Led by United States, North America Electric Passenger Car Market to Surpass $ 31 Billion by 2023
Government subsidies on
electric vehicles and technological advancements in automotive industry to push
demand for electric passenger cars across North America
According
to TechSci Research report, “North America Electric Passenger Car Market By Vehicle Type, By Technology Type, By
Driving Range, By Country, Competition Forecast & Opportunities, 2013-2023”, North
America electric passenger cars is projected to cross $ 31.5 billion, by 2023
on account of rising concerns towards growing air pollution levels coupled with
rising inclination towards adopting electric vehicles across the region.
Moreover, growing affordability and expanding product portfolio of electric
vehicles is further pushing demand for electric passenger cars across North
America. Additionally, government support towards electric passenger cars in
form of subsidies along with technological advancements in automotive industry is
further expected to compliment the overall North America electric passenger car
market over the next five years.
Browse 30
market data Figures spread through 63 Pages and an in-depth TOC on "North
America Electric Passenger Car Market"
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With an
expanding volume share of over 50%, sedans held the lion’s share in North
America electric passenger car market, followed by the hatchback and SUV segments,
as of 2017. The dominance of sedan segment can be attributed to their rising
affordability and growing product portfolio of this segment. North America electric
passenger car market is witnessed to be largely concentrated in the United
States, with a volume share of over 90%, as of 2017, on the back of the country’s
extensive charging infrastructure and a major push towards electric automobiles
in the country. United States is followed by Canada with the second largest share
in the region’s electric passenger car market.
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Nissan,
Tesla, Volkswagen, BMW, Renault, Audi, etc., are few of the major electric car
manufacturers which have established their presence in the region. Their
continued investments in the research and development activities to manufacture
technologically advanced as well as more efficient electric passenger cars is
further anticipated to intensify competition in North America electric passenger
car market over the course of the next five years. “Ongoing research and
development activities by various automobile manufacturers coupled with emergence
of technologically advanced and environment friendly automobiles is propelling
growth in North America electric passenger car market. Moreover, numerous
advantages associated with electric vehicles in comparison to conventional
automobiles, such as less carbon footprint, lower maintenance cost, etc., is further
likely to push demand for electric passenger cars across North America in the
coming years.” said Mr. Karan Chechi, Research Director with TechSci Research,
a research based global management consulting firm.
“North America Electric Passenger Car Market By Vehicle Type, By Technology Type, By Driving Range, By Country,
Competition Forecast & Opportunities, 2013-2023” has analyzed the potential of electric passenger car market
across the region, and provides statistics and information on market sizes,
shares and trends. The report will suffice in providing the intending clients
with cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by North America electric
passenger car market.
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