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Friday, 20 November 2020 19:54

U.S. Electric Vehicles Market Set to Register Nearly Five-Fold Growth by 2025, Says Frost & Sullivan

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Frost & Sullivan's recent analysis, "Transitory Trends in the Electric Vehicle Ecosystem in the United States, 2025," finds the electric vehicle (EV) market in the U.S. is expected to flourish, with government incentives driving EV ownership.

The study also examines various trends in EV sales since 2010, factors contributing to growth, the current charging infrastructure, the road ahead and much more.

 

The xEV market in the U.S. is estimated to register a nearly five-fold growth, reaching almost 7 million unit sales by 2025, from 1.4 million unit sales in 2020.

 

For further information on this analysis, click here.

 

"Over 90% of states offer incentives for setting up EV charging infrastructure," said Prajyot Sathe, industry manager, mobility practice at Frost & Sullivan. "Only a few states offer the usage of high-occupancy vehicle lanes. However, meaningful quality of life incentives and exemptions are offered across 39 states in the United States, including easier payment plans for the purchase of EVs, limited-time incentives to accelerate EV adoption/conversion and lack of requirements for emission inspections across several states.

 

"Mild hybrid electric vehicles (MHEVs) and full hybrid electric vehicles (FHEVs) will account for the maximum market share of 89.6% combined in the xEV market by 2025, with an almost equal split between them," Sathe added. "Additionally...


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