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US electric vehicles market to grow at a CAGR of 43.39%

Press Release   •   Aug 15, 2012 15:16 BST

The electric vehicles market has been forecast to witness phenomenal growth in the upcoming years, having recorded a turnover close to US$54 billion in 2011. During this period (2009-2011), electric two wheelers became the dominant force within the industry.

In the US, the electric vehicles market hit a market value of $14.9 billion during the same time period, driven by a growing number of sales in the nation.

Both the global and US electric vehicle markets are growing at a much faster pace than anticipated, driven by the growing levels of pollution, rising crude prices, depleting crude oil stock reserves, and the increase in environmental awareness.

With almost double the mileage, less fuel consumption, lower running costs, silent operation, and zero tail pipe emissions, electric vehicles are expected to become the preferred mode of transportation in the US.

The electric vehicles market globally and in US is forecast to grow at an exceptionally elevated compound annual growth rate (CAGR) due to increasing adaptability across the globe. Due to this, the US market for electric vehicles is anticipated to grow at a CAGR of 43.39% to 2015 and globally is set to reach 2.9 million vehicles in 2017.

Key players dominating the electric vehicle market include Nissan Motor Co. Ltd., General Motors Co., Tesla Motors Inc., Fisker Automotive Inc., and Smith Electric Vehicles Corp.

For more information on the electric vehicles market, see the latest research: Electric Vehicles Market Report

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