U.S. Electric Vehicle (EV) Market Size - By Vehicle Type (Two-wheelers, Passenger Cars, Commercial), By Battery Type (Sealed Lead Acid, Nickel Metal Hydride, Lithium Ion), Propulsion Type, Price Range, Drive Type, Range, Forecast 2023 - 2032

U.S. Electric Vehicle (EV) Market Size - By Vehicle Type (Two-wheelers, Passenger Cars, Commercial), By Battery Type (Sealed Lead Acid, Nickel Metal Hydride, Lithium Ion), Propulsion Type, Price Range, Drive Type, Range, Forecast 2023 - 2032

U.S. Electric Vehicle (EV) Market will witness 15.5% CAGR between 2023 and 2032. A heightened awareness of environmental issues and a commitment to reduce carbon emissions are motivating consumers to shift towards electric vehicles. Advancements in battery technology are extending EV range and reducing charging times, enhancing their appeal. Additionally, government incentives and investments in EV infrastructure are making electric vehicles more accessible and convenient.

For instance, in September 2023, The Biden-Harris Administration initiated the application process for the Electric Vehicle Charger Reliability and Accessibility Accelerator program. This program allocates up to $100 million in Federal funding to restore and upgrade non-functional electric vehicle (EV) charging infrastructure. These strategic investments will supplement substantial private sector investments, create well-paying jobs nationwide for the installation and maintenance of EV infrastructure, and enhance the dependability of our existing charging network. Furthermore, the growing number of automakers are introducing EV models, intensifying competition and choice and supporting the electric vehicle market outlook in the U.S.

The overall U.S. Electric Vehicle (EV) Market is classified based on vehicle type, battery type, and state.

The two-wheeler segment will undergo significant development from 2023 to 2032. With an emphasis on eco-friendly transportation and urban mobility, electric bicycles and scooters are gaining popularity among commuters and urban dwellers. These compact, emission-free vehicles offer a convenient and sustainable alternative for short-distance travel, contributing to the growing demand for electric two-wheelers in the U.S. EV market.

The sealed lead acid segment will register a noteworthy CAGR from 2023 to 2032. While lithium-ion batteries dominate the EV sector due to their superior energy density and performance, sealed lead acid batteries find niche applications in certain electric vehicles, primarily for industrial or low-speed applications. Their durability and cost-effectiveness make them suitable for specific EV use cases, although they represent a smaller segment of the electric vehicle market revenue in the U.S.

Alabama electric vehicle (EV) market will showcase an appreciable CAGR from 2023 to 2032. As awareness of environmental concerns and the benefits of EVs increases, consumers in Alabama are showing a growing interest in electric cars and trucks. State incentives, such as tax credits and rebates, are also contributing to the rising demand for EVs in Alabama, making them more accessible and appealing to residents of the state.