The Registrations of hybrid vehicles in United States of America attained a value of 506,514.68 Units in 2020
The indicator recorded a historical growth (CAGR) of 12% 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, 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. Demand in the hybrid and electric cars market contracted in 2020 as consumers refrained from the purchase of big-ticket items amid suppressed income and weak consumer confidence due to the outbreak of the COVID-19 pandemic.
The sales of hybrid and electric cars will continue to grow strongly over the coming years given that further cost reductions in battery technologies will allow purchase prices to converge with those of ICE cars. In fact, manufacturers and industry experts expect that before the end of the forecast period, battery pack prices will fall below $100 per kWh, which is considered as the crucial, inflection point for electrified cars to reach cost parity with ICE cars.
The scheduled release of new models by Ford, Volkswagen, Tesla and Mercedes, such as the Tesla Model Y, AUDI e-Tron, BMW i4, Volkswagen ID Crozz, and Mercedes Benz EQ Series over the next three years is expected to stimulate demand. Moreover, the market’s push in the SUV segment with the expected launch of Porsche Taycan, Ford Mustang Mach-E and Tesla’s Cybertruck could attract new buyers.
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 hybrid cars segment refers to all types of hybrid electric cars such as plug-in hybrid electric vehicles (PHEVs), Extended Range Electric Vehicles (EREVs) and standard Hybrid Electric Vehicles (HEVs). Other alternative fuel vehicles (e.g. LPG or Hydrogen fuel cell) are not included.
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