United States Electric Car Market Size

United States Electric Car Market Analysis

The United States Electric Car Market size is estimated at 92.86 billion USD in 2024, and is expected to reach 248.9 billion USD by 2030, growing at a CAGR of 17.86% during the forecast period (2024-2030).

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92.86 Billion

Market Size in 2024 (USD)

248.9 Billion

Market Size in 2030 (USD)

28.26 %

CAGR (2017-2023)

17.86 %

CAGR (2024-2030)

Largest Segment by Vehicle Body Type

73.43 %

value share, Sports Utility Vehicle, 2023

Electric SUVs dominate the market due to their combination of spaciousness, versatility, higher seating capacity, and increasing preference for vehicles offering a blend of comfort and utility.

Largest Segment by Fuel Category

54.31 %

value share, BEV, 2023

BEVs are the largest segment due to increased consumer awareness, government incentives for zero-emission vehicles, and rapid advancements in electric vehicle technology.

Fastest-growing Segment by Fuel Category

33.80 %

Projected CAGR, FCEV, 2024-2030

FCEVs are the fastest-growing segment due to advancements in hydrogen technology, investments in hydrogen refueling stations, and a push for zero-emission transportation solutions.

Leading Market Player

13.03 %

market share, Tesla Inc., 2023

The EV producer offering various electric car models, and the consumer shift to EV is providing Tesla an advantage of being a home brand, making Tesla a market leader in Electric car sales in the US.

Second leading Market Player

7.61 %

market share, Toyota Motor Corporation, 2023

Diversified product portfolio offerings, high production capabilities, and extensive supply chain network and strong brand value marks Toyota at second place in US electric car market.

Electric car configurations in the US electric car market are rapidly evolving, catering to the growing consumer demand for variety, performance, and sustainability

United States Electric Car Industry Segmentation

Passenger Cars are covered as segments by Vehicle Configuration. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category.

• The electric vehicle (EV) industry experienced a surge in consumer interest and adoption due to technological advancements in battery technology, improvements in charging infrastructure, and increased environmental awareness. Hatchbacks and sedans led the way, appealing to urban commuters and eco-conscious individuals seeking affordable and efficient transportation. MPVs gained popularity for their versatility, catering to families and those needing more space. Electric SUVs also captured attention, appealing to consumers seeking sustainability and a robust, high-riding vehicle. During 2017-2023, a solid foundation was established for the continued growth and development of the electric car market in the US.
• In 2023, automakers' research and development efforts improved EV performance and range. Sustainability concerns have driven the market's expansion. Hatchbacks, sedans, and MPVs cater to various preferences, but electric SUVs have witnessed remarkable growth due to their eco-friendliness and versatility. Advancements in battery tech and charging infrastructure made electric cars more affordable and convenient, boosting their market share in the US.
• The market is expected to experience significant growth, with estimates suggesting a CAGR of approximately 25% over the next five years. This growth is likely to be supported by government policies promoting EV adoption, such as tax incentives and regulations favoring clean energy vehicles. Additionally, as consumer awareness and preference for environment-friendly alternatives increase, electric cars are set to become a more dominant force in the automotive industry, making up an ever-larger portion of new vehicle sales.