US Electric Vehicle Market: Segmentation by Propulsion Type
The estimated market size, based on volumes/units sold of different propulsion types of electric vehicles in the US include- battery electric vehicle(63.65%)plug-in hybrid electric vehicle(33.21%) and Fuel Cell Electric Vehicles(3.12%).
ELECTRIC VEHICLE MARKET-US
- According to the market research report by Acumen Research, the US holds the major share in the global electric vehicle market, which is expected to grow at CAGR 25.6% during the forecast period, 2019-2026, and will reach over USD 567.2 Billion by 2026.
- The global market is segmented into battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles. Wherein the HEV (Hybrid electric vehicle)is the largest segment for electric vehicles by propulsion type, In contrast, based on the available reports for the US market, the segmentation is based on battery electric vehicles, plug-in hybrid electric vehicles, and Fuel Cell Electric Vehicles.
- Based on the vehicle type, globally in all markets, including the US, "passenger car segment emerged as the leader in electric vehicle market due to growth in adoption of electric passenger cars as compared to two-wheelers and commercial vehicles."
- In the US, the total EV Sales (based on volumes) were 361,307 units in 2018.
PLUG-IN HYBRID ELECTRIC VEHICLE MARKET
- According to the Statista report, the US PHEV market size based on volume sales is around 120,000 units in 2018.
- Hence, the percentage of the total market for the PHEV Propulsion market is 33.21%.
BATTERY ELECTRIC VEHICLES
- According to Statista report, the US BEV market size based on volume sales is around 230,000 units.
- Hence, the percentage of the total market for the US BEV Propulsion market is 63.65%.
FUEL-CELL ELECTRIC VEHICLES
- According to Statista report, the US Fuell-Cell electric vehicles market size based on volume sales is around 11,307 units.
- Hence, the percentage of the total market for the US Fuel Cell Electric Vehicle Propulsion market is 3.12%.
To obtain insights on the market segmentation of the electric vehicle market in the US by propulsion type. Which includes the market size and a percentage of the total market for each of the propulsion types, we examined multiple credible market research report on the Electric vehicle market through sources including Globalnewswire, BNEF, grandviewresearch, Deloitte, EEI, Statista. Additionally, we explored the US EV market dashboards analysis provided by prominent consultancies and forums, including insideevs, hybridcars, and ev-volumes.
Through the above search, it was found that the US holds the major share in the EV market, and the segmentation of the market/propulsion types is based on battery electric vehicle, plug-in hybrid electric vehicle, and Fuel Cell Electric Vehicles. Also, various industry reports and analyses evaluated the total market, and its propulsion types and market share based on volumes sales(unit sold). Hence, by using this information, the market size and a percentage of the total market for each of the propulsion types has been calculated as follows and provided in the key findings section:-
PHEV(Plug-In Hybrid Electric Vehicles)
- Market size around 120,000 units sold in 2018.
- Percentage of the total market =120,000/361,307*100=33.21%.
BEV(Battery Electric Vehicles)
- Market size around 230,000 units sold in 2018.
- Percentage of the total market =230,000/361,307*100=63.65%.
Fuel Cell Electric Vehicles
- Market size =230000 + 120000-361307 =11,307 units sold in 2018.
- Percentage of the total market =11307/361,307*100=3.12%.