U.S. Electric Mobility Industry Overview
The U.S. electric mobility market size was valued at USD 28.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 19.8% from 2021 to 2028.
Over the past decade, the growing carbon emission from traditional fuel-based vehicles has been a critical concern for government authorities. The sustainability move toward smart cities is one of the key factors responsible for the adoption of eco-friendly and cost-effective transportation. Since electric scooters run on batteries, there are no carbon or gaseous emissions from these vehicles. This mode of transportation is gaining penetration amongst environmentally conscious commuters. The pandemic has adversely affected the automotive industry, leading to a decline in the overall growth of the electric mobility market due to low automotive sales and reduced new requirements during the first half of 2020.
However, the increasing greenhouse gas emissions have led to several initiatives to reduce climate change, enabling policymakers to focus on electric vehicles. This has led to enacting an action plan for climate change to reduce the emissions from transportation by adopting sustainable and eco-friendly transportation alternatives such as public transport and electric vehicles.US CAGR: 19.8%.
Gather more insights about the market drivers, restrains and growth of the U.S. Electric Mobility Market
The escalating spread of the COVID-19 pandemic has resulted in a global economic slowdown. Lockdowns and restrictions implemented in various parts of the world to reduce the spread of the virus led to temporary termination of multiple production facilities and disruption in various supply chain activities in North America during the first half of 2020. 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.
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Market Share Insights
- December 2020: Harley-Davidson announced its partnership with Hero MotoCorp, the largest two-wheeler manufacturer. The partnership was aimed toward establishing a complete portfolio of premium bikes across multiple segments and engine capacities.
- July 2020: Invacare Corporation announced SMOOV one, a power assist solution. With SMOOV one, users can increase their mobility and range while reducing the stress on the driver's shoulder.
- April 2019: Accell Group signed a contract with Fletcher Hotels to deliver Sparta electric bikes to the Dutch hotel chain.
Key Companies profiled:
Some of the prominent players in the U.S. electric mobility market include:
- Accell Group
- Airwheel Holding Limited
- Derby Cycle
- HARLEY-DAVIDSON
- Honda Motor Co. Ltd.
- Invacare Corporation
- Lohia Auto Industries
- Ninebot Ltd.
Order a free sample PDF of the U.S. Electric Mobility Market Intelligence Study, published by Grand View Research.
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