Dublin, July 18, 2024 (GLOBE NEWSWIRE) -- The "United States Electric Vehicle and Charging Infrastructure Market Databook - 75+ KPIs Covering EV Market Size by Value and Volume, Vehicle Type, Price Point, Propulsion Type, Component, Location - Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The electric vehicle market in the United States is expected to grow by 55.8% on an annual basis to reach US$64.3 billion in 2024.
The electric vehicle market is expected to record steady growth over the medium term. The demand, however, is expected to slow down in 2024. This is largely due to higher borrowing costs and elevated repair expenses. As a result of this, electric vehicle manufacturers are shifting towards more affordable models to attract customers in the United States. This is projected to drive the competitive landscape in 2024.
Tesla, in May 2024, announced that the electric vehicle manufacturer is planning to expand its fast-charging network. The announcement comes days after the EV firm abruptly laid off employees running the charging business. Biden Administration, on the other hand, had imposed higher tariffs on electric vehicles and key electric vehicle components.
Firms are shifting towards more affordable models amid higher borrowing costs and demand slump
The demand for electric vehicles has declined significantly over the last 12 months in the United States. This is largely due to the higher borrowing costs and elevated repair expenses for vehicles. As a result of the reduced demand, firms are shifting gears towards more affordable models to better navigate the current market dynamics.
- Rivian Automotive, in March 2024, announced the launch of new and affordable-priced electric R2 SUVs and R3 crossovers. The launch of lower-priced electric vehicles is part of the firm's strategy to attract more customers. The production of the R2 will take place at its United States facility, with deliveries projected to happen in H1 2026. To deal with the ongoing slowdown in the market, the firm has also cut down its production rate. The forecast for 2024 stands at 57,000 vehicles, which is significantly lower than the anticipated 81,700 units.
- Lucid Group, another United States-based EV firm, has also set its annual production forecasts significantly below expectations. This is part of the firm's strategy to reduce costs. The firm has also reduced the price of its Lucid Air Pure. It is also offering two years of complimentary scheduled maintenance and a charging allowance to attract more customers.
Tesla plans to expand its charging infrastructure through an investment of US$500 million in 2024
Tesla, in May 2024, announced that the electric vehicle manufacturer is planning to expand its fast-charging network. The announcement comes days after the EV firm abruptly laid off employees running the charging business.
- To create thousands of new chargers in 2024, Tesla has announced an investment of more than US$500 million. The spending is just on new sites and expansions. This does not include the operational costs.
- Electric vehicle manufacturers are increasingly adopting Tesla's North American Charging Standard, moving the firm's superchargers toward becoming the industry norm. This shift is happening at the expense of the competing Combined Charging System.
As part of the National Electric Vehicle Infrastructure program, the Biden Administration has allocated US$5 billion to states over five years to install 500,000 EV chargers. Tesla has been one of the major beneficiaries of this federal funding. The enhanced fast-charging infrastructure is expected to attract more customers towards electric vehicles over the long-term perspective in the United States.
Biden Administration imposes higher tariffs on electric vehicles and key electric vehicle components
President Biden, in May 2024, announced that the United States would impose Section 301 tariffs on approximately US$18 billion worth of goods. This includes a 100% tariff on all-electric vehicles from China. The new tariffs will also affect key components of the EV supply chain, such as permanent magnets, lithium-ion batteries, and critical minerals, for which China is a major, if not the sole, supplier. These tariffs come in response to China's increasing global market share in the EV sector.
Biden claimed that for years, the Chinese government has invested heavily in various industries, including electric vehicles, aluminium, semiconductors, steel, and solar panels, among other things. China has subsidized these products, encouraging domestic companies to produce far more than the demand in the global market. The firms then sell the excess at unfairly low prices, which drives other manufacturers out of business. According to Biden, these low prices are possible because Chinese firms do not need to focus on profit, due to the significant government subsidies.
The medium to long term growth story of the electric vehicle market in United States remains strong. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 23.2% during 2024-2028. The electric vehicle market in the U.S. will increase from US$41.3 billion in 2023 to reach US$148.1 billion 2028.
This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.
Report Scope
This report provides in-depth data-centric analysis of Electric Vehicle and Charging Infrastructure Market in United States through 97 tables and 119 charts. Below is a summary of key market segments:
United States Overall Vehicle Market Size and Future Growth Dynamics
- Market size by value
- Market size by volume
United States Electric Vehicle Market Size and Forecast
- Market size by value
- Market size by volume
United States Electric Vehicle Market Volume By Drive Segment
- Front Wheel Drive
- Rear Wheel Drive
- All-Wheel Drive
United States Electric Vehicle Market Value and Volume By Car Segment
- Passenger Car
- Commercial Vehicle
United States Electric Vehicle Market Value and Volume By Passenger Car Segment
- Small Car
- Medium Car
- Crossover Car
- Large Car
- SUV
United States Electric Vehicle Market Value and Volume By Commercial Vehicle Segment
- Light Duty Vehicle (Class 1-Class 3)
- Medium Duty Vehicle (Class 4-Class 6)
- Heavy Duty Vehicle (Class 7-Class 8)
United States Electric Vehicle Market Value By Vehicle Class
- Low-Priced
- Mid-Priced
- Luxury Class
United States Electric Vehicle Market Value By Powertrain
- Parallel Hybrid
- Series Hybrid
- Combined Hybrid
United States Electric Vehicle Market Value By Distance Range
- Up to 150 Miles
- 151-300 Miles
- Above 300 Miles
United States Electric Vehicle Market Value By Charging Type
- Normal Charging
- Super Charging
United States Electric Vehicle Market Value By Propulsion Type
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Fuel Cell Electric Vehicles (FCEVs)
United States Electric Vehicle Market Value and Volume By Vehicle Type
- Two Wheelers (e2W)
- Three-Wheeler (e3W)
- Four Wheelers (e4W)
- Electric Buses
United States Electric Vehicle Market Value By Cities
- Tier 1 Cities
- Tier 2 Cities
- Tier 3 Cities
United States Electric Vehicle Market Value By Components
- Battery Cells & Packs
- On-Board Charge
- Motor
- Reducer
- Power Control Unit
- Battery Management System
- Fuel Processor
- Power Conditioner
- Air Compressor
- Humidifier
United States Electric Vehicle Infrastructure Market Value
United States Electric Vehicle Infrastructure Market Volume
- Number of Charging Points
- Number of Charging Stations
United States Electric Vehicle - Number of Charging Points By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
United States Electric Vehicle - Number of Charging Stations By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
United States Electric Vehicle - Number of Charging Points By Location
- Residential and Destination
- Streets
- Workplaces
- Flew depots
United States Electric Vehicle - Number of Charging Points By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
United States Electric Vehicle - Number of Charging Stations By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
United States Electric Vehicle - Number of Charging Points By Vehicle
- Passenger Cars
- Buses
- Trucks
- Light Commercial Vehicles
United States Electric Vehicle - Number of Charging Points By Connection Phase
- Single Phase
- Three Phase
United States Electric Vehicle - Number of Charging Points By Infrastructure Type
- CSS
- CHAdeMO
- GB/T
- Other
United States Electric Vehicle - Number of Charging Points By Connectivity
- Smart Charging Station
- Non-Connected Charging Station
For more information about this report visit https://www.researchandmarkets.com/r/txawcf
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