The electric vehicles market in the US is set to grow at a CAGR of 13% between 2019 to 2026 period. BEV segment is likely to grow the most.
In addition, favorable government policies and advancement in inbuilt technologies used in the vehicles is likely to make US as the future. leader in the market.
- Definition / Scope
- Market Overview
- Top Market Opportunities
- Market Trends
- Industry Challenges
- Other Key Market Trends
- Market Size and Forecast
- Market Outlook
- Competitive Factors
- Key Market Players
- Strategic Conclusion
Definition / Scope
Electric Vehicles are automobile technologies that are operated by the means of electricity and have different capabilities that can accommodate different drivers’ needs.
One of the major feature of EV is that it can be plugged in to charge from an off board electric power source. This differentiated them from hybrid electric vehicles which in turn have an internal combustion engine with battery power but cannot be plugged in.
Most of the AEV’s run only through electricity. General, lower range models can cover up to 80-100 miles whereas few luxury models have ranges up to 250 miles.
While those electric vehicles that run on batteries take up to 30 minutes (in fast charger) and could extend up to 1 day depending on charger and battery type.
- Types of EV’s: There are basically two types of Electric Vehicles (EV’s) also known as AEV’s (All Electric Vehicles) and PHEV’s (Plug-in Hybrid Electric Vehicles). AEV’s also include BEV known as Battery electric vehicles and another one is Fuel Cell Electric Vehicles also known as FCEV’s.
- AEVs (all-electric vehicles): These EV’s are driven by one or more electric motors. They get electricity by plugging into the grid and then store it in batteries. They don’t require consumption of petroleum-based fuel and produce no tailpipe emissions.
- Battery Electric Vehicles (BEV’s): They are also known as pure electric vehicles or only electric vehicle which uses chemical energy stored in rechargeable battery packs to operate the vehicle. BEV's also use electric motors or motor controllers instead of internal combustion engines for force.
- Fuel Cell Electric Vehicles (FCEV’s): These are type of EV which uses fuel cell instead of battery or sometimes in combination with battery or super capacitor to power its inbuilt electric motor.
- PHEVs (plug-in hybrid electric vehicles) use batteries to power an electric motor, plug into the electric grid to charge, and use a petroleum-based or alternative fuel to power the internal combustion engine. Some types of PHEVs are also called extended-range electric vehicles (EREVs).