U.S. Electric Vehicle Market Size

U.S. Electric Vehicle Market Size

The U.S. electric vehicle market size was valued at USD 119.8 billion in 2024 and is projected to grow at a CAGR of 13.7% between 2025 and 2034. The aggressive expansion of high-speed charging networks is propelling the market growth. Companies such as Electrify America, ChargePoint, and EVgo, along with automakers, are investing heavily in building rapid charging infrastructure across the country, especially along highways and in urban areas. This expansion aims to make long-distance travel convenient for EV owners, reducing "range anxiety" and making EVs more appealing to a broader audience.

With faster charging times and increased availability of stations, the overall EV ownership experience improves, making EVs a more practical option for everyday use and road trips. For instance, in July 2024, IONNA and Toyota Motor North America (Toyota) announced that Toyota has joined seven other automakers as an investor in IONNA to help expand its high-powered charging network for battery electric vehicles (BEVs) across North America. This partnership grants Toyota and Lexus customers access to IONNA's public network of DC fast chargers, which will begin rolling out later this year. IONNA aims to install a minimum of 30,000 charging ports in North America by 2030, featuring both NACS and CCS connectors to accommodate all BEV drivers.
 

The emergence of EVs with bidirectional charging features, commonly termed vehicle-to-home (V2H) or vehicle-to-grid (V2G) technology is driving the market growth. This innovation enables EVs to act as emergency power sources for homes or even feed energy back to the grid. Automakers, including Ford and Nissan, are integrating this capability into models like the Ford F-150 Lightning. As V2H and V2G technologies gain momentum, they enhance the appeal of EVs for energy-conscious consumers, bolstering grid stability during peak demand.