According to a recent report by TechSci Research titled "United States Electric Vehicle Mobility Market - By Region, Competition Forecast & Opportunities, 2018-2028," the United States electric vehicle mobility market is poised to experience substantial growth in the forecast period from 2023 to 2028. The market has witnessed a steady increase in the sales of electric vehicles across various segments, including passenger cars, two-wheelers, and three-wheelers. In 2021 alone, approximately 608 thousand units of electric vehicles, including plug-in hybrid electric vehicles (PHEVs), were sold, marking a significant increase from the 308 thousand units sold in 2020, as reported by the International Energy Agency (IEA).
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Rising Demand for Electric Two-Wheelers Drives Market Growth
The demand for electric two-wheelers has witnessed a significant surge, particularly among the younger generation, leading to increased sales. Numerous online platforms now offer easy access to electric scooters and motorcycles, catering to the growing customer demand. Consequently, many companies have scaled up their manufacturing capacity for electric vehicles to meet the rising market requirements. Notably, Tesla Inc., with its popular electric car model, holds the largest market share among major players in the United States. Tesla offers four distinct models of passenger cars, namely the Tesla Model 3, Tesla Model S, Tesla Model X, and Tesla Model Y. The cumulative sales of these Tesla models as of 2022 stand at 156,357 units for the Tesla Model 3, 23,464 units for the Tesla Model S, 19,542 units for the Tesla Model X, and 191,451 units for the Tesla Model Y, making it the leading company in electric vehicle sales in the United States.
Increasing Investments and Production Capacities in Electric Vehicle Segment
With the surging demand for electric vehicles in the country, several automotive companies have begun investing in the electric vehicle segment. Additionally, electric vehicle manufacturers have ramped up their production capacities to meet the growing market demand. This trend is driven by technological advancements and the rising popularity of electric vehicles, prompting automotive manufacturers to invest in research and development to introduce new vehicle ranges that cater to market demand.
Market Segmentation and Future Outlook
The United States electric vehicle mobility market can be segmented based on product type, battery type, voltage, region, and company. In terms of product type, electric scooters currently dominate the market in 2022, while electric cars are projected to gain a substantial market share in the coming years. The demand for electric scooters has been fueled by the expansion of the folding mobility scooter market, driven by the introduction of advanced technologies and the need for product differentiation. The scarcity of parking spaces in major cities has also contributed to the increased demand for these scooters. Furthermore, the growing traffic and mobility challenges have led to the innovation of foldable electric scooters that offer versatility and energy efficiency, easily folding up into a compact package resembling a suitcase.
The battery segment comprises lithium-ion (Li-Ion), nickel-metal hydride (NiMH), and sealed lead acid batteries. The market for Li-Ion batteries is expected to witness the fastest growth, owing to their advantages such as quick charging, environmental friendliness, and extended battery life. These features present ample opportunities for the electric scooter market. Additionally, the increasing adoption of Li-Ion batteries is anticipated to contribute to a reduction in manufacturing costs and deployment of electric scooters. Currently, scooters represent the majority of electric vehicle sales globally. Given the high demand for electric scooters in the market, their sales are expected to drive the growth of the United States electric vehicle mobility market in the coming years.
Some of the major players operating in the United States electric vehicle mobility market include:
- Kia Corporation
- Tesla, Inc
- Hyundai Motor Company
- Segway Inc.
- Yadea Technology Group Co., Ltd.
- Zero Motorcycles, Inc
- BAIC Automotive Group Co., Ltd.
- Harley-Davidson Motor Company Group, Inc
- Nissan Motor Co., Ltd.
- Bird Rides Inc.
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The automobile industry has a strong commitment to the growth of e-mobility since zero-emission or low-emission vehicles significantly contribute to the preservation of the environment. Depleting fossil fuel reserves, the increasing demand for more affordable mobility alternatives in ever-growing metropolitan areas, and OEMs' increased attention to the development of alternative propulsion systems are all factors that are further supporting electric mobility solutions. The United States government plans to go completely electric by 2050, as all new vehicles purchased will include only electric vehicles and not ignition-based ones. All these factors will directly affect the United States Electric Vehicle Mobility market in a positive way and are anticipated to grow the market in the coming years,”said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“United States Electric Mobility Market By Product Type (Electric Scooter, Electric Motorcycle, Electric Car), By Battery Type (Sealed Lead Acid, NiMH, Li-ion), By Voltage (24V, 36V, 48V, Greater than 48V), By Region, Competition Forecast & Opportunities, 2018-2028,” has evaluated the future growth potential of United States Electric Vehicle Mobility Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the United States Electric Vehicle Mobility Market.
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