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U.S. Electric Vehicle Market Size

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

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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 2024 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.

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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.

U.S. Electric Vehicle Market Report Attributes
Report Attribute	Details
Base Year:	2024
U.S. Electric Vehicle Market Size in 2024:	USD 119.8 Billion
Forecast Period:	2025 - 2034
Forecast Period 2025 - 2034 CAGR:	13.7%
2034 Value Projection:	USD 411.8 Billion
Historical Data for:	2021 - 2024
No. of Pages:	163
Tables, Charts & Figures:	230
Segments covered:	Propulsion, Vehicle, Drivetrain, Battery, Range, Price Range, End-Use
Growth Drivers:	Government incentives and tax credits for EV buyers Expansion of public and home charging infrastructure Rising fuel prices driving shift to electric vehicles Increased consumer awareness of climate impact
Pitfalls & Challenges:	Limited charging stations in rural regions High upfront costs compared to gasoline vehicles

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The emergence of EVs with bidirectional charging features, commonly termed vehicle-to-home (V2H) or vehicle-to-grid (V2G) technology is driving the U.S. electric vehicle 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.

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.