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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

U.S. Electric Vehicle Company Market Share, 2024

Tesla, Ford, Mercedes-Benz, BMW, Hyundai, Chevrolet, and Volkswagen collectively held a significant market share of over 60% in the U.S. electric vehicle industry in 2023. 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 U.S. 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 of electric vehicle in U.S. reached USD 119.8 billion in 2024 and is set to grow at a 13.7% CAGR from 2024 to 2034, driven by the aggressive expansion of high-speed charging networks.

Passenger cars segment held around 75% of the market share in 2024, led by strong consumer preference for affordable, eco-friendly options.

California accounted for 25% of the U.S. electric vehicle market revenue in 2024, due to its forward-thinking environmental policies and robust EV infrastructure.

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