performance enthusiasts and traditional truck lovers, broadening Ford's market reach. The automaker is channeling significant resources into EV production, highlighted by the establishment of the BlueOval City manufacturing hub. Collaborations with various charging networks further amplify convenience, granting Ford's customers access to a vast charging station network.

U.S. Electric Vehicle Market Companies

Major players operating in the U.S. electric vehicle industry are:

BMW
Chevrolet
Ford
Hyundai
Lucid Motors
Mercedes-Benz
Nissan
Rivian
Tesla
Volkswagen

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size for electric vehicle in U.S. reached USD 119.8 billion in 2024 and is set to grow at a 13.7% CAGR from 2025 to 2034, driven by the aggressive expansion of high-speed charging networks.

The BEV segment was valued at USD 73.3 billion in 2024, due to advancements in battery technology, resulting in extended ranges and quicker charging times.

California's market accounted for 35% of the revenue share in 2024, supported by forward-thinking environmental policies and robust EV infrastructure.

The key players in the industry include BMW, Chevrolet, Ford, Hyundai, Lucid Motors, Mercedes-Benz, Nissan, Rivian, Tesla, and Volkswagen.