In the fourth quarter of 2024, over ******* battery-electric vehicles were sold in the United States. This was a year-over-year increase of around **** percent compared to the sales recorded in the fourth quarter of 2023. The fourth quarter of 2024 also recorded a hike in sales compared to the third quarter of that same year, making it the best quarter for BEV sales in the country across the past two years. Global EV Race - Where does the U.S. stand? Over the last few years, consumers have perceived Electric Vehicles (EVs) as a far more appealing option due to their increased range, battery life, variety of models, and affordability. Therefore, the EV market has grown fast in recent years and is forecast to expand to *** trillion U.S. dollars in 2029. Though the global demand for electric cars has been escalating, American sales lag behind Europe and the Asia-Pacific regions. In 2023, Chinese customers bought around *** million plug-in EVs, considerably more than American customers' purchases,around *** million that year. China is the leader of the global EV race, with a substantial ** percent growth in sales year-on-year in 2023. However, given the market share of electric vehicles in the global automotive industry, this still can be anyone's race. Outlook of the U.S. market There is still a lack of interest in electric vehicles among American buyers compared to European and Asian consumers. In the first quarter of 2021, the share of the battery electric vehicle was **** percentage points more in Norway than in the U.S.. One of the main reasons is that American consumers still anticipate that EVs are more expensive than gasoline vehicles and diesel internal combustion engine cars (ICE). This perception is partially true in the U.S. since the battery production market is highly concentrated in Asia, where the companies have logistical advantages, leading automotive makers to offer better prices. On the other hand, high licensing fees for electric vehicles are another factor affecting the consumption behaviors of automobile purchasers. In many states, the licensing fees for electric cars are considerably higher than their ICE counterparts. EV licensing fees were around *** U.S. dollars compared to ** U.S. dollars for standard vehicles in Georgia in 2021. Together, these factors significantly impact the individual perception of electric cars in the United States.

This dataset shows the Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs) that are currently registered through Washington State Department of Licensing (DOL).

In 2024, the Tesla Model Y remained the best-selling battery-electric car model in the United States at approximately ******* units. Tesla's revenue from U.S. vehicle sales reached unprecedented levels in 2024. The California-based carmaker is the reigning king of the U.S. electric vehicle market. Strong electric vehicle market Tesla generated over ************ U.S. dollars in revenue in the United States alone in the 2024 fiscal year. The demand for electric vehicles is projected to rise over the next two decades, with worldwide revenues estimated to grow from ************* U.S. dollars in 2023 to nearly ************ U.S. dollars in 2029. Similarly, the number of battery electric cars in use reached around ********** units in 2022. Demand growth Subsidies, infrastructure improvements, as well as the level of gasoline prices in many countries continue to influence demand for electric vehicles. In 2022, around ************* vehicles were registered overall in the United States. However, while passenger car demand is expected to slow down in the United States from 2026 to 2029, down from ************ sales to some ************, projections for the electric vehicle market paint a different picture. Due in part to the forecasted increase in popularity of battery-electric vehicles, the overall electric vehicle market is expected to maintain a consistent growth through 2029.

Introduction

Electric Vehicle Statistics: An electric vehicle, sometimes known as an EV. It is a type of vehicle that is propelled by one or more electric motors or traction motors.

Unlike classic ICE vehicles that run on gasoline or diesel. Electric vehicles (EVs) are powered by energy stored in batteries or supplied by an external power source.

The primary energy source for EVs is electricity, converted into mechanical energy to drive the vehicle. Different types of electric vehicles cater to various needs and preferences. Offering options for emissions reduction, energy efficiency, and varying ranges.

As technology advances, the electric vehicle landscape evolves, with more models and variations becoming available to consumers.

Electric vehicles are projected to account for ** percent of the market in 2035, up from a forecast of ** percent in 2030. Overall, American motorists bought some **** million light vehicles in 2020, a volume which is tipped to keep growing.  Tesla sparks sales growth Tesla accounted for the majority of plug-in electric vehicles sold in the United States in 2020. As of now, Tesla is leading the race towards the electrification of transport in the United States. The California-based carmaker reported 2020 sales nearing ****** units of its most recent model addition, the Model Y. The Model 3 came first in the ranking, at ****** sales. The latter was introduced in July 2017 at a starting price of ****** U.S. dollars and has become Tesla’s most successful model so far. Overall, consumers in the U.S. bought ******* Tesla-badged vehicles in 2021.  The great brand divide   The Tesla brand exerts such dominance in the market that it plays in a league of its own. Even though there are other brands competing with Tesla globally, it looks like they do not stand a chance to bite into Tesla’s U.S. market share. U.S. car shoppers only bought ****** Chevrolet Bolt EV and just ****** Nissan-badged LEAF battery electric vehicles in 2020.

The United States Electric Car Market is segmented by Vehicle Configuration (Passenger Cars) and by Fuel Category (BEV, FCEV, HEV, PHEV). The report offers market size in both market value in USD and market volume in unit. Further, the report includes a market split by Vehicle Type, Vehicle Configuration, Vehicle Body Type, Propulsion Type, and Fuel Category.

This shows the number of vehicles that were registered by Washington State Department of Licensing (DOL) each month. The data is separated by county for passenger vehicles and trucks. DOL integrates National Highway Traffic Safety Administration (NHTSA) data and the Environmental Protection Agency (EPA) fuel efficiency ratings with DOL titling and registration data to create this information.

Electric Vehicle Sales: ytd: GMC data was reported at 4,728.000 Unit in Mar 2025. This records a decrease from the previous number of 15,781.000 Unit for Dec 2024. Electric Vehicle Sales: ytd: GMC data is updated quarterly, averaging 1,035.000 Unit from Dec 2021 (Median) to Mar 2025, with 14 observations. The data reached an all-time high of 15,781.000 Unit in Dec 2024 and a record low of 1.000 Unit in Dec 2021. Electric Vehicle Sales: ytd: GMC data remains active status in CEIC and is reported by Cox Automotive. The data is categorized under Global Database’s United States – Table US.RA008: Electric Vehicle Sales: by Brand and Model: ytd.

The number of battery electric vehicles sold in the United States came to about *** millions in 2024, with sales of Tesla models accounting for around **** percent of that figure. Second-ranked Ford accounted for only *** percent of U.S. battery electric vehicle sales. Tesla puts electric vehicle sales in the fast lane The Tesla Model Y was the best-selling all-electric car in the United States in 2024, with the Model 3 a strong runner-up. Tesla enjoyed a successful year in 2024, with sales in the United States generating revenues of around **** billion U.S. dollars. Tesla’s sales performance in 2024 not only strengthened its position as one of the market leaders in the EV market, but it also made an impression on the overall automotive market in the United States. Positive news regarding battery charge time One of the main talking points regarding battery electric vehicles is the time it takes to charge them. The number of publicly available fast chargers is increasing across the United States, and these are proving essential for vehicle users who wish to drive long distances. Vehicles equipped with a fast-charging socket can be charged much quicker because fast chargers provide power directly to the battery, without the need for an in-car inverter. A vehicle with a battery capacity of 75 kWh can, for example, be charged to a suitable level in around one hour using a quick charger delivering 50 kW of power.

Electric Vehicle Sales: ytd: Volvo data was reported at 2,718.000 Unit in Mar 2025. This records a decrease from the previous number of 5,393.000 Unit for Dec 2024. Electric Vehicle Sales: ytd: Volvo data is updated quarterly, averaging 3,927.000 Unit from Mar 2021 (Median) to Mar 2025, with 17 observations. The data reached an all-time high of 14,038.000 Unit in Dec 2023 and a record low of 320.000 Unit in Mar 2021. Electric Vehicle Sales: ytd: Volvo data remains active status in CEIC and is reported by Cox Automotive. The data is categorized under Global Database’s United States – Table US.RA008: Electric Vehicle Sales: by Brand and Model: ytd.

Electric Vehicle Sales: ytd: Rivian data was reported at 8,553.000 Unit in Mar 2025. This records a decrease from the previous number of 51,579.000 Unit for Dec 2024. Electric Vehicle Sales: ytd: Rivian data is updated quarterly, averaging 17,087.000 Unit from Dec 2021 (Median) to Mar 2025, with 14 observations. The data reached an all-time high of 51,579.000 Unit in Dec 2024 and a record low of 583.000 Unit in Dec 2021. Electric Vehicle Sales: ytd: Rivian data remains active status in CEIC and is reported by Cox Automotive. The data is categorized under Global Database’s United States – Table US.RA008: Electric Vehicle Sales: by Brand and Model: ytd.

The South America Electric Vehicles Market is segmented by Vehicle Type (Commercial Vehicles, Passenger Vehicles, Two-Wheelers), by Fuel Category (BEV, FCEV, HEV, PHEV) and by Country (Brazil). The report offers market size in both market value in USD and market volume in unit. Further, the report includes a market split by Vehicle Type, Vehicle Configuration, Vehicle Body Type, Propulsion Type, and Fuel Category.

The North America Electric Vehicle Market size was valued at USD 62.73 USD Billion in 2023 and is projected to reach USD 178.36 USD Billion by 2032, exhibiting a CAGR of 16.1 % during the forecast period. An electric vehicle defined as the vehicle can be generated by electric motor which is draws for electricity from battery. There are the several types of electric vehicles such as, battery electric vehicle, hybrid electric vehicle, fuel cell electric vehicle.Rather than having batteries that are powered by either gas or diesel, electric vehicles get their power from electricity. Electric vehicles which run on electricity have several benefits such as running at lower expenses, incurring fewer maintenance fees, not emitting anything through the exhaust system and so forth. This has made many people want them because they have both financial incentives & taxes. The increase in awareness on matters concerning environment conservation has driven most people within North America into buying electric cars due to rising concerns on air pollution and would be the same factors that have pushed people in USA into adopting this technology. It could be these factors fuelling the growth of North America Electric Vehicle Market: Sooner or later the percentage will increase enough that this trend becomes irreversible. Electric SUVs and pickup trucks are also among the other varied preferences from different people who are attracted by having a wider variety of EV models available. Key drivers for this market are: Increasing Demand for Forged Products in Power, Agriculture, Aerospace, and Defense to Drive Industry Expansion. Potential restraints include: High Upfront Cost & Limited Driving Range Hamper the Market Growth. Notable trends are: Rising Adoption of Automation in Manufacturing to Drive Market Growth.

Data provided by the US Department of Energy's National and Renewable Energy Laboratory https://afdc.energy.gov/data/10962 and the U. S. Department of Transportation Office of Highway Administration https://www.fhwa.dot.gov/policyinformation/statistics/2018/mv1.cfm and https://www.fhwa.dot.gov/policyinformation/statistics/2019/mv1.cfm

Snapshot img

Electric Car Market Size 2025-2029

The electric car market size is forecast to increase by USD 2898.1 billion, at a CAGR of 38.5% between 2024 and 2029.

The market witnesses a surging demand and sales of Battery Electric Vehicles (BEVs) globally, driven by increasing environmental concerns and government initiatives to reduce carbon emissions. This trend is further fueled by the continuous launch of new electric car models across various sectors, including luxury (Tesla Model S) and mass-market (Nissan Leaf) segments. However, the high cost of ownership of BEVs, primarily due to the expensive batteries, poses a significant challenge for market growth. Additionally, the infrastructure development for charging stations and the limited driving range of these vehicles are other obstacles that need to be addressed to accelerate market penetration. Companies seeking to capitalize on this market's potential must focus on reducing battery costs and expanding charging infrastructure while offering competitive pricing and improved driving range to attract more consumers.

What will be the Size of the Electric Car Market during the forecast period?

Request Free SampleThe electric vehicle market continues to evolve, driven by advancements in technology and shifting consumer preferences. Electric buses are increasingly adopted in public transportation systems, while electric vehicle policy encourages their use in various sectors. Fire safety and regenerative braking are crucial considerations in the design of these vehicles. Smart cities are integrating electric vehicles into their urban mobility plans, with charging infrastructure becoming a key component. Fuel cell technology and battery technology, including solid-state batteries, are advancing, offering potential solutions to range anxiety and battery life concerns. Commercial electric vehicles, from delivery trucks to utility vehicles, are gaining traction, and the supply chain is adapting to meet the growing demand. Sustainable transportation and emissions reduction are primary objectives, with micro mobility options like electric scooters and bicycles also gaining popularity. The ongoing evolution of electric vehicle software, including over-the-air updates, and advancements in battery management systems are essential to optimizing performance and efficiency. The integration of electric vehicles into public transportation and workplace charging stations further expands their reach. Electric vehicle manufacturing is adapting to meet the demands of this dynamic market, with a focus on lightweight materials and efficient production processes. The market's continuous unfolding is shaped by government incentives, battery recycling, power electronics, and the development of electric vehicle maintenance and recycling programs. The electric vehicle landscape is constantly shifting, with new applications and innovations emerging in the realm of electric motorcycles, electric bicycles, and electric trucks.

How is this Electric Car Industry segmented?

The electric car industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. Vehicle TypeBEVPHEVTypeHatchbackSedanOthersDistribution ChannelOEMsDealershipsOnline RetailVehicle ClassPassenger CarsLight Commercial VehiclesHeavy Commercial VehiclesPrice SegmentEconomyMid-rangePremiumLuxuryBattery TechnologyLithium-ionSolid-stateLithium-iron-phosphateGeographyNorth AmericaUSCanadaEuropeFranceGermanyItalyUKAPACChinaIndiaJapanSouth KoreaRest of World (ROW)

By Vehicle Type Insights

The bev segment is estimated to witness significant growth during the forecast period.The Battery Electric Vehicle (BEV) segment is leading the market, fueled by growing environmental consciousness and stricter emission regulations. BEVs, which operate solely on electricity stored in batteries, present a cleaner alternative to conventional vehicles. This trend is reinforced by government incentives and advancements in battery technology, including solid-state and lithium-ion batteries, which enhance range, performance, and affordability. Additionally, the increasing investment in EV charging infrastructure globally supports the expansion of the BEV segment. Hybrid Electric Vehicles (HEVs) and other electric vehicles, such as electric scooters, motorcycles, utility vehicles, buses, trucks, and delivery vehicles, also contribute to the market's growth. Innovations in electric vehicle software, design, and maintenance, including over-the-air updates, battery management systems, and recycling, further boost market momentum. The integration of electric vehicles into public transportation systems, workplaces, and smart cities, as well as the adoption of fuel cell technology and regenerative braking, are shaping the future

Fuel Cell Electric Vehicle Sales: ytd: Honda data was reported at 154.000 Unit in Dec 2022. This stayed constant from the previous number of 154.000 Unit for Sep 2022. Fuel Cell Electric Vehicle Sales: ytd: Honda data is updated quarterly, averaging 154.000 Unit from Jun 2022 (Median) to Dec 2022, with 3 observations. The data reached an all-time high of 154.000 Unit in Dec 2022 and a record low of 154.000 Unit in Dec 2022. Fuel Cell Electric Vehicle Sales: ytd: Honda data remains active status in CEIC and is reported by Cox Automotive. The data is categorized under Global Database’s United States – Table US.RA008: Electric Vehicle Sales: by Brand and Model: ytd.

Electric Vehicle Sales: ytd: Genesis: Genesis GV60 data was reported at 733.000 Unit in Mar 2025. This records a decrease from the previous number of 2,866.000 Unit for Dec 2024. Electric Vehicle Sales: ytd: Genesis: Genesis GV60 data is updated quarterly, averaging 1,133.000 Unit from Jun 2022 (Median) to Mar 2025, with 12 observations. The data reached an all-time high of 3,400.000 Unit in Dec 2023 and a record low of 233.000 Unit in Jun 2022. Electric Vehicle Sales: ytd: Genesis: Genesis GV60 data remains active status in CEIC and is reported by Cox Automotive. The data is categorized under Global Database’s United States – Table US.RA008: Electric Vehicle Sales: by Brand and Model: ytd.

Electric Vehicle Sales: ytd: Volvo: Volvo C40 data was reported at 315.000 Unit in Mar 2025. This records a decrease from the previous number of 1,420.000 Unit for Dec 2024. Electric Vehicle Sales: ytd: Volvo: Volvo C40 data is updated quarterly, averaging 1,420.000 Unit from Jun 2021 (Median) to Mar 2025, with 15 observations. The data reached an all-time high of 6,589.000 Unit in Dec 2023 and a record low of 42.000 Unit in Dec 2021. Electric Vehicle Sales: ytd: Volvo: Volvo C40 data remains active status in CEIC and is reported by Cox Automotive. The data is categorized under Global Database’s United States – Table US.RA008: Electric Vehicle Sales: by Brand and Model: ytd.

Electric Vehicle Sales: ytd: Fisker: Fisker Ocean data was reported at 3,787.000 Unit in Jun 2024. This records an increase from the previous number of 1,660.000 Unit for Mar 2024. Electric Vehicle Sales: ytd: Fisker: Fisker Ocean data is updated quarterly, averaging 2,164.500 Unit from Sep 2023 (Median) to Jun 2024, with 4 observations. The data reached an all-time high of 3,787.000 Unit in Jun 2024 and a record low of 997.000 Unit in Sep 2023. Electric Vehicle Sales: ytd: Fisker: Fisker Ocean data remains active status in CEIC and is reported by Cox Automotive. The data is categorized under Global Database’s United States – Table US.RA008: Electric Vehicle Sales: by Brand and Model: ytd.

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