Electric Vehicle Market size was valued at USD 17.54 Bn in 2021 and the total revenue is expected to grow at 37.1 % through 2022 to 2029, US Electric Vehicle Market is reaching nearly USD 219.05 Bn by 2029.

Electric Vehicle Market Overview:

The market report for Electric Vehicle provides a comprehensive analysis of the competition together with data on market share and company profiles for the top international rivals. The study's scope covers a thorough analysis of the Electric Vehicle Market and the variables affecting regional variances in the sector's growth.

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Market Scope:

Extensive primary research was conducted to collect data and verify key figures once market engineering, which involved market statistics calculations, market size estimates, market projections, market breakdown, and data triangulation, was finished. Top-down, bottom-up, and other data triangulation approaches were frequently used throughout the market engineering process to conduct market estimates and forecasting for the overall market segments and sub-segments described in this study. All data gathered during the market engineering process is subjected to extensive qualitative and quantitative analysis in order to give crucial information throughout the study.

Drivers:

By utilising the domestic energy supply, electric vehicle automobiles (EVs) in the US market can satisfy personal mobility needs while reducing carbon emissions. The infrastructure for the generation and distribution of electric power in the United States will need to be reviewed and possibly changed in order for light-duty electric vehicles to become widely adopted. As the EV market expands, higher efficiency and lower energy consumption per mile are anticipated to be made possible by future advancements in EV technology. At the same time, the current consumer trend toward larger cars—which are typically less efficient—predicts an increase in energy consumption per mile. Like any other revolutionary new technology, electric vehicles offer both potential and challenges for economic development.

Segmentation:

The market is divided into three types: BEV, PHEV, and HEV. The BEV segment had the largest revenue share of nearly 75% in 2020, and it is anticipated that this dominance will last throughout the forecast period. The sizeable revenue share is partially attributable to end users' growing environmental consciousness and the advantages of BEVs. The PHEV segment is anticipated to experience revenue growth between 2021 and 2028 at a CAGR of more than 40%. Government initiatives to encourage the use of electric vehicles in the US and Canada can be blamed for this rise. PHEVs are more likely to be offered by larger automotive markets, like those for electric trucks and buses.

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Key Players:

Both primary and secondary research are carried out to determine the market's leaders and forecast market revenue. The main study's in-depth interviews with key thought leaders and subject matter experts include CEOs, marketing executives, and seasoned front-line workers, to name just a few. In-depth interviews with significant thought leaders and business experts, including CEOs, marketing executives, and seasoned front-line personnel, were done as part of the primary research. Reviewing the annual and financial reports of the major manufacturers was done as part of the secondary study. To compute percentage splits, market shares, growth rates, and global market breakdowns, secondary data is used. The outcomes of these calculations are then contrasted with original information. The following companies dominate the Electric Vehicle market:

• BMW
• Mercedes Benz
• Bollinger
• Bollore
• Microlino
• Mistubishi
• Nissan
• Tesla
• Volkswagen.
• Alstom‎
• PSA Group‎
• General Motors
• Lucid Motors
• Rivian Vehicles
• National Motor Vehicle Company
• Nikola Corporation

Regional Analysis:

The important market-influencing factors and recent legal developments that have an impact on present and future market trends are also included in the regional overview of market research for Electric Vehicle. In order to assess the potential of the entire industry and identify profitable patterns, current and upcoming trends are looked at. The existing environment and anticipated developments serve as the foundation for assessing the regional market.

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COVID-19 Impact Analysis on Electric Vehicle Market:

The growth of end-user industries using Electric Vehicle declined between January 2020 and May 2020 as a result of a halt in operations. These nations included China, the United States, the United Kingdom, Spain, France, Italy, and Spain. As a result, both the market for Electric Vehicle manufacturers and the earnings of businesses involved in these industries saw a dramatic fall. The market's growth in 2020 was impacted by this. End-user business demand for Electric Vehicle has been significantly reduced as a result of lockdowns and an increase in COVID-19 incidents worldwide.

Key Questions Answered in the Electric Vehicle Market Report are:

What market sector represented the most percentage of Electric Vehicle in 2021?
To what extent is the marketplace competitive?
What are the main elements impacting the development of the Electric Vehicle market?
Which region commands the largest market share in Electric Vehicle?
What will the market's CAGR be from 2022 to 2029?
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