Tesla is still the market leader in the Electric Vehicle market in the United States by holding over 50% share. The company sold more cars as compared to the other 17 automotive groups altogether.
The sales of Electric Vehicle show 7% of all the United States passenger vehicle sales in the last year, as per Counterpoint Research going up 54.5%.
The Words of The Research Analyst
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“Tesla is leading the US Electric vehicle market, and at the same time, automotive giants such as Ford, General Motors, Stellantis, Volkswagen, and Hyundai are fighting to give a strong competition,” as per research analyst Abhik Mukherjee.
New competitors such as Lucid Motors, Karma, Fisker, and Vinfast are setting their foot into the US EV space, masking the potential of the market.
“Furthermore, after the recent price slash done by Tesla and all other variants of Tesla’s Model Y becoming suitable for the EV tax credit subsidy, it is anticipated that the company will take a more market share than now,” Mukherjee further states.
Tesla: One Of The Top 10 Best Seller
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The sales of the Battery EV went up by about 70% YoY to go for over 80% of all Electric vehicle sales in the last year. All the models of Tesla were listed in the top 10 bestseller list.
“In this year, the Electric Vehicle sales are anticipated to reach more than 1.9 million units but just if economic headwinds do not seriously influence the market, such as in 2022,” the research director, Jeff Fieldhack states.
The Result Of Automotive OEMs And Battery Manufacturers’ Collaboration
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After the collaboration of automotive OEMs and battery manufacturers, to establish battery manufacturing plants in the United States, the battery supply chain is anticipated to become smoother and component costs will be minimized.
This will make the potential US Electric vehicle market bigger than 10 million every year by 2030, he further stated.
The Declining Graph
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- 79% in 2020
- 69.95% in 2021
- 65% in 2022
- 50% in 2023
In the year 2020, Tesla vehicles held 79% which further slipped in 2021 and went to 69.95. After this, the S&P Global Mobility data of 2022, today shows that the Elon Musk-run company still leads having a 65% market share. The 2023 report has also slipped and stood at 50%.
As per the first nine months of 2022 in the United States, more than 525,000 Electric Vehicles were listed of which 340,000 were only of Tesla.
Tesla To Drop Below 20%
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S&P Global Mobility has forecasted that the number of Electric Vehicle models in the United States will go from 48 to 159 by the year 2025.
Although, some of those new Electric Vehicle models from other carmakers are anticipated to go high-volume generation in the coming three years and initiate challenging Tesla’s dominance in the United States.
The fact is that S&P thinks that the US EV share of Tesla will go down to under 20% of the complete market by 2025. This clearly means that Tesla will have to sit on the fence, and if it does not happen, then the rest of the industry will. Or maybe both.