US Electric Vehicles Market Set to Register Nearly Five-fold Growth by 2025, Says Frost & Sullivan

US Electric Vehicles Market Set to Register Nearly Five-fold Growth by 2025, Says Frost & Sullivan

PR Newswire

SANTA CLARA, Calif., Nov. 19, 2020

Incentives and subsidies to drive EV ownership in the country and create new growth opportunities

SANTA CLARA, Calif., Nov. 19, 2020 /PRNewswire/ -- Frost & Sullivan's recent analysis, Transitory Trends in the Electric Vehicle Ecosystem in the United States, 2025, finds that the electric vehicle (EV) market in the United States is expected to flourish with government incentives driving EV ownership. The study also examines various trends in EV sales since 2010, factors contributing to growth, the current charging infrastructure, the road ahead, and much more. The xEV market in the US is estimated to register a nearly five-fold growth, reaching almost 7 million unit sales by 2025 from 1.4 million unit sales in 2020.

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For further information on this analysis, please visit: http://frost.ly/4ua

"Over 90% of states offer incentives for setting up EV charging infrastructure," said Prajyot Sathe, Industry Manager, Mobility Practice at Frost & Sullivan. "Only a few states offer the usage of high-occupancy vehicle lanes. However, meaningful quality of life incentives and exemptions are offered across 39 states in the United States, including easier payment plans for the purchase of EVs, limited-time incentives to accelerate EV adoption/conversion and lack of requirements for emission inspections across several states."

Sathe added: "Mild hybrid electric vehicles (MHEVs) and full hybrid electric vehicles (FHEVs) will account for the maximum market share of 89.6% combined in the xEV market by 2025, with an almost equal split between them. Additionally, battery electric vehicles (BEVs) will witness impressive sales, followed by plug-in hybrid electric vehicles (PHEV) sales over the forecast period."

Market participants should focus on the following trends for success:

Transitory Trends in the Electric Vehicle Ecosystem in the United States, 2025 is the latest addition to Frost & Sullivan's Automotive & Transportation research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.

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Transitory Trends in the Electric Vehicle Ecosystem in the United States, 2025
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