U.S. Electric Mobility Market: What Fuels Evolution?
The trend of electrification of fleets has witnessed an astounding impetus worldwide. The developments pivot on various government regulations and norms to promote electric mobility (e-mobility)—a concept that broadly is defined by system powered by an electric motor and harnessing energy from a power grid.
In developed regions, the trend of the transport sector to transition from internal combustion engines (ICEs) to electric vehicles (EVs) has caught on enormous pace, notably in the U.S. The investments in the U.S. e-mobility market gathering momentum from several macroeconomic trends over the years, and technological advancements in battery chemistries, electric drivetrain, and charging infrastructure.
In the U.S., the focus of governments to promote environmental sustainability and reducing the reliance on fossil-fuels for energy sources for energy security have cemented the prospects. The initiatives are anchored in the relentless pursuit of achieving zero or ultra-low tailpipe emissions of local air pollutants and considerably low noise pollution. Broadly, the U.S. electric mobility market has witnessed strides on the back of growing number of programs that promote zero-emission mobility. Further, the scope of the ecosystem of players in the U.S. electric mobility market is broad, typically not limited to plug-in hybrid electric vehicles (PHEVs) and all (EVs).
U.S. Electric Mobility Market: Regulatory Environments, Macroeconomic Drivers, and Trend Driving Consumer Demand
State and local governments in the U.S. have implemented various e-mobility programs to boost the mainstreaming of electric vehicles. In broader terms, players in the automotive industry and governments in U.S. electric mobility market have concertedly geared toward lowering barriers to adoption among middle-and low-income consumers. The efforts have include promoting penetrative pricing, boosting access to charging points, and educating on electric vehicle practicality.
After the COVID-19 outbreaks in 2020 and early 2021, in recent months, the automotive industry has focused on financial and economic policies to boost consumer sentiment. The recovery in the U.S. economy has also gathered pace. Concurrently, automotive companies including OEMs are making concerted efforts to prioritize EV production, which will pave the way to lucrative avenues in the electric mobility market. Another favorable trend that will boost the uptake of e-mobility in the U.S. stems from growing number of charging stations at workplaces and public destinations, notably for electric scooters and bikes.
U.S. Electric Mobility Market:What Will Propel Investments in Near Future
The increasing impetus toward adopting shared mobility and lowering the carbon footprint of public transportation are key factors spurring the growth prospects of the U.S. electric mobility market. The expansion of e-mobility services in the U.S. Furthermore, various governments to incentivise production, such as purchase-price subsidies and tax exemptions, has largely passed on the end-consumers in recent years, thereby fueling the pace of investments in the U.S. electric mobility market.
The U.S. Department of Energy is actively focused on making e-mobility more affordable and convenient to end-consumers, notably expanding the horizon for players in the U.S. electric mobility market. This has spurred a bewildering R&D program in battery chemistries. Such initiatives are notably spearheaded by the U.S. Department of Energy's Vehicle Technologies Office (VTO). A case in point is VTO's Batteries and Energy Storage subprogram. In particular, the U.S. DOE is focused on optimizing high-energy lithium ion electrochemistries. Collaborations between national laboratories and universities in the U.S. have notably enriched recent R&D efforts. These battery chemistries have seen commercialization from the adoption of these among EVs by Ford and Chevrolet.
Some of the key players in the U.S. electric mobility market are Invacare Corporation, Honda Motor Co. Ltd., Harley, Derby Cycle, Airwheel Holding Limited, and Accell Group.
U.S. Electric Mobility Market: Government Programs Shaping Lucrative Avenues
Over the past five years, various cities such as Portland, Los Angeles, and Sacramento have witnessed dedicated e-carsharing programs in low-income communities. The growing number of charging points has imparted fillip to the adoption of electric vehicles. Further, various fleet service providers in more than 15 cities in the U.S. are offering low-carbon mobility options to the resident populations, thereby extending the horizon for players in the U.S. electric mobility market.
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