North America Electric Passenger Car Market to Grow with a CAGR of 11.45% through 2030
Rising awareness toward low-emission transportation,
increasing government support for electrification, and expanding charging
infrastructure are the factors driving the market in the forecast period
2026–2030.
According to TechSci Research report, “North America
Electric Passenger Car Market – By Country, Competition, Opportunities and
Forecast, 2020-2030F”, The North America Electric
Passenger Car Market was valued at USD 29.81 billion in 2024 and is expected to
reach USD 57.13 billion by 2030 with a CAGR of 11.45% during the forecast
period.
Demand for electric passenger cars accelerates across North
America as consumers seek cleaner alternatives to traditional vehicles. The
U.S. Energy Information Administration reports electricity usage in
transportation rising over 20% from 2022 to 2024, driven by growing EV
adoption. Government incentives and funding for charging networks encourage
individuals and companies to invest in electric cars. The International Energy
Agency confirms momentum, noting over 14 million electric cars sold globally in
2023. Carmakers invest heavily in manufacturing and battery facilities,
signaling the industry’s transition toward electric mobility.
Technological developments continue improving battery
efficiency, vehicle range, and charging speed. The U.S. Department of Energy
observes falling lithium-ion battery costs, reaching $139 per kilowatt-hour in
2024, down from $153 in 2022, making electric vehicles more attainable for a
wider audience. Consumers appreciate EVs for lower maintenance needs and fuel
savings, with the American Automobile Association highlighting that EV drivers
spend around 60% less on fuel compared to those driving gasoline vehicles. New
electric models offer digital features and safety technologies that attract
tech-focused buyers, contributing to the shift in consumer preferences.
Critical raw material supplies remain under strain,
especially for lithium, nickel, and cobalt needed in battery production. The
U.S. Geological Survey indicates lithium demand jumped over 30% in 2023, posing
supply risks. Expanding EV adoption raises concerns about grid capacity,
leading to innovation in smart charging infrastructure to stabilize electricity
demand. Consumers voice concerns about range limitations, charging
infrastructure gaps, and performance in cold climates. Despite these obstacles,
supportive policies, technological advancements, and environmental goals
continue to drive the market’s growth trajectory, reshaping transportation in
North America.
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North America Electric Passenger Car Market is Segmented
By Vehicle, Type, Range and By Country.
Electric passenger cars are categorized based on the driving
range they deliver on a single charge, reflecting diverse consumer preferences
and daily mobility needs. Vehicles offering a range above 150 miles appeal to
drivers seeking flexibility for longer trips, commuting between cities, or
minimizing the frequency of charging stops. Such models integrate larger
battery packs and advanced thermal management systems to support extended
travel while maintaining performance in varying weather conditions. High-range
vehicles also attract drivers interested in seamless highway journeys without
significant detours for charging. On the other hand, electric cars with a range
up to 150 miles cater to urban and suburban users whose daily driving remains
modest. These vehicles often feature smaller battery capacities, making them
lighter and more affordable while still meeting the demands of commuting,
errands, and local travel. Shorter-range vehicles find favor among
cost-conscious buyers prioritizing sustainability and low operating expenses
over long-distance capability. Both range segments include options with
regenerative braking systems and modern infotainment technologies. Automakers
work to enhance battery chemistry and energy density to extend ranges and reduce
charging times across all segments. Consumers assess their purchase decisions
based on lifestyle requirements, cost considerations, and available charging
infrastructure.
Mexico experiences swift growth in its electric passenger
car market during 2024, driven by national efforts to advance sustainable
transportation. Government incentives support electric vehicle purchases and
infrastructure development, signaling strong policy commitment. Local
manufacturing initiatives gain momentum, as Mexican automotive suppliers
increasingly focus on electric vehicle components, batteries, and charging
systems. Consumer interest rises amid growing awareness of environmental
benefits and long-term cost savings linked to electric mobility. Urban centers
face significant air quality challenges, encouraging adoption of zero-emission
vehicles to reduce pollution. Mexico’s automotive industry adapts production
lines for electric vehicles, creating new jobs and fostering technological
capabilities. Infrastructure expansion brings public and private charging
stations to major highways and city hubs, making electric mobility practical
for daily commuting and regional travel. Companies invest in research and
development to align product offerings with local driving conditions, including
adaptations for heat tolerance and efficient battery performance. Supply chain
collaborations with global battery and component manufacturers strengthen
Mexico’s position in the regional electric vehicle landscape. Despite obstacles
such as initial cost barriers and limited charging in rural zones, the
country’s market growth reflects determination to embrace electric mobility.
Mexico stands out as the fastest growing region for electric passenger cars in
2024.
Major Market Players Operating in North America Electric
Passenger Car Market Are:
- Audi
AG
- BAIC
Motor Corporation Ltd.
- BMW
AG
- BYD
Company Limited
- Ford
Motor Company
- General
Motors Company
- Hyundai
Motor Company
- Nissan
Motor Company
- Tesla
Inc.
- Volkswagen
AG
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“North America electric passenger car market accelerates
as governments prioritize sustainable transportation and consumers pursue
environmentally conscious vehicles. Advances in battery technology lower costs
and extend driving ranges, while public and private investment expands charging
networks across urban and highway corridors. Automakers introduce innovative
models featuring digital connectivity and safety enhancements. Challenges
remain, including mineral supply constraints, grid infrastructure demands, and
high vehicle costs. Mexico emerges as a rapidly growing market, driven by
supportive policies and local manufacturing efforts. The industry moves
steadily toward mass electrification, shaping the region’s mobility landscape
for the forecast period through 2030”, said Mr. Karan Chechi, Research Director
of TechSci Research, a research based global management consulting firm.
“North America Electric Passenger Car Market By Vehicle (Hatchback, Sedan and SUV/MPV), By Type (Battery Electric Vehicle and Plug-in Hybrid Electric Vehicle), By Range, (Above 150 miles, Up to 150 miles), By Country, Competition, Opportunities and Forecast, 2020-2030F”, assesses the market's future growth
potential and provides data on market size, trends, and forecasts. It aims to
offer comprehensive market insights, helping decision-makers make informed investment
choices. The report also highlights emerging trends, key drivers, challenges,
and opportunities in the North America Electric Passenger Car Market.
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