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The North American EV Market

Delivered December 6, 2019. Contributor: Gbolahan G.

Goals

To obtain useful insights and trends on the North American electric vehicle market covering the number of charging stations, electric vehicles, EV startups, MaaS, EPA smog levels, and battery cost.

Early Findings

  • In 2018, there were 57,187 public electric vehicle charging outlets and 20,021 charging stations in the US.
  • According to a recent report released by the ICCT, the current charging infrastructure is expected to increase four folds by 2025 — totaling 228,000 chargers. The report went on to state that 100,000 public and workplace chargers will be needed across the top 100 most populous cities in the country.
  • The U.S. electric vehicle charging infrastructure (EVCI) market size was valued at USD 1.10 billion in 2018 and is projected to expand at a CAGR of 39.3% from 2019 to 2025.
  • Electric vehicles are expected to outsell diesel and gas vehicles in 2039. By 2040, 48.8 million units of electric cars are expected to be sold annually compared to 42.2 million gas and diesel cars.
  •  10 million electric vehicles and 80 million gas and diesel cars are projected to hit the market by 2025.
  • According to Reuters, about 250 startups involved in some aspect of electrification have attracted more than $20 billion in venture capital investments to date.
  • The top five investors in electric vehicle startups, according to CrunchBase, include the Volkswagen Group, Mistubishi Motors, Audi, Aptiv, and BAIC.
  • In a recent paper published by MIT on the future of mobility, the average cost of a lithium-ion battery pack is expected to drop by almost 50% between 2018 and 2030, reaching $124 per kilowatt-hour in 2030.

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