Assessment of The United States Electric Vehicle Market 2021

May
2021
Assessment of the
United States Electric
Vehicle Market 2021
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Table of Contents
1. United States Electric Vehicle Market
o Overview
o Market Performance & Statistics
o Covid-19 Impact
o Outlook
o Industry Speak
2. Research Methodology
3. About Smart Research Insights

List of Charts and Graphs
1. United States Electric Vehicle Sales (2016 to 2020, Units)
2. United States Electric Vehicles Sales (January to June 2020, Units)
3. United States Best Plug-In Electric Vehicle, Based on New Registrations (2020,
Units)
4. United States Best-Selling Plug-in Electric Cars by Sales (2019, Units)
5. United States Plug-in Vehicle Sales (2011 to 2019, Units)
6. United States Battery Electric Vehicle Breakdown of Sales (%, 2019)
7. United States Top Selling Electric Vehicle Models (%, 2016)
8. United States Electric Vehicle Sales by State (October 2016, Units)

Overview
• Electric Vehicle (EV) is a vehicle that uses electric motor for driving. The vehicles are
powered by battery, solar panel or a generator to convert fuel into electricity. Electric
vehicles came into power in mid 19th century when electricity was the most preferred
source of energy for motor vehicles. However, the 20th century witnessed discovery of
vast petroleum resources which then became a popular fuel for vehicles. Recent demand
for sustainable source of energy has again led to the growing demand for electrical
vehicles and they are now playing a strong role in controlling pollution worldwide
• Electric cars were quite popular in the United States in the early 1900s. In that period,
the total number of electric cars sold were more than gasoline and steamed powered
cars. The year 1912 witnessed peak in the production of electric cars. However,
gradually cars driven by electricity experienced a fall in sale post 1935, as new models
of gasoline cars with modern features were launched in the market
• By 1990, the new environmental protection and emission regulations again made the
presence of electric vehicles felt and the automakers started taking interest in
alternatives to fuelled vehicles. Plug in electric vehicles have been actively supported by
the American Government and local the Counties. California is the largest electric
vehicle market in the United States followed by Georgia, Washington, Florida and Texas

Market Performance &
Statistics
2015 & 2016:
• During November 2015 to November 2016, more than 134,000 plug-in hybrid or
battery-powered cars were sold in the United States, recording the highest ever
sales. In November 2016, 542,000 electric cars were on the roads in the country,
forming approximately 0.22% of the total number of cars
• In 2016, 17.5 million cars were produced in the United States, out of which only
0.77% were electric cars. This indicates low penetration in the market, recording
1.51 registered plug-in cars per 1000 people
• The year 2016 saw a 38% year-on-year increase in the sales of electric vehicle,
following a decline in sales of 6% year-on-year in 2015. More than 50% of the
sales of electric vehicles were in California. The state follows a mandate of selling
a fixed percentage of zero-emission vehicle by the automakers
• In December 2016 more that 25000 EVs were sold which was a record high as
compared to the same month sales of 2014 and 2015
Source: Fortune, Forbes , Global EV Outlook

Market Performance & Statistics
U n i te d S t a te s To p S e l l i n g E l e c t r i c
United States Electric Vehicle Sales by State (October
Ve h i c l e M o d e l s ( % , 2 0 1 6 )
2016, Units)
70,000 18%
60,412
60,000
37%
50,000
40,000 15%
30,000 27,249
20,000
11%
10,000 5,043 4,845 4,381 3,768 9%
2,853 2,260 2,020 1,936 10%
0
ia s a rk s n is an ia
rn at
e id on xa go no rg
t or Yo gt Te e i hi
g o
il f o rS F l w in Or Ill ic Ge
Tesla Model S Chevrolet Volt Tesla Model X
Ca he Ne a sh M
l ot W Ford Fusion Energi Nissan Leaf Others
Al
Source: FleetCarma.com

Statistics
2017 & 2018
• In the first half of 2017, the United States recorded sales of 90,302 electric
vehicles, a growth of 40% year-on-year. Rise in plug-in electric vehicle sales in
this period primarily came from newly-introduced models such as Toyota Prius
Prime
• In the full year 2017, electric vehicle sales in the United States reached 199,818
recording a growth of 26% year-on-year
• In 2018, sales of plug-in electric vehicles hit a sales record of 361,307 units
recording a growth of 81% year-on-year. The total electric vehicle sales in the
United States in 2018 represented approximately 17% of the worldwide electric
vehicle sales
• This growth in sales came from 139,782 units of the Tesla Model 3. This model
along with Model S and the Model X accounted for more than 50% of total plug-in
vehicle sales in the United States in 2018
• Recording 27,595 units sold, Toyota Prius Prime was the second-bestselling
electric vehicle in the country in 2018
Source: IEA, Edison Electric Institute

Statistics
2019:
• In 2019, China continued to be the biggest electric car market globally accounting
for 50% of global sales. More than 1 million electric cars were sold in China in
2019, a 2% year-on-year fall. Europe was the second biggest market globally, and
the United States was the third largest market
• In Q1 2019, more than 61,000 electric vehicles were sold in the United States
recording a growth of 10% year-on-year. Sales of electric vehicles formed 1.5% of
all new car sales in Q1 2019. While the market share of electric vehicles is
growing, it still represents a small fraction of all cars sold annually in the US
• Full year 2019 saw sales of 330,000 plug-in electric cars in the country, with a
slump in sales in Q4 2019. The total volume in Q4 2019 was approximately
93,461 units, a decline of 26% year-over-year
Source: InsideEVs , Global EV Outlook

United States Battery Electric United States Best-Selling Plug-in Electric Cars by Sales
Vehicle Breakdown of Sales (%, ( 2019, units)
2019)
90 1,80,000
78.61 1,58,925.00
80 1,60,000
70 1,40,000
60 1,20,000
50 1,00,000
40 80,000
30 60,000
20 40,000 23,630.00 19,225.00 16,418.00 14,100.00
10 6.71 5.06 4.24 20,000 12,365.00 10,728.00
1.98
0 0
Tesla General Nissan Volkswagen BMW Tesla Model 3 Toyota Prius Tesla Model X CM Chevrolet Tesla Model S Nissan Leaf Honda Clarity
Motors Prime Bolt PHEV
Source: Statista Release Date 2020, Survey Time Period 2019 Source: Statista Release Date 2020, Survey Time 2019

Statistics
2020:
• In 2020, total sales of plug-in light duty electric vehicles in the United States were
reported at 296,000 units, as compared with 331,000 units in 2019, primarily
due to the global Covid-19 pandemic
• The battery-operated EV (BEV) market in the United States is dominated by
Tesla, which has a market share of 79.4% of the BEV registrations. The year 2020
saw a total of 200,561 BEV registrations as compared to 172,438 in the year
before
• The best-selling plug-in EV in the country in 2020, based on new registrations,
was Tesla Model 3 which recorded sales of 95,135 units. This was followed by
Tesla Model Y which recorded sales of 71,344 units. The only non-Tesla car in the
top 5 was the Chevrolet Bolt, which recorded sales of 19,664 units, a rise of 20%
year-on-year as compared to 2019
Source: Experian

United States Electric Vehicle Sales (2016 to 2020, United States Best Plug-In Electric Vehicle, Based
Units) on New Registrations (2020, Units)
4,00,000 1,00,000 95,135
361307 90,000
3,50,000 3,31,000 80,000 71,344
2,96,000 70,000
3,00,000 60,000
50,000
2,50,000 40,000
2,00,000 30,000
2,00,000 19,664 19,652
20,000 14,430
1,60,000 8,972 7,089
10,000 3,943 2,964 2,807
1,50,000
0
i i
1,00,000
es
la
es
la M es
la
es
la an ud he da Ki
a
tG iss A rsc un V
3T YT ol X T 5T N n o y E
50,000 el el B el el af Tr
o Pr cH ro
od od let od od Le e- an tri Ni
M M vro M M yc c
e Ta le
0 Ch n aE
2016 2017 2018 2019 2020 Ko
Source: Platts Analytics Future Energy Source: Statista, Release Date: February 2021

United States Plug-in Vehicle Sales (2011 to 2019, United States Electric Vehicles Sold (January-June
Units) 2020, units)
400000 45000
361307 38314
40000
350000 330000 35000
30000
300000
25000
18861
250000 20000
199826 15000 9500
200000 8370
10000 4700
158614 2872 3006
5000 251 486 1038
150000 122438 116099 0
97507
100000 f lS lt Y
i3 ol a n on AF e o el
X
el el
3
W G yc Tr LE od yB od
52607 e- Ta e- n od od
50000 BM n it sa M e v M M M
17425 ge he d
Ni
s
s la Ch s la s la s la
wa
o rs Au Te Te Te Te
0 s P
lk
2011 2012 2013 2014 2015 2016 2017 2018 2019 Vo
Source: Inside EVs Source: Statista Release Date 2020, Survey Time 2015-2019

Covid-19 Impact
• The global auto sector has been hit hard by the Pandemic and the effects are expected to
last at least till mid 2021. Shut down of manufacturing facilities, restricted mobility of
consumers during lockdown and consumer’s income cuts, have all negatively affected
the sector. Electric cars are expected to fare better than passenger cars globally
• In the current scenario it is crucial for auto manufacturers in the United States to keep
engaging consumers even when they are not making active purchase. The entire
consumer journey needs to be taken online and at various touchpoints a seamless and
convenient experience needs to be offered. Digital experiences, awareness and
engagement is going to be key moving forward in the automobile sector
• Once the Pandemic is over, it is expected that consumers will look for enhanced health,
hygiene and sanitation features in the cars that they buy. Some aspects including in-built
sanitisation, advanced air-purification systems and anti-bacterial surfaces are likely to
see interest from consumers. Players that are able to offer these and other innovative
health features at an accessible price are expected to appeal more to consumers
Source: International Energy Agency, BloombergNEF

Covid-19 Impact
• Despite the impact of Covid-19, the electric vehicle market in the US is expected
to grow. In the first half of 2020, 87,398 electric vehicles were sold in the country.
Tesla, the leading player in the market recorded sales of 71,375 out of which
Tesla Model 3 accounted for 38,314 units
• The Los Angeles transport authority aims to switch to 100% electric buses with
zero emissions by 2030. This project is expected to cost approximately USD 1
billion and will involve purchase of 2200 vehicles
• The state of California aims to reduce usage of petroleum in cars and trucks by
50% by 2030. The State plans to invest USD 100 million annually to develop its
electric vehicle infrastructure. California aims to have 1.5 million zero-emissions
vehicle on road by 2025
• Falling battery prices will result in the cost of electric vehicle to be lower than
fossil fueled vehicle in USA. Price parity is expected to occur in 2025. By 2030
electric vehicle will be around 11% cheaper than fuel vehicle

Outlook
• It is projected that by 2025, United States electric vehicles market will reach 6.9
million unit sales driven by government EV ownership incentives. Of the
combined share of electric vehicle in 2025, it is projected that mild hybrid EVs
and fully hybrid EVs will form the maximum market share of approximately
89.6%
• Industry experts predict that in the year 2021, close to 30 EVs from 21 brands
will become available in the market as compared to 17 vehicles from 12 brands in
the previous year
• Our Analysts are of the opinion that the electric vehicle market in the United
States has a positive outlook with the Biden administration’s focus towards clean
energy. In January 2021, the President Joe Biden set a target to replace the the
entire United States government's fleet of approximately 650,000 vehicles with
electric models
• The Biden Administration supports consumers incentives for replacing less-
efficient vehicles with newer electric vehicles along with incentives for
manufacturers to build or assemble EVs and parts
Source: Frost & Sullivan, ET Auto

Industry Speak
“I think that overall, generally speaking, the reasoning that it's cheaper to
fill up your EV with electricity than filling it up with gas has been put on
pause. But, there have to be other reasons why people buy an electric car.
Price-driven customers will pause with electric, unfortunately, because that
one driver is missing. For Porsche, this is not the main driver, and actually
you get three years of free charging at any Electrify America station in the
United States if you buy a Taycan.”
Klaus Zellmer, Head, Porsche's North American Division
“I like to believe EV sales are a little bit stickier, and people are a little bit
more committed to buying EVs than ICE [internal combustion engine] cars.
We’ll see how that plays out. I think we’re likely to see a trend, something
like that. EV sales are going to drop also, but not as much.”
Joel Levin, Executive Director, Plug In America

Industry Speak
“However, meaningful quality of life incentives and exemptions are
offered across 39 states in the US, 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.”
Prajyot Sathe, Industry Manager, Mobility Practice, Frost &
Sullivan
“Americans have a love affair with trucks and SUVs, to the detriment of
EVs, which have until recently been mostly passenger cars. Automakers
should have a much better shot of recapturing some of the EV buyers
who they've lost now that they can offer larger, more utilitarian electric
vehicles.".
Jessica Caldwell, Executive Director of Insights, Edmunds

Contact Us
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Research Methodology
Smart Research Insights has conducted in depth secondary research to

arrive at key insights.
Data collected from various public industry sources has been analysed
impartially to present a clear picture of the industry.
All recent developments which impact the sector dynamics have been
captured and used to support the research hypothesis.

About Smart Research Insights
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• We conduct in-depth secondary research to arrive at key insights, which are supported by data that has
been analysed impartially to present a clear picture of the industry. All recent developments and
industry opinions which impact the sector dynamics are captured and used to support the research
hypothesis.
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Disclaimer
The report is prepared by Smart Research Insights for general

circulation and is not intended to serve as the basis for an investment
decision on a standalone basis. Any kind of unlawful use or disclosure
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This research report is not meant to be construed as a prospectus
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@ 2021 All Rights Reserved


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May

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o Market Performance & Statistics

3. About Smart Research Insights

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2. United States Electric Vehicles Sales (January to June 2020, Units)

4. United States Best-Selling Plug-in Electric Cars by Sales (2019, Units)

5. United States Plug-in Vehicle Sales (2011 to 2019, Units)

6. United States Battery Electric Vehicle Breakdown of Sales (%, 2019)

7. United States Top Selling Electric Vehicle Models (%, 2016)

8. United States Electric Vehicle Sales by State (October 2016, Units)

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Source: Fortune, Forbes , Global EV Outlook

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Source: IEA, Edison Electric Institute

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Source: InsideEVs , Global EV Outlook

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Source: International Energy Agency, BloombergNEF

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Source: Frost & Sullivan, ET Auto

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Smart Research Insights has conducted in depth secondary research to

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The report is prepared by Smart Research Insights for general

@ 2021 All Rights Reserved

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