U.S. Electric Mobility Market Size To Hit USD 181.14 Bn By 2033
Dnyaneshwar Dhanawade
Senior Business Analyst- Automotive & Transportation, Energy and Power [Talks about]- automotiveindustry| | Autonomous | Electric & Hybrid Vehicles |technology| electricvehicles| Semiconductor and Electronic
According to latest study, the U.S. electric mobility market size was exhibited at USD 29.50 billion in 2023 and is projected to hit around USD 181.14 billion by 2033, growing at a CAGR of 19.9% during the forecast period of 2024 to 2033.
Over the past decade, the increased carbon output from traditional fuel-based vehicles has been a serious worry for government authorities. The sustainability shift toward smart cities is one of the primary elements responsible for the adoption of eco-friendly and cost-effective transportation. Electric scooters emit no carbon or gaseous pollutants because they are powered by batteries. This means of transportation is gaining popularity with ecologically conscious commuters. The pandemic has had a negative impact on the automobile industry, resulting in a reduction in overall growth of the electric mobility market due to low car sales and reduced new requirements in the first half of 2020.
However, the increasing greenhouse gas emissions have led to many attempts to prevent climate change, enabling governments to focus on electric vehicles. This has led to establishing an action plan for climate change to minimize the emissions from transportation by embracing sustainable and eco-friendly transportation alternatives such as public transport and electric vehicles.US CAGR: 19.8%
The rapid spread of the COVID-19 epidemic has caused a global economic downturn. Lockdowns and limitations imposed around the world to combat the virus's transmission resulted in the temporary closure of many production facilities and disruptions to different supply chain activities in North America during the first half of 2020. However, with the relaxation of lockdowns and restrictions and a major economic recovery, the electric
However, with the ease of lockdowns and restrictions and a significant economic revival, the electric mobility market in the U.S. is anticipated to witness growth over the forecast period.
Substantial investments from automakers are expected to cater to the increasing demand for electric vehicles and play a vital role in the evolution of the electric mobility market. General Motors, BMW, Nissan, Ford Motor Company, Volkswagen of America, Inc., and Tesla have enormous research and development budgets to develop electric vehicles. Original Equipment Manufacturers (OEMs) are increasingly providing electric vehicles in various segments, including high-end sedans such as Tesla Model 3 and small hatchbacks such as Nissan Leaf. For instance, in January 2018, Ford announced an increase in planned investments in electric vehicles to USD 11 billion by 2022. The company plans to add 40 electric cars to its vehicle lineup by 2022, of which, 24 would be Plug-in Hybrid Electric Vehicles (PHEVs) and 16 would be fully electric. The extensive product offering is expected to attract many end-users and result in promising market growth opportunities for electric vehicles such as electric cars, electric scooters, electric motorcycles, and electric bicycles.
Electric vehicles can be charged using a solar panel or at an electric charging station. The use of renewable energy to power electric vehicle charging stations is one of the prime opportunities for automakers in the electric vehicle charging market. Owing to the easy installation and reducing prices of solar panels, solar-powered charging stations have become a viable option for commercial buildings and homeowners to opt for electric vehicles.
These electric vehicle charging stations can be installed at shopping malls, residential buildings, theater parks, convention centers, complexes, and other facilities. About ten solar panels can offer enough electricity for powering an electric vehicle for driving about 21,000 km each year. Owing to the rapidly advancing solar panel designs and innovations, companies have started developing solar-powered charging stations, consequently allowing the transportation sector to decrease its dependence on fossil fuels.
The participation of the U.S. government and vehicle manufacturers in adhering to zero-emission standards considerably contributes to reducing the carbon emission gap. Governments across the region and country have framed numerous policies to escalate the penetration of electric vehicles by proposing various benefits to manufacturers and consumers. For instance, in the U.S., the Corporate Average Fuel Economy (CAFé) standards focus on increasing the adoption of energy-efficient automobiles by formulating several regulations to enhance the utilization of alternative fuel vehicles and reduce the consumption of fossil fuels.
Key Takeaways:
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U.S. Electric Mobility Market Trends
Increased Adoption of Electric Vehicles (EVs): The adoption of electric vehicles has been steadily increasing, driven by factors such as advancements in technology, government incentives, environmental concerns, and lower operating costs. Both traditional automakers and new entrants to the market are expanding their electric vehicle offerings.
Expansion of Charging Infrastructure: The growth of the electric vehicle market relies heavily on the availability of charging infrastructure. There has been a concerted effort by governments, businesses, and utilities to expand the network of charging stations across the country. This includes fast-charging stations along highways, workplace charging, and charging infrastructure in residential areas.
Diverse Range of EV Models: Automakers are expanding their electric vehicle portfolios to cater to various segments of the market, including sedans, SUVs, trucks, and even electric bikes and scooters. This diversification is aimed at appealing to a broader range of consumers with different preferences and needs.
Advancements in Battery Technology: Battery technology continues to improve, leading to increased driving ranges, shorter charging times, and lower costs. These advancements are crucial for addressing range anxiety among consumers and improving the overall attractiveness of electric vehicles.
Rise of Electric Mobility Services: Electric mobility is not limited to personal vehicles. There has been a rise in electric
Some of the prominent players in the U.S. electric mobility market include:
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Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global U.S. electric mobility market.
Product
Electric Scooter by Product
Battery
Voltage
By Region
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What are the Key Data Covered in this Market Research Report?
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