The Registrations of electric/fuel cell vehicles in United States of America attained a value of 231,549.57 Units in 2020
The indicator recorded a historical growth (CAGR) of 5.32% between 2017 to 2020, and is expected to grow by...
GlobalData projects the indicator to grow at a CAGR of...
Automotive Industry in the United States of America
The US hybrid and electric cars market declined in 2020, with the volume of sales down, as a result of the COVID-19 pandemic. The market is set to return to strong growth rates from 2021 based on the recovery of consumer spending, with the adoption of hybrid and electric cars to increase further in line with their rising affordability and the expansion of the charging infrastructure.
Electric cars’ adoption has been strongly increasing as their purchase prices have been decreasing in line with cost reductions made through advances in battery technology. Additionally, the continuous expansion of the charging infrastructure along with the increased range capacities of new offerings, have also helped to recede consumers’ concerns over their utility.
The typically higher price of an electric car compared to an equivalent internal combustion car has been the biggest barrier for their adoption so far. As large ticket items, with higher price points than ICE cars, hybrid and electric cars are considered luxury goods of greater dispensability. This means that consumers are highly price-sensitive towards the purchase of hybrid and electric cars, while the adoption of those cars is highly correlated with the disposable income level of consumers. In the US, consumers have a high disposable income, which means that their price sensitivity is relatively reduced.
Battery pack designs are complex and vary across manufacturers – LCO, LFP, NMC-111, and NMC-622 are the most popular types – there are certain critical raw materials for their production. These are lithium, nickel, cobalt and graphite. The prices of these critical raw materials have been fluctuating in the past few years, placing pressure on manufacturers' margins, and that is indicative of the power of raw material suppliers. In detail, the relative scarcity of lithium and cobalt and their high concentration in a handful of countries, where they are mainly mined and traded by a few large companies, increases the power of those suppliers significantly, as well as the price volatility of those materials.
The hybrid and electric cars market consists of the initial retail sale/registration of new electric and hybrid passenger cars. Passenger cars include saloons, hatchbacks, SUVs, 4x4s and other related vehicles. The electric cars segment refers to all-electric vehicles only, namely Battery Electric Vehicles (BEVs).
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