The North American EV Market

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The North American EV Market - Major EV Manufacturers

Chevrolet

  • Chevrolet's headquarters are located in Detroit, Michigan.
  • The company has sold over 200,000 electric vehicles.
  • Chevrolet's overall revenue is $80.6 billion.
  • Chevrolet currently offers the Bolt electric vehicle for sale.

Tesla

  • Tesla exclusively manufactures electric vehicles and its headquarters are located in Palo Alto, California.
  • Tesla's 2019 revenue was $24.42 billion.
  • The company currently offers three models of electric vehicles: Model 3, Model S, and Model X.

Helpful Insights

Research Strategy

We were unable to provide five US or North American electric vehicle manufacturers as there are only two manufacturers that currently produce electric vehicles in the US: Tesla and Chevrolet (GM). Other manufacturers that produce electric vehicles outside of the US and North America include Jaguar, Porsche, Kia, Nissan, Honda, BMW, Hyundai, and Volkswagen.

To determine the top electric vehicle manufacturers in the US, we first looked for a list that offers every electric vehicle model currently for sale in the US. Using this list, we eliminated the manufacturers that are not headquartered in the US. Next, we ranked the remaining US manufacturers by revenue.

We were unable to find the revenue of electric vehicles specifically for Chevrolet. A search of the company's financial records, as well as trusted publications such as Forbes and CNet, and databases such as Statista did not return any relevant results. We did find the number of electric vehicles sold, so we have included that figure as well as Chevrolet's overall revenue.
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The North American EV Market - Major EV VC Investors

Some top VC firms investing in electric vehicle (EV) startups include GGV Capital, Y Combinator, 500 Startups, OAKVC and SOSV.

GGV Capital

  • GGV Capital has made eight investments in electric vehicles. They are the lead investor in US EV startups based on the number of investments, according to Index.
  • These investments include at least CNY ¥2,200,000,000 in Xpeng Motors, an undisclosed amount in Immotor, and others.

Y Combinator

  • Y Combinator has made five investments in EV companies, and was included at the leading US VC firm investing in EVs according to Crunchbase.
  • These include investing in AmpUp.

500 Startups

  • 500 Startups has made six investments in electric vehicles. They are the second US based investor in EVs according to Crunchbase, and they are on the top list for EV investments according to Index.

OAKVC

  • OAKVC has made eight investments in electric vehicles.

SOSV

  • SOSV has made four investments in electric vehicles and was included in the Crunchbase list for top EV investors.

Research Strategy

In order to compile a list of the top VC investors investing in US EV startups, we first began by looking for a pre-compiled list of the top investors by amount invested. While we found two top lists, we were unable to find a fully-disclosed list based on amount invested.

We then attempted to review each of the companies on the previously mentioned lists to identify their total investments in the EV space, however, this strategy was not successful as we were unable to identify the amount of all investments, as some were undisclosed.

As a final attempt, we reviewed some top US-based EV companies and startups to see if we could identify top VC investors in those firms, assuming that the top investors would be investing in the leading EV companies. However, we again found that the amounts of some investments were undisclosed.

As such, we provided some top firms based on number of investments in the EV space as well as inclusion on both top lists mentioned previously.
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The North American EV Market - Major MaaS Players

Ride-sharing has become hugely popular in the US, with 36 percent of adults stating that they used ride-share apps in 2018. That's more than double the amount who used them in 2015. These are five of the most popular ride-sharing platforms in the US: Uber, Lyft, Curb, Via, and HopSkipDrive.

Uber

Lyft

Curb

Via

  • Via is a ride-share platform that offers shared rides on streamlined routes for a flat fee. Riders get picked up and dropped off on famous street corners.
  • It operates in 20 countries. In the US, it operates in Washington DC, New York City, Chicago, Sacramento, California, and Arlington, Texas.
  • Via's global revenue was $11 million in 2018. It's given 50 million rides as of February 2019. 118,000 of those rides were in Arlington, Texas.

HopSkipDrive

  • HopSkipDrive is a transportation network for children ages 6-17.
  • Three working moms founded it, and its target audience is busy kids going to and from school and activities. Its drivers are required to have five years of childcare experience.
  • It operates in eight US cities. Its annual revenue was $7 million in 2018.

Research Strategy

We began our research by searching for the most popular ride-sharing platforms in the US, and then we searched for revenue data and news coverage about each platform. Since Curb, Via, and HopSkipDrive are much less popular than Uber and Lyft, we checked their stats on their respective websites. We also searched Uber's official website to find stats for just North America.

We were unable to find Via's annual revenue for just the United States or North America despite numerous search attempts, so we focused only on the city of Arlington, Texas.
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The North American EV Market - EPA Smog Standards

The Tier 1 Emission Standards applied to vehicles of the model year 1994 and the Nitrogen Oxide (NOx) emission limits were set at 0.6g/m for cars and 1.53g/m for trucks. Vehicles released in 2004 were subject to Tier 2 Emission Standards which set the NOx emission limits at 0.07g/m. For vehicles that will be manufactured in 2025, Tier 3 Emission Standards sets the emission limits of NOx at 0.03g/m. A detailed report of the emission standards is presented below.

Nitrogen Oxide Emission Standards for Model Year 1994 Vehicles

  • In 1990, the congress amended the Clean Air Act to tighten emission standards. The new standards were code-named Tier 1 Emission Standards and applied to all light-duty vehicles of the model year 1994.
  • Tier 1 standards measured NOx emissions in grams/mile and the standard for diesel passenger cars and trucks weighing under 3,750 lbs was set at 1.25g/m. For gasoline passenger cars and trucks weighing under 3,750 lbs, the NOx emission standard was 0.6g/m.
  • Both gasoline and diesel trucks weighing 3,750 lbs and 5,750lbs were restricted to NOx emissions of 0.97g/m and 0.98g/m respectively. Diesel and gasoline trucks weighing over 5,750 lbs had their standard set at 1.53g/m.

Nitrogen Oxide Emission Standards for Model Year 2004 Vehicles

  • In 1999, the US EPA proposed an updated set of NOx emission regulations to be applied to the model year 2004 vehicles. It was code-named Tier 2 Emission Standards and it introduced more strict measures compared to Tier 1 Standards.
  • All vehicles were subjected to the same standard regardless of size and fuel used. The NOx emission standard was set at 0.07g/m. Compared to the previous standard, this was a 77% reduction in NOx emissions.
  • Tier 2 Emission Standards extended the scope of vehicles covered to include those between 8,570 lbs and 10,000 lbs. These were newer vehicles like passenger vans and SUVs used as means of personal transport.

Nitrogen Oxide Emission Standards for Model Year 2025 Vehicles

  • In March 2013, the US EPA proposed Tier 3 Emission Standards which was signed into law in 2014. It is a comprehensive approach towards reducing vehicle emissions and regards vehicles as integrated systems.

Research Strategy

In order to determine the smog standards set by the US EPA for NOx emissions for new cars released in 1994, 2004, and for 2025 models, we consulted the web for publications, reports, and press releases detailing these regulations. We also scanned the US EPA website for archived and current web pages with information on the emission standards. We were able to find the required information for all the three phases of emission standards. Considering the age of requested information, we have used an older source from the US EPA website archives. However, the information obtained from the website is congruent with 2019 sources detailing the chronology of NOx emission standards.


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The North American EV Market - Public Transit Buses (EV)

Approximately 1,005 units and 5,734 units of electric public transit buses are expected to be sold in the US in 2025 and 2030, respectively.

US Electric Public Transit Buses Market

  • The size of the U.S. electric public transit bus market was estimated to be $445.7 million in 2018.
  • In 2025, the size of the U.S. electric public transit bus market is projected to be $1.054 billion.
  • The size of the U.S. electric public transit bus market is projected to reach $1.948 billion in 2030.
  • About 96 units of electric public transit buses were sold in the United States in 2018.
  • Estimates indicate that the number of electric public transit buses to be sold in 2025 and 2030 will be roughly 1,005 units and 5,734 units, respectively.

RESEARCH STRATEGY

The research team determined that the projected market size and number of units of electric public transit buses in the US for the years 2018, 2025, and 2030, was not available. Therefore, using available metrics, such as the current market size and the volume of units in the country, we triangulated the results as below:

Determining the Growth Rate (CAGR) of the U.S. Electric Public Transit Bus Market

Assuming that the global growth rate (CAGR) for the electric public transit bus market, 2018 -2030, will be similar across all the key regions (China, India, US, and Europe), the applicable CAGR is roughly 13.08%, calculated using the CAGR calculator, where the initial value (i) is $35 billion, the final value (f) is $153 billion, and the no. of periods (n) is 12 (2018-2030).

Size of the global electric public transit bus market, 2018 — $35 billion
Size of the global electric public transit bus market, 2030 — $153 billion

Determining the Current and Projected Size of the U.S. Electric Public Transit Bus Market — 2025 and 2030

Market size 2018 — $445.7 million

Using the CAGR calculator to triangulate the market size for 2025 and 2030;

Market size 2025 — $1.054 billion, where the initial value (i) is $445.7 million, the CAGR is 13.08%, and the no. of periods (n) is 7 (2018-2025).
Market size 2030 — $1.948 billion, where the initial value (i) is $445.7 million, the CAGR is 13.08%, and the no. of periods (n) is 12 (2018-2030).

Determining the Current and Projected No. of Units Sold

The number of electric public transit buses in the United States is expected to increase from 300 units in 2018 to 19,500 units in 2030, growing at a CAGR of 41.60% — estimated using the CAGR calculator, where the initial value (i) is 300 units, the final value (f) is 19,500 units, and the no. of periods (n) is 12 (2018-2030).

2018 - 300 units
2024 – 2,419 units, calculated using the CAGR calculator, where (i) is X, the CAGR is 41.60%, and (n) is 6 (2018-2024).
2025 – 3,424 units, calculated using the CAGR calculator, where (i) is X, the CAGR is 41.60%, and (n) is 7 (2018-2025).
2029 – 13,766 units, calculated using the CAGR calculator, where (i) is X, the CAGR is 41.60%, and (n) is 11 (2018-2029).
2030 - 19,500 units
According to BloombergNEF, the "e-bus fleet grew about 32% in 2018" to reach 300 units. Therefore, in the same year, 96 units (32%*300) of electric public transit buses were sold in the United States.
The no. of units sold in 2025 is projected to be roughly 1,005 units (3,424-2,419).
The no. of units sold in 2030 is projected to be roughly 5,734 units (19,500-13,766).
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The North American EV Market - Scooters (EV)

The 2018 size of the US electric scooter market is estimated to be $131.58 million. By 2025 and 2030, the market sizes are estimated to be $384.7 million and $763.74 million respectively. It is estimated that a total of 8,090 electric scooters were sold in the US in 2018; and by 2025 and 2030, a total of 9,540 and 43,126 electric scooters will be sold respectively.

Useful Findings

  • It is projected that from 2019 through 2030, the North American electric scooter (e-scooter) market will grow at a CAGR (Compound Annual Growth Rate) of 14.7%.
  • The US accounts for about 85% of the North American e-scooter and e-motorcycle market.
  • In 2015 alone, a total of 4,934 e-scooters were sold in the US. It is estimated that by 2024, a total of 21,756 units will be sold.
  • In 2015 alone, 2,021 e-motorcycles were sold in the US. It is estimated that by 2024, a total of 37,667 units will be sold.
  • As of 2018, the size of the North American e-scooter and e-motorcycle market was $154.8 million. The market is projected to grow at a CAGR of 28.4% from 2019 through 2024.

Research Strategy

To fulfill this research, your research team began by consulting credible market report and industry data providers such as, BusinessWire, PRNewswire, Statista, and Grand View Research to find market studies and publications that provide the current market size as well as the growth rate of the US electric scooter market, which we could use to calculate the 2025 and 2030 market sizes. This approach failed to yield any information specific to the current size, the future size, or the growth rate of the US electric scooter market. The only results yielded by this approach were those that provided information on the current and future states of the North American and global electric scooter market. However, these data were insufficient to provide or calculate an estimate for the current and future market size of the market.
Going further, we searched for studies, interviews, and surveys regarding the preferences of younger generations such as the iGeneration, Generation Z, and Millennials, since they are the most likely population to dominate the use of the form of transportation that require electric scooters. This led us to a publication on the motivations of Millennials when considering the means of transportation to take, as it concerns environmental impacts and considerations. The study showed that 24% agrees that it is better to use a motor scooter or moped for transportation purposes because it is better for the environment, while 36% agree that they are more willing to use public transits compared to other transportation options because it affords them more opportunity to socialize while traveling. Unfortunately, the insights gathered from this approach were not enough to give a clear understanding of the size of the market and the future market growth of electric scooters in the US.
As a final step, we sought to determine the future trends of micromobility that are most likely to impact or act as a significant determinant of the use of electric scooters as an option for addressing the challenges of micromobility. We found a Deloitte publication that discussed the evolution of micromobility in the US. The publication revealed that as of late 2018, the University of Georgia and the Arizona State University had each seized about 1,000 scooters. Also, a San Francisco board of supervisors put a temporary ban on all scooters and afterward, they passed a local law that requires companies that operate powered or shared scooters to acquire permits. Once more, these insights were insufficient to determine the current market size or the future market growth rate of electric scooters in the US. However, by making some logical assumptions and combining the insights gathered throughout the research, we were able to calculate an estimate for the current market size, as well as the market sizes in 2025 and 2030.

Calculations and Assumptions

The number of e-scooters sold in the US in 2015 was 4,934. By 2024, the number of e-scooters sold is projected to be grow to 21,756. To get the number of e-scooters sold in 2018, the CAGR has to be calculated using a CAGR calculator, where the initial value = 4,934; the final value = 21,756; the number of periods = 9 (2024 – 2015). This equates to a CAGR of 17.92%. To get the number of e-scooters sold in 2018, then, the CAGR calculator is used again, where, this time, the CAGR = 17.92% (as calculated above), the initial value = 4,934, and the number of periods = 3 (2018 – 2015). This gives the final value, that is, the number of e-scooters sold in 2018 as 8,090. The number of e-scooters sold in 2019 is 9,540 where the CAGR = 17.92%, the number of periods = 4 (2019 – 2015), and the initial value = 4,934.
Also, the number of e-motorcycles sold in the US in 2015 was 2,021. This number is projected to grow to 37,667 by 2024. To get the number of e-motorcycles sold in 2018, the CAGR is calculated using a CAGR calculator, where the initial value = 2,021; the final value = 37,667; the number of periods = 9 (2024 – 2015). This yields the CAGR as 38.41%. To get the number of e-motorcycles sold in 2018, then, the CAGR calculator is used again, where, this time, the CAGR = 38.41% (as calculated above), the initial value = 2,021, and the number of periods = 3 (2018 – 2015). This gives the final value, that is, the number of e-motorcycles sold in 2018 as 5,359.
The total number of e-scooters and e-motorcycles sold in the US in 2018 = 8,090 + 5,359 = 13,449. The number of e-scooters sold represents a share of (8,090/13,449) * 100 = 60.15%. This means that e-scooters account for a market share of 60.15% in the US e-scooter and e-motorcycle market size in 2018.
In 2018, the North American e-scooter and e-motorcycle market had a size of $154.8 million, and the market is estimated to grow at a CAGR of 28.4% through 2024. However, the US accounts for 85% of this market. That is, 0.85 * $154.8 million = $131.58 million, this is the 2018 US e-scooter and e-motorcycle market size. As calculated above, e-scooters account for 60.15% of the e-scooter and e-motorcycle market in the US. Thus, the 2018 US market size for e-scooters is 60.15% of $131.58 million, that is, 0.6015 * $131.58 million = $79.15 million. Also, using a CAGR calculator, the 2019 size of the North American e-scooters and e-motorcycles market is calculated as $198.76 million (the final value) where the initial value = $154.8 million, the CAGR = 28.4%, and the number of periods = 1 (2019 – 2018).
Since the US market accounts for a majority (85%) of the North American market, it can be assumed that the US market will grow at the same rate as the North American market from 2019 through 2030, that is, at 14.7%. Thus, using a CAGR calculator, the 2025 size of the North American electric scooters market = $452.59 million, where the initial value = $198.76, the number of periods = 6 (2025 – 2019), and the CAGR = 147%.
Also, the 2030 size of the North American electric scooters market = $898.52 million, where the initial value = $198.76 million (the 2019 size of the North American market), the CAGR = 14.7%, and the number of periods = 11 (2030 – 2019). By assuming that the US will maintain its dominance (85%) of the electric scooter market, the 2025 and 2030 sizes of the US electric scooter market can be estimated as 85% of $452.59 million and $898.52 million respectively. That is, 0.85 * $452.59 million = $384.7 million, and 0.85 * $898.52 million = $763.74 million respectively.
As calculated above, the number of electric scooters sold in the US in 2019 is 9,540. The most recent data available reveals that the North American electric scooter market will grow from 2019 through 2030 at a CAGR of 14.7%. Since the US accounts for a majority of the North American market, the number of electric scooters sold in the US in 2025 and 2030 can be calculated by assuming that the number of electric scooters sold will grow at the same rate as the market, that is, at a CAGR of 14.7%. By using a CAGR calculator, the number of electric scooters sold in 2025 is 21,723; where the CAGR = 14.7%, the initial value = 9,540, and the number of periods = 6 (2025 – 2019). Also, the number of electric scooters sold in 2030 is 43,126; where the CAGR = 14.7%, the initial value = 9,540, and the number of periods = 11 (2030 – 2019).

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The North American EV Market - Cars (EV)

The following analysis outlines the current and projected market size of EV cars in the United States over the next ten years. In 2018, EV cars had a market size of 1.2% ($9.02 billion). By 2025, that market size is expected to increase to 7.6% ($57.15 billion). And in 2030, the market share will reach 26.6% ($200.23 billion).

Total cars on the road in 2018, 2025, and 2030

Market Size of Electric Cars in 2018, 2025, & 2030

  • The market size for EV cars in 2018 was 1.2%. In 2018, the US motor vehicle manufacturing's gross output stood at $752 billion. EV cars had a $9.02 billion market size in the United States in 2018.
  • The market size for EV cars in 2026 is projected to be 7.6%.
  • We were unable to find any reliable projects for the future of the US auto industry overall. Assuming stability in the overall motor vehicle industry, the market size will increase to a $57.15 billion market size in 2025.
  • A projected market size for EV cars in 2030 was unavailable in research, but we were able to triangulate based on established information.
  • EV cars are expected to make up 26.6% of the market size by 2030 or $200.23 billion.

Research Strategy

Included are the calculations we relied on in calculating EV cars market size. To determine the 2018 market size dollar amount: $752 billion x 1.2% market size = $9.02 billion.

To reach the 2025 market size figure, we used the 2018 overall US auto industry gross output: $752 billion x 7.6% market size = $57.15 billion

The 2030 market size figure used that same output paired with the compound annual growth rate of the North American EV car market, which is established at 28.5%.

2025 EV car value: $57.15 billion; CAGR of 28.5%. $57.15 billion x 28.5%(2030-2025) = $200.23 billion EV car market size in 2030. This makes up (200.23/752) = 26.6% of the market size in 2030.
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The North American EV Market - Trucks (EV)

According to USA Today, the first electric truck could be launched in 2020 by Rivian. Based on the calculations detailed below, about 612,500 and 3.5 million units of electric trucks would be sold in the U.S. in 2025 and 2030, respectively. Additionally, about $21.8 billion and $119.2 billion would be generated by the electric truck market in the United States in 2025 and 2030, respectively.

2018

  • Based on information provided by credible industry-focused resources such as Car and Driver and mainstream media publications including USA Today, there are no electric trucks on the U.S. market currently.
  • According to USA Today, the first electric truck could be launched in 2020 by Rivian. The startup, which enjoys backing from high-profile investors such as Amazon and Ford, is set to begin production of its R1T electric truck in 2020.
  • According to Car and Driver, General Motors, Ford, Lordstown Motors, Tesla, and Bollinger are also among companies that are expected to begin production of electric trucks in coming years.
  • The International Energy Agency (IEA) estimates that there was between 1,000 and 2,000 electric trucks on the market globally in 2018, mostly concentrated in China.

Units Sold

  • About 2.94 million conventional trucks were sold in the U.S. in 2018. Being that about 16.8 million conventional vehicles were sold in the U.S. in 2018, then trucks accounted for about 17.5% (2,944,400/16,800,000) of the market. The guiding assumption was that the share of electric truck sales in the EV market would be similar to the share of conventional trucks in the overall U.S. auto market. Another assumption was that the share of electric trucks in EV market would remain constant despite the growth in the segment.

2025

  • According to EVAdoption, 3.5 million electric vehicles will be sold in the United States in 2025. Taking the share of electric trucks to be 17.5%, then the number of electric trucks sold in 2025 = 17.5% X 3,500,000 = 612,500 units.

2030

  • According to EVAdoption, the sale of EV is expected to grow from 325,000 units in 2018 to 3.5 million units in 2025. Using a CAGR calculator, this represents a growth of about 40.43%. If the growth follows the same trend, then the number of units sold in 2030 would be about 3,345,073 units from 612,500 units in 2025 using a Reverse CAGR calculator.

Revenue

  • The sale of electric vehicles is expected to generate about $567 billion in 2025, globally. Being that the U.S. accounts for about 22% of the global EV market (and assuming that the trend remains constant), then the revenue generated in the United States in 2025 = 22% X $567,000,000,000 = $124,740,000,000.

2025

  • Taking the share of electric trucks in the U.S. to be 17.5%, then the revenue generated by electric trucks in 2025 = 17.5% X $124,740,000,000 = $21,829,500,000.

2030

  • Taking the 40.43% CAGR, then the revenue generated from the sales of electric trucks in the United States in 2030 would be about $119,218,394,140 using a CAGR calculator.

RESEARCH STRATEGY

The research team searched through the public domain for any information on the market size and the number of units sold of electric trucks in 2018, 2025, and 2030. Our research entailed searching through market research reports, industry-focused resources (both auto and energy), media resources, and statistics resources, among others. However, there was no readily-available information on the subject and most sites that seemed to contain the information, such as this Goldstein Research report, were behind paywalls.

Since we could not find the desired information, we combined the data that we could find from paywalled and free-to-view reports to triangulate estimates. Kindly note that these are estimates meant to provide an overview of the market. Our assumptions and calculations are detailed above. The information is missing probably because the electric truck market is not yet established both in the United States and globally. According to USA Today, the first electric truck could be launched in 2020 by Rivian.
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The North American EV Market - Venture Capital Investments (2017)

US venture capital (VC) investments in EV startups and companies in 2017 totaled approximately $681 million across 35 separate deals.

Overview

  • According to venture capital researcher PitchBook, US venture capital investments in EV startups and companies in 2017 totaled approximately $681 million.
  • This figure was calculated by adding total related angel/seed ($84.39 million), early-stage ($194.25 million) and later-stage ($402.36 million) VC investments.
  • Meanwhile, this capital injection was distributed across 35 separate deals, which was similarly calculated by adding total angel/seed, early-stage and later-stage deals.
  • The majority of VC deal volume in EV startups and companies was at the angel or seed stage, with a total of 15 such deals in 2017.
  • Otherwise, a total of 10 deals were early investments, and another 10 represented later-stage VC investments.
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The North American EV Market - Venture Capital Investments (2018)

After exhaustive research, information about venture capital investments in 2018 was scarce and often obscure. However, the total number of investments in the EV space in the United States during the first two quarters of 2018 amounted to 13 investments, including angel/seeding, early VC, and later VC.

Venture Capital Investments — Electric Vehicles/2018

  • Venture capital investments in energy technologies are rising. Electric vehicles, in particular, are becoming more popular investments, surpassing previous leaders, such as solar energy.
  • It is estimated that venture capital investments made available to electric mobility companies in 2018 amounted to roughly $3.5 billion in North America, with U.S. electric vehicle companies taking over $2 billion in the first two quarters of 2018.
  • During the first two quarters of 2018, the total number of investments amounted to 13 in the U.S., including angel/seeding (5), early VC (3), and later VC (5).
  • Crunchbase estimates that there were 142 global venture capital deals by companies in the EV or related categories in 2018.
  • The company that received the most significant venture investment in 2018 in North America was California-based Lucid Motors, which received $1 billion from the Saudi Public Investment Fund.
  • KPMG notes that urban mobility was at the center of VC investment globally, with electric vehicles gaining significant recognition. The company points out that there were 159 global venture financing of urban mobility companies deals, in a total of $22.1 billion in 2018.

Research Strategy

We were unable to track the total number of investments in North America or the U.S. in 2018. We faced several challenges during our efforts, such as different definitions of what would constitute the EV category, conflicting numbers, and a lack of precise information for North America, as most sources report either globally or by investment, and the ones that seemingly provide the information requested are behind paywalls. Even Tech Crunch noted that data provided by Pitchbook, which was one of the most relevant sources of publicly available data, was “somewhat fuzzy and imprecise.” The following information presents details about our methodology.

We commenced our research by looking for direct and publicly available data about the total value and number of venture capital investments in the EV space in 2018 in the U.S. Although we could find plenty of information regarding unique investments and global data, information about the U.S. total was scarce and when available, only accounted for smaller periods.

Next, we broadened our research to include North America. With this approach, we were able to locate one source that estimates the total investment to be around $3.5 billion (important to note that there are conflicting reports about the overall global value). We gathered data mostly from Lux Research and Pitchbook, as both presented somewhat consistent information, in comparison to others. Lux Research predicts the total amount of electric mobility venture capital investment was around $3.5 billion in North America and $9.8 billion globally in 2018 (including different vehicles, such as cars and scooters). Pitchbook doesn’t publicly disclose the total value In North America for the year; however, it indicates an estimate for the first two quarters of 2018, amounting to $2 billion (U.S.). Since Lux was the source providing direct data, we opted to include its findings.

We were still missing the total number of investments. We applied the same approach as before (trying to locate U.S. data and then expanding to North America); however, results didn’t provide new insights. We then divided our research by type (e.g., seed, early-stage, etc.), hoping a more narrow approach would result in more precise findings. Crunchbase offers some insights about the number of investment rounds globally. Overall, our efforts didn’t add much to our conclusions.

Next, we checked the most active venture capital investors in 2018, including most active Lead Investors, Seed Stage Investors, Early Stage Investors, and Late Stage Investors in 2018. We attempted to locate their activities regarding EV in the last two quarters of 2018, hoping to it would allow us to complete the progression line Pitchbook started. Still, our efforts didn’t grant us enough insights to reach a conclusion.

Our next strategy was to attempt two different triangulations with the information we gathered. Crunchbase estimates that there were 142 global deals in venture capital funding raised by companies in Crunchbase’s Electric Vehicle and related companies' category in 2018. Using the previously informed 35% figure, that would lead us to a total number of 49 investments (35% of 142 = roughly 49). However, some variables prevented us from presenting this figure in our findings: First, there is the possibility that some of the companies receiving funding may not be part of Crunchbase’s database, albeit unlikely; and two, there is no way to ensure that the percentage of the total value would correlate to the total number of investments since, as mentioned, some companies are receiving large sums of investment.

Through Pitchbook data, we found the information from the first two quarters, totaling 13, including angel/seed, early VC and Later VC investments in the U.S. If the same movement continued throughout the last two quarters, it would account for about 26 investments in the US alone. We weren’t able to verify the progression line, which is why we chose to present the information for the first two quarters as a helpful finding instead of a possibly wrong triangulation.

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The North American EV Market - Venture Capital Investments (2019)

After an exhaustive search through publicly available sources, the data for the total value and the total number of venture capital investments that were made available to EV startups or companies in 2019 could not be found. Some of the helpful details that were found during the research are mentioned below:

The North American EV Market — Venture Capital Investments (2019): Helpful Findings

  • A recently published article by Reuters, November 2019, mentioned that although the demand for electric vehicles remains low in the US market, as per the "industry executives at the New York auto show" there would still be billions of dollars invested in the EV space.
  • As mentioned in an article by Green Tech Media, 2019, between 2010 through the first half of 2019 (H1), a total of $1.7 billion venture fund was invested in EV infrastructure companies.
  • According to WoodMac’s database, there are about 61 charging infrastructure startups which raised "133 investment rounds over the last decade."
  • However, in 29% of funding rounds the funding amount remained undisclosed, indicating that the "total is definitely higher than the confirmed tally of $1.7 billion."
  • The electric vehicle startup Rivian raised a $350 million equity investment from Cox Automotive.
  • Ford invested $500 million in Rivian.
  • Additionally, Amazon "led a $700 million investment round in Rivian" in 2019.
  • In the United States, GM is investing a large amount of money in the "development of its EV platform, putting $300 million into a Detroit assembly plant."
  • The investment is mainly to prepare for bringing 20 EV models to market probably by 2023.
  • Ford has announced that it will invest $11 billion into electric vehicle technology by 2022. It has planned to "introduce 40 EV models by the end of 2022."


Research Strategy:

While looking for the total value and a total number of venture capital investments that were made available to EV startups or companies in 2019, we found some of the recent investments made in one of the EV startups Rivian. We also found some future announcements for the investments in EV space. However, none of the sources revealed the desired information on the total value and the total number of venture capital investments that were made available to EV startups or companies in 2019. Some of the notable sources that we searched through include Forbes, Tech Crunch, Automotive Testing, Business Insider, CB Insights, and others.

Next, we decided to expand the research criteria and look for the data for North America through TechCrunch, Tracxn, Pitchbook, Bloomberg, Green Tech Media, and others. Through this research, we came up with an article titled "2019 was the year electric cars grew up" revealing that in 2019, electric cars "had their biggest year ever" and that over the next five years, automakers and the suppliers have planned to collectively put $225 billion for EV investments. But none of the above-mentioned sources could provide the desired data for the total value and total number of venture capital investments that were made available to EV startups or companies in 2019 in North America region. Therefore, this strategy also could not provide the desired data.

During our research, we found the total investments in EV space in the recent three years from Tracxn i.e. "electric vehicles is also one of the most active sectors for investors, with overall funding of $50 billion in just 700+ companies." Most notably, it has been found that "nearly 75% of the funding has been raised in the recent 3 years (2017-2019), attracting significant investments since 2016."

Based on the above data, we decided to triangulate the required information. For this, we first tried to get the US data. The idea was to then subtract the data for investments in EV space for 2017 and 2018 (from the previous requests) from the 75% of the total investments that have had happened in the recent 3 years as mentioned above to get the total investments in the EV space in 2019. But unfortunately, we could not get the US or North America data and also, the previous request could not specify the data for 2018 (though 2017 data was there). So, this strategy did not work.




Part
12
of fourteen
Part
12

The North American EV Market - MaaS Platforms (2025)

In the United States, the MaaS market is expected to grow to $170 billion USD by 2025 with an estimated 917 MaaS platforms. Details of the market and key players have been provided below.

Market Size

  • The United States Mobility as a Service (MaaS) market is expected to reach $170 billion USD in 2025.
  • The global MaaS market was valued at $38.76 billion USD in 2017.
  • By 2018, the global market had increased to $42.3 billion USD with a CAGR of 23.79% between 2019 and 2026.
  • By 2025, the MaaS market in the United States is expected to grow to $358.35 billion USD.
  • This market includes the following segments; self-driving car service, ride-hailing, car-sharing, bi-cycle sharing, and bus sharing.

Platforms

  • In 2019, there were approximately 392 MaaS platforms in the United States. Using the market CAGR we estimate that the number of platforms will grow to 917 by 2025.
  • In 2019, Uber dominated the market with over 70% market share.
  • The leading MaaS platforms in the United States include Uber, Lyft, and Bidj.
  • Global key players include Whim App, UbiGo AB, SkedGo Pty Ltd., Moovel Group GmBH, Lyft, Inc., Uber Technologies, Inc., Ola, Shuttl, Splyt Technologies Ltd., Transit Systems Pty Ltd., Smile Mobility, Qixxit, and Beeline Singapore.

Research Strategy

In order to determine the projected market size of the United States or North American MaaS industry as well as the projected number of platforms by 2025, we began our research by scouring market research databases. These databases included Market Watch, PRNewswire, Globenewswire, Statista, and Reports and Data. Through this search, we were able to find the United States projections for 2025 and 2030 and the global market size and projected growth. However, the only data found through this search regarding platforms was the key players globally and in the United States.

We continued our search by scouring news publications relating to MaaS platforms in the United States. Sources searched included Business Wire, Forbes, Metro Magazine, and more. Through this search, we were only able to find the market share of Uber in the United States. Most of these publications discussed current trends in the market, what public transportation companies are doing in the MaaS space, and how companies are going about developing new apps and platforms. No additional information was found through this search.

Finally, we attempted to triangulate the information by finding the current number of MaaS platforms in the United States that we could apply the CAGR in order to calculate an estimated projection for 2025. We analyzed apps on platforms like SearchMan, SensorTower, and GetApp in order to triangulate a total number of MaaS platforms. Through this search, we found that there are currently 392 platforms in the United States that fit into the MaaS industry. If we assume that these platforms will grow with the same CAGR as the overall market, we can calculate 392 platforms with a CAGR of 23.7% to get 917 platforms by 2025.
Part
13
of fourteen
Part
13

The North American EV Market - MaaS Platforms (2030)

North American for MaaS Platforms in 2030 is estimated to be worth between $9 billion and $21.36 billion.

MaaS platforms 2030 market size

  • The market size for 2030 regarding MaaS platforms ranges based on different market reports. According to Research and Markets, the global MaaS platform market is expected to reach $106.8 billion by 2030, while Frost & Sullivan projects the market to only be worth $34.53 billion by 2030.
  • When it comes to the North American market size, Frost & Sullivan projects the market to be worth $9 billion by 2030. On the other hand, a report by Reports & Data states the North American market will occupy a share of 20% in the $106.8 billion global market, or $21.36 billion (0.2 x $106.8 billion).

Number of MaaS platforms in 2030

  • The number of MaaS platforms is not expected to grow at the same growth rate as the overall market.
  • The North American market is expected to grow at a CAGR of 64.8% for the period of 2018 to 2030. However, there are still a lot of challenges that need to be solved before MaaS truly realizes its potential, the main one coming from legislators and government resistance. This may impact the short-term growth of the number of MaaS companies in the US and North America.
  • The biggest reasons why companies and investors will be less inclined to open new MaaS platforms in North America is due to the strong reliance on car ownership in the US, the lack of broad and modern public transit, and the Title 6 of the Civil Rights Act of 1964 where transit agencies are forced to ensure MaaS solutions are available for all citizens, including those who don’t have bank accounts or want to pay by cash.

Research methodology

We were unable to find the total unit number of MaaS platforms estimated to be on the North American market in 2030. The primary reason for this is the fact that there is no current tally of MaaS platforms available which makes any kind of triangulation not possible. Additionally, market reports and industry articles are stating that while the market will grow massively by 2030, the number of companies will not grow proportionately to the total market revenue due to government regulation, barriers to entry, and the incumbent companies already occupying a large share of the market (such is the case with Uber occupying 70% of the MaaS market in the US).

We applied three different strategies in order to find out the total unit number of MaaS platforms estimated to be on the North American market in 2030. First, we looked into market research reports for the EV market and for MaaS platforms. Markets reports are focused on the total market size according to revenue for the market and do not try to estimate the number of companies present on the market due to ever-changing market conditions and external influences, as explained above. Secondly, we looked into industry articles and reports into the MaaS platforms in order to understand whether the projected CAGR for the market corresponds to the CAGR regarding the number of companies estimated to exist in 2030. While industry research stated that there is still a lot of resistance from governments and legislators, which could impact the industry's growth, no other data was provided. Finally, we looked into reports by the biggest consultancy firms as they often include lists of the players in certain markets, as well as projections for growth. However, reports by McKinsey and KPMG gave no further insight into the number of MaaS platforms expected to be operating in the US by 2030.
Part
14
of fourteen
Part
14

The North American EV Market - MaaS Platforms (2018)

The North American MaaS platform was worth $8.46 billion in 2018 with approximately 16 companies operating in North America as MaaS platforms.

North American MaaS platforms market

  • According to Research and Markets, the global MaaS platform market in 2018 was $42.3 billion.
  • When it comes to the North American market size, a report by Reports & Data states the North American market occupies a share of 20% in the global market. This translates to $8.46 billion (0.2 x $42.3 billion).

Number of MaaS platforms

In order to be able to understand the number of MaaS platforms, we looked into industry alliances and lists of MaaS companies already available, and then also looked into industry databases such as Crunchbase and Owler in order to understand which companies operate as MaaS platforms.
  • The largest companies currently operating as MaaS platforms are Uber, Lyft, and Whim.
  • Newer entrants include Skipp Prototype, Carshare, Car2Go, Zipcar, UberHOP, Line Six Transit, RideCo, Citymapper, and Transit App.
  • Additional MaaS platforms mentioned in the media that are operating in the North American market include Bird Scooters and LouVelo Bike Share, and the Transit Authority of River City MaaS platform.
  • Moovit states on their website they are the "world's leading urban mobility app for Android and iOS."
  • According to the President of American Public Transportation Association, there is a lack of MaaS platforms available in North America, with Europe posing as the leader in MaaS platforms globally.
  • Crunchbase and Owler do not list any further companies in the MaaS platform space which are focused on MaaS as a platform that integrates all transportation modes into one application, thereby making it easier to navigate around the city.
  • According to the listed companies above, the current number of companies operating in North America as MaaS platforms is 16.
Sources
Sources

From Part 03
Quotes
  • "These apps will make your travel smooth with options like fare-split options, Liability insurance, multiple payment options, and more."
Quotes
  • "Your guide to the many ride-share services, which let you summon your own driver from your smartphone."
Quotes
  • "According to a 2018 survey, 36 percent of U.S. adults used ride-sharing apps like Uber and Lyft. This is more than twice the share of the population who used ridesharing apps in 2015. "
Quotes
  • "Uber’s full-year revenue for 2018 was $11.3 billion, up 43 percent from the prior year."
Quotes
  • "Despite being almost synonymous with the ridesharing industry, Uber’s share of the U.S. market has been declining, falling from 74 percent in September 2017 to 69.7 percent in October 2019. This loss has been to the benefit of Lyft, whose market share stood at 28.8 percent in that same month. "
Quotes
  • "If you want to know who uses Uber, how they use it, and how much money the ridesharing giant is bringing in, then read our compilation of Uber statistics below."
Quotes
  • "Uber has worldwide impact and currently exists in more than 83 countries and over 855 cities of the world."
Quotes
  • "Lyft’s revenue was $2.16 billion for 2018, double the previous year and up 528 percent from $343 million in 2016."
Quotes
  • "While not as big as Uber, the San Francisco company has put up some substantial numbers in its 6 years of existence."
Quotes
  • "Lyft boasts a robust passenger base in the US, commanding a significant share of the market – 29-35% as of early 2019, depending on who you ask."
Quotes
  • "Just like rideshare apps revolutionized the way riders call a car, Curb is revolutionizing the way that riders hail and use a taxi."
Quotes
  • "After spreading the news of its arrival in-person at the local Walmart and University of Texas-Arlington campus, Via completed 118,000 rides in its first year of service."