This statistic represents a projection of all-electric vehicle penetration rate in North America between 2017 and 2030. All-electric vehicles are projected to penetrate the North American market at a rate of 30 percent by 2030.

Electric vehicles are projected to account for 45 percent of the market in 2035, up from a forecast of 32 percent in 2030. Overall, American motorists bought some 14.9 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 79,000 units of its most recent model addition, the Model Y. The Model 3 came first in the ranking, at 90,000 sales. The latter was introduced in July 2017 at a starting price of 35,000 U.S. dollars and has become Tesla’s most successful model so far. Overall, consumers in the U.S. bought 302,000 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 21,000 Chevrolet Bolt EV and just 10,000 Nissan-badged LEAF battery electric vehicles in 2020.

In the fourth quarter of 2024, over 365,800 battery-electric vehicles were sold in the United States. This was a year-over-year increase of around 15.2 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 1.1 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 8.1 million plug-in EVs, considerably more than American customers' purchases,around 1.4 million that year. China is the leader of the global EV race, with a substantial 36 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 55.1 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 345 U.S. dollars compared to 25 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.

The United States electric car market size was valued at USD 92.29 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 247.83 Billion by 2033, exhibiting a CAGR of 11.1% from 2025-2033. The market is witnessing significant growth, fueled by government incentives, the rapid expansion of charging infrastructure, and continuous advancements in battery technology. Increasing consumer demand for sustainable and cost-efficient transportation, combined with diverse model availability, positions the market for continued expansion and innovation across various segments.

The number of battery electric vehicles sold in the United States came to about 1.3 millions in 2024, with sales of Tesla models accounting for around 48.7 percent of that figure. Second-ranked Ford accounted for only 7.5 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 47.7 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.

Analysis of Fuel Cell Electric Vehicle in North America Market is Segmented by Vehicle Type (Passenger Cars and Commercial Vehicle) and Country (United States, Canada, and the Rest of North America). The report offers the market size and forecasts in terms of value in USD million for all the above-mentioned segments.

Passenger cars will be the largest segment in the U.S. electric vehicle fleet in 2030, at just under 44.2 million units. Light commercial vehicles are also projected to grow upward by millions, up from 24,000 in 2021 to 3.8 millions in 2030. Due to infrastructure challenges, the truck and bus segments are expected to record a slower growth.

The North America Electric Truck Market is segmented by Vehicle Configuration (Trucks), by Fuel Category (BEV, FCEV, HEV, PHEV) and by Country (Canada, Mexico, US). 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.

In 2023, California was the U.S. state with the highest ratio of electric vehicles per 1,000 people. At around 45.8 vehicles per 1,000 people, the Golden State surpassed all other states by at least 20 vehicles. Washington and Hawaii were second and third in the ranking, with 24.7 and 22.9 EVs per 1,000 inhabitants.

According to Cognitive Market Research, The Global Electric Truck market will be USD 41815.2 million in 2024 and expand at a compound annual growth rate (CAGR) of 25.6% from 2024 to 2031.

North America Electric Trucks Market held 40% of the worldwide revenue with a market size of USD 16726.08 million in 2024 and will expand at a CAGR, commonly known as the compounded annual growth rate of 23.80% from 2024 to 2031.
Europe Electric Trucks Market held 30% of the worldwide USD 12544.56 million in 2024.
Asia Pacific Electric Trucks Market held 23% of the worldwide revenue with a market value of USD 9617.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 27.6% from 2024 to 2031.
South America Electric Trucks market held 5% of the worldwide revenue with a market value of USD 2090.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 25% from 2024 to 2031.
Middle East and Africa Electric Trucks Market held 2% of the worldwide revenue with a market size of USD 836.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 25.3% from 2024 to 2031.
The sales in the light-duty trucks category are high because electric car manufacturers are releasing a new variety of vehicles with exceptional towing capacity; it is anticipated that the market for light-duty trucks will rise.
Medium-duty trucks are the fastest-growing category over the forecasted timeframe. The countries with the most demand for medium-duty vehicles are China, the United States, and Europe. Therefore, increasing medium-duty truck applications has a favorable effect on the market expansion.

Growing Need for Electric Vehicles in the Transportation and Other Sectors to Increase the Demand Worldwide

In the major EV markets globally, there has been an increase in demand for battery-powered vehicles in the logistics industry. Growth in medium- and heavy-duty trucks is anticipated. Adopting electric vehicles (EVs) can boost the industry's long-term profitability because EVs need significantly less money to charge than other fuels.

For instance, the US Postal Service ordered transport trucks with Workhorse Group (US) in January 2022. By 2030, the World Economic Forum projects a 36% rise in the number of inner-city delivery vans.

(Source: https://time.com/6242616/us-postal-service-trucks-going-electric/)

Surge in the E-commerce Industry to Propel Market Growth

The market for electric trucks will be driven by increased use in the e-commerce industry. The market for electric trucks is anticipated to grow shortly due to the growing usage of these vehicles for last-mile deliveries of products from warehouses to clients. To reduce pollutants and fuel costs, businesses are considering adding electric vehicles and battery-powered pickups to their fleets.

For instance, according to Performance Team (US), in October 2022, in response to client demand for environmentally friendly short haul storage and distribution center operations, Class 8 battery-electric vehicles from Volvo Vehicles North America will be deployed in Southern California.

(Source: https://www.maersk.com/news/articles/2022/10/06/performance-team-deploys-first-deliveries-of-volvo-vnr-electric-trucks)

Market Restraints of the Electric Truck

Exorbitant Price of Current Electric Vehicles to Limit the Sales

One of the main obstacles to the broad adoption of electrical trucks has been their high production costs. The overall cost of buying these vehicles should decrease as the market for electric trucks increases over the next ten years due to declining battery prices and lower R&D expenses. Due to the high cost of the rechargeable lithium-ion batteries that these trucks require, electric trucks are often far more expensive than their internal combustion engine equivalents. Because designing electric trucks is an expensive process, manufacturing these vehicles is likewise significantly more expensive than internal combustion engine trucks. Because better-range electric vehicles require more sophisticated batteries and advanced production techniques, developing them has become more expensive.

Impact of COVID-19 on Electric Truck Market

The unexpected COVID-19 pandemic breakout had a detrimental effect on the market for electric trucks. The nations' lockdown, intended to slow the virus's spread, ended efforts to produce and develop e...

The data are in Excel spreadsheets

Electric vehicles amounted to nearly 16 percent of global passenger car sales in 2023, which was a rise of around 2.8 percentage points year-over-year. Electric vehicle sales have rapidly increased since 2017, when they rose above one percent of the market, and have particularly accelerated since 2020. Many consumers started looking for more sustainable transportation methods amid the COVID-19 pandemic due to increased environmental consciousness. This contributed to the EV market expansion worldwide. A market driven by innovation Various factors contribute to the rapid growth of the electric vehicle market, including consumer perception, governmental targets, and investments in technological innovation. Regional institutions and national governments are committing to policies supporting electric vehicle adoption worldwide, with around 97 percent of the light-duty vehicle market comprising countries with these policies. Governmental spending on electric cars reached around 45 billion current U.S. dollars in 2022, the steepest increase recorded in the past five years, and global automakers are also allocating part of their revenue toward research and development expenses. Challenges and opportunities for EV charging Electric vehicle charging was the second technology type receiving the most early and growth-stage venture capital investments in 2023, above electric vars and electric two-wheelers. In 2023, there were around 11 electric vehicles per charging point worldwide, and access to this infrastructure was unequal, with China boasting the largest electric vehicle supply equipment network. Slow chargers, typically alternating current, were also the most common charging type, creating opportunities for the development of fast charging across the globe.

The United States Electric Bus Market is segmented by Fuel Category (BEV, FCEV, HEV). 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 Electric Car Rental Market Report is Segmented by Vehicle Type (Battery Electric, Hybrid Electric, and Plug-In Hybrid Electric), Body Style (Hatchback, Sedan, Sports Utility Vehicle (SUV), and Multi-Utility Vehicle (MUV)), Type (Luxury and Budget/Economy), Booking Type (Online and Offline), End Use (Local Usage, Airport Transport, and Outstation), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The Market Sizes and Forecasts for the Electric Car Rental Market are Provided in Terms of Value (USD) for all the Above Segments.

The New Energy Vehicle (NEV) insurance market is experiencing robust growth, driven by the rapid expansion of the electric vehicle (EV) sector globally. While precise market size figures for 2025 are unavailable, considering a conservative estimate based on global EV sales trends and average insurance premiums, the market size in 2025 could be valued at approximately $15 billion. This market is projected to exhibit a Compound Annual Growth Rate (CAGR) of 25% from 2025 to 2033, reaching an estimated value exceeding $100 billion by 2033. This significant growth is fueled by several key drivers, including increasing NEV adoption, stringent government regulations promoting EVs in many countries (resulting in mandatory insurance requirements), and the development of specialized insurance products tailored to the unique risks associated with EVs (such as battery fires and charging infrastructure failures). Key market segments include compulsory insurance (required by law) and commercial insurance (for fleet operators and businesses). Application segments comprise enterprise (businesses operating fleets of EVs) and individual consumers. Significant players in the market include established insurers like GEICO, State Farm, and Allianz, alongside specialized providers adapting to the EV landscape. The regional distribution mirrors global EV adoption rates, with North America, Europe, and Asia Pacific being dominant markets. However, emerging markets in regions like South America and Africa are poised for significant growth as EV penetration increases. The market's growth trajectory is further influenced by emerging trends such as the integration of telematics data for risk assessment, the rise of usage-based insurance models, and the development of innovative insurance products encompassing battery warranties and charging station coverage. Despite this positive outlook, challenges remain. These include the relatively high initial cost of EVs, the evolving regulatory landscape concerning EV safety standards, and the need for insurers to adapt their risk models to accurately assess and price the unique risks of EVs. Addressing these challenges will be crucial for sustained growth and market consolidation within the NEV insurance sector.

The New Energy Vehicle (NEV) Discharge Gun market is experiencing robust growth, projected at a Compound Annual Growth Rate (CAGR) of 22.7% from 2019 to 2033. In 2025, the market size reached $295 million. This expansion is fueled by the surging adoption of electric vehicles (EVs) globally, driven by environmental concerns and government incentives promoting cleaner transportation. The market is segmented by application (Pure Electric Vehicle and Plug-In Hybrid Electric Vehicle) and type (DC and AC Discharge Guns), with DC Discharge Guns currently holding a larger market share due to their faster charging capabilities. Key growth drivers include increasing EV infrastructure development, stringent emission regulations worldwide, and continuous advancements in battery technology leading to higher energy densities and faster charging needs. While the market faces challenges such as high initial investment costs for charging infrastructure and potential concerns regarding grid stability, the long-term outlook remains exceptionally positive, driven by the continued global shift towards sustainable transportation. The competitive landscape is characterized by a mix of established players and emerging companies, primarily concentrated in Asia-Pacific, notably China, followed by North America and Europe. This region-specific concentration reflects the current EV market dynamics and the significant investments being made in charging infrastructure in these key regions. The market's future growth will depend on several factors. Technological innovation, particularly in battery technology and fast charging solutions, will remain pivotal. Government policies, including subsidies and regulations, will continue to shape market penetration. Furthermore, the expanding EV charging network and collaboration between automotive manufacturers, energy providers, and charging equipment suppliers will significantly influence market expansion. The market's segmentation suggests significant opportunities for specialized discharge guns tailored to specific EV models and charging needs, leading to further market diversification and growth in the coming years. Strong competition amongst manufacturers will drive innovation and price optimization, ultimately benefitting consumers and accelerating EV adoption.

The Electric Vehicle Service Equipment (EVSE) market is experiencing robust growth, projected to reach a market size of $5,617 million in 2025 and exhibiting a remarkable Compound Annual Growth Rate (CAGR) of 27.8% from 2025 to 2033. This significant expansion is driven by the burgeoning adoption of electric vehicles (EVs) globally, coupled with supportive government policies aimed at promoting sustainable transportation and reducing carbon emissions. Increasing investments in charging infrastructure, particularly in densely populated urban areas and along major transportation routes, further fuel market growth. The expanding range of EVSE types, from Level 1 residential chargers to high-powered fast-charging stations in public spaces, caters to diverse charging needs and preferences. Technological advancements, including improved charging efficiency, smart charging capabilities, and integration with renewable energy sources, are also contributing factors. Furthermore, the growing awareness among consumers regarding environmental benefits and the decreasing cost of EVSE are propelling market expansion. Key market segments include various charging levels (Level 1, 2, and 3) and diverse application areas such as home charging, public parking, shopping malls, office parking, hotels, and other commercial locations. Competition within the EVSE market is intense, with established players like ABB, Siemens, Eaton, and Schneider Electric alongside emerging innovative companies like BYD and Tesla (implied by the presence of companies like Panasonic and other battery tech companies). Regional variations in market penetration reflect differences in EV adoption rates and government incentives. North America and Europe are currently leading the market, followed by Asia-Pacific, which is witnessing significant growth due to the rapid expansion of the EV industry in China and India. The continued expansion of the EV market, combined with ongoing technological advancements and supportive policy frameworks, positions the EVSE market for sustained growth in the coming years.