Hybrid & Electric Vehicle Manufacturing in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: April 2024
NAICS OD4516Revenue
$104.8bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
62,599
Businesses
248
Wages
$X.Xbn
Hybrid & Electric Vehicle Manufacturing in the US industry analysis
Hybrid and electric vehicle manufacturers have soared through the current period as part of increased sustainability initiatives from the government and the public. Hybrid electric vehicles (HEV) and electric vehicles (EV), including plug-in electric vehicles (PEV) and plug-in hybrid electric vehicles (PHEV), have seen a dramatic rise in sales amid elevated oil and gas prices. In particular, new government incentives and infrastructure funding have increased the accessibility of electric and hybrid vehicles domestically. Revenue has climbed at a CAGR of 32.4% to $104.8 billion through the current period, including a 19.9% jump in 2024, when profit reached 6.0%.
Trends and Insights
- Increasing international competition poses a major threat to domestic manufacturers. Even so, many companies take advantage of tax breaks and rebates to assemble EVs and hybrids in the United States.
- Smaller and less expensive battery packs aid the growth of all-electric vehicles. Newer battery packs improve fuel and power use efficiency while reducing manufacturing costs.
- Many companies have opened operations in the West. These companies often partner with technology companies to stimulate research and development.
- Fuel efficiency and price remain primary concerns for manufacturers. Electric and hybrid vehicles are more sustainable but have shorter driving distances and carry upfront higher costs.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 32.1 % over the past five years, to reach an estimated $104.8bn in 2024.
Trends and Insights
Companies must make more efficient vehicles
- Global warming remains an important environmental and social issue; more consumers prefer eco-friendly products, despite often higher prices. Fully electric vehicles emit three times fewer the emissions that cars running on gasoline generate.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Research and development will drive growth
- Manufacturers will continue to pour money into battery manufacturing to create lower-cost and longer-lasting EV and HEV batteries. Manufacturers hope to create less expensive electric models, enabling them to attract lower-income buyers and expand market reach.
Biggest companies in the Hybrid & Electric Vehicle Manufacturing in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Tesla, Inc. | 45,426.1 | 5,041.6 | 11.1 | |
Toyota Motor Corp | 14,414.1 | 1,552.8 | 10.8 | |
Ford Motor Co | 6,612.2 | 360.3 | 5.4 |
To view the market share and analysis for all 5 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Hybrid electric vehicles, Electric vehicles and Plug-in electric vehicles. Hybrid electric vehicles is the largest segment of the Hybrid & Electric Vehicle Manufacturing in the US.
Trends and Insights
All-electric vehicles (EVs) grow increasingly popular
- All-electric vehicles run strictly on electric power. These cars are the newest form of electric and hybrid vehicles, with the US Department of Energy reporting the first totally electric vehicle sales in 2011.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Automobile & Light Duty Motor Vehicle Manufacturing in the US
- Motorcycle, Bike & Parts Manufacturing in the US
- Bicycle Manufacturing in the US
Complementors
- Tire Manufacturing in the US
- Battery Manufacturing in the US
- Lithium Battery Manufacturing in the US
International industries
- Global Car & Automobile Manufacturing
- Car & Automobile Manufacturing in Canada
- Automobiles & Pickup Trucks Manufacturing in Mexico
Table of Contents
About this industry
Industry definition
This industry primarily manufactures hybrid and electric automobiles that use one or more electric motors for propulsion. A hybrid electric vehicle (HEV) is a type of a vehicle that combines a conventional internal combustion engine (ICE) propulsion system with an electric propulsion system. The most common form of HEV is the hybrid electric car, though hybrid electric trucks (pickups and tractors) and SUVs also exist.
What's included in this industry?
Hybrid vehicle manufacturing Electric vehicle manufacturingCompanies
Tesla, Inc.Toyota Motor CorpFord Motor CoPurchase this report to view all 5 major companies in this industry.
Related Terms
HYBRID ELECTRIC VEHICLE (HEV)ELECTRIC VEHICLE (EV)EMERGING ECONOMIESIndustry Code
NAICS 33531 - Hybrid & Electric Vehicle Manufacturing in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Increasing international competition poses a major threat to domestic manufacturers. Even so, many companies take advantage of tax breaks and rebates to assemble EVs and hybr...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Smaller and less expensive battery packs aid the growth of all-electric vehicles. Newer battery packs improve fuel and power use efficiency while reducing manufacturing costs...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Many companies have opened operations in the West. These companies often partner with technology companies to stimulate research and development.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Fuel efficiency and price remain primary concerns for manufacturers. Electric and hybrid vehicles are more sustainable but have shorter driving distances and carry upfront hi...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Tesla announced in February 2023 that it will build a new plant in northern Mexico. The company plans to broaden its operations outside of the United States.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Tesla, Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Toyota Motor Corp's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Ford Motor Co's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 2 additional companies
Detailed analysis
- Description and key data for Tesla, Inc., and factors influencing its performance in the industry
- Description and key data for Toyota Motor Corp, and factors influencing its performance in the industry
- Description and key data for Ford Motor Co, and factors influencing its performance in the industry
- Description, key data and performance trends for 2 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Companies benefit from extensive government and private support. Start-ups receive extensive private funding, while most manufacturers benefit from subsidies, grants and othe...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Government incentives and research and development have reduced production costs for manufacturers. Companies have managed to expand profit and reduce costs.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Hybrid & Electric Vehicle Manufacturing in the US industry in United States in 2024?
The market size of the Hybrid & Electric Vehicle Manufacturing in the US industry in United States is $104.8bn in 2024.
How many businesses are there in the Hybrid & Electric Vehicle Manufacturing in the US industry in 2024?
There are 248 businesses in the Hybrid & Electric Vehicle Manufacturing in the US industry in United States, which has grown at a CAGR of 11.3 % between 2019 and 2024.
Has the Hybrid & Electric Vehicle Manufacturing in the US industry in United States grown or declined over the past 5 years?
The market size of the Hybrid & Electric Vehicle Manufacturing in the US industry in United States has been growing at a CAGR of 32.1 % between 2019 and 2024.
What is the forecast growth of the Hybrid & Electric Vehicle Manufacturing in the US industry in United States over the next 5 years?
Over the next five years, the Hybrid & Electric Vehicle Manufacturing in the US industry in United States is expected to grow.
What are the biggest companies in the Hybrid & Electric Vehicle Manufacturing in the US market in United States?
The biggest companies operating in the Hybrid & Electric Vehicle Manufacturing market in United States are Tesla, Inc., Toyota Motor Corp and Ford Motor Co
What does the Hybrid & Electric Vehicle Manufacturing in the US in United States include?
Hybrid vehicle manufacturing and Electric vehicle manufacturing are part of the Hybrid & Electric Vehicle Manufacturing in the US industry.
Which companies have the highest market share in the Hybrid & Electric Vehicle Manufacturing in the US in United States?
The company holding the most market share in United States is Tesla, Inc..
How competitive is the Hybrid & Electric Vehicle Manufacturing in the US industry in United States?
The level of competition is very high and increasing in the Hybrid & Electric Vehicle Manufacturing in the US industry in United States.
