How much is the US electric vehicle market expected to grow to in 2028?
America, the nation with the highest GDP, has a rapidly expanding electrical vehicle (EV) market.
America is the third-largest producer of electric automobiles in the world.
To speed up the development, production, and switch to electric vehicles, America is moving quickly.
The manufacture of electric vehicles (EVs) decreased worldwide, including in America, as a result of the Covid-19 pandemic.
However, America is currently making a quick recovery from the catastrophic economic condition brought on by COVID-19.
Do you know how big the American market for electric vehicles is expected to be in 2028?
The US electric vehicle market was estimated to be worth 24 billion dollars in 2020.
According to a Fortune Business Insights analysis, from 2021 to 2028, the market for electric vehicles would expand at a CAGR of 25.4%.
And from $28.25 billion in 2021, the size of the electric car industry will increase to $137.44 billion in 2028.
In the US, the development and production of electric vehicles are increasingly being led by Elon Musk's Tesla.