Tesla continues to dominate the US electric car market, the gap is being narrowed by rivals

Tram Ho

S&P Global Mobility predicts Tesla will own less than 20% of the electric vehicle market by 2025.

Tesla tiếp tục thống trị thị trường xe điện Mỹ, khoảng cách đang bị các đối thủ thu hẹp dần - Ảnh 1.

Although Tesla remains the top electric car maker in the US, new data shows that competitors are closing the gap with the leader.

S&P Global Mobility’s latest report on electric vehicle market share in the US shows Tesla leading with a 65% market share for all registered electric vehicles in the first nine months of 2022. However, this number has decreased from 79% in 2020. S&P Global Mobility predicts Tesla will own less than 20% of the electric vehicle market by 2025.

The remaining electric vehicle sales belong to 46 other models. S&P said that by 2025, this number will increase to 159 by 2025. This means that competition with Tesla is becoming increasingly fierce.

However, despite the upcoming “onslaught” of new manufacturers, Tesla is considered to still have the advantage thanks to its leadership position and huge production scale.

“In the face of feeling bad for Tesla, keep in mind that the brand will continue to see sales growth even as its market share declines. The electric car market in 2022 is still dominated by Tesla and the future may still remain. so, as long as their competitors are bound by production capacity,” Stephanie Brinley, deputy director of S&P Global Mobility, said in the report.

Tesla tiếp tục thống trị thị trường xe điện Mỹ, khoảng cách đang bị các đối thủ thu hẹp dần - Ảnh 2.

Photo: Internet.

S&P Mobility analysts say that once other automakers scale up, much of the competition will increase in the lower segment of the market, the sub-$50,000 price range, where Tesla not really competitive because their models often have higher prices.

This is reflected when looking at the luxury EV market, where S&P data shows Tesla had an 86% market share in the first nine months of the year.

Therefore, Tesla CEO – billionaire Elon Musk has revealed that the company is actively developing electric cars worth less than $ 30,000 to serve the lower segment of the market. Besides, Tesla also plans to launch Cybertruck next year to attack the light pickup market.

Another information, recently, the Wall Street Journal cited the survey results of the market research company YouGov on the rate of brand preference. Specifically, earlier this year, Tesla reached 5.9%, but by November, this number had dropped to negative 1.4%. However, Tesla’s customer loyalty rate remained quite high as of the end of the third quarter of this year.

Although the total market share of electric vehicles in the US has grown to 5.2% this year from 2.8% last year, S&P notes that this figure (5.2%) may have been held back due to the limited availability of electric vehicles. supply chain constraints leading to a reduction in output. However, according to S&P, this situation could improve over time.

“The growth prospects for electric vehicle products are very strong,” said Brinley. The large investments and regulatory environment in the US and globally suggest this is the transportation solution of the future.”

The biggest losers so far in the ongoing U.S. electric-vehicle transition are Japanese automakers, businesses that have traditionally performed very well in the United States.

According to S&P, the growth in electric vehicles in the US has largely come from existing owners of Toyota and Honda vehicles. Both automakers, which are known for their fuel-efficient products, have been slow to switch to all-electric models.

Source: Yahoo Finance

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