North America Electric Vehicle Market to Grow with a CAGR of 10.25% 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 Vehicle Market – Industry Size, Share, Trends, Opportunity, and
Forecast, 2020-2030F”, The North America Electric Vehicle
Market was valued at USD 32.64 billion in 2024 and is expected to reach USD
58.62 billion by 2030 with a CAGR of 10.25%
during the forecast period.
Policies targeting carbon neutrality and technological
progress sustain momentum for electric vehicles across North America. Public
charging stations have grown rapidly, surpassing 173,000 in 2024 per the U.S.
Department of Energy, underscoring infrastructure readiness for growing EV
fleets. Declining battery costs, reported at USD 132 per kWh in 2024 by the
U.S. Energy Information Administration, enhance affordability, broadening
market reach. However, surging lithium demand, noted by the International Energy
Agency, places pressure on raw material availability, influencing supply
strategies.
Automakers navigate rising consumer interest balanced
against challenges in technology costs and resource constraints. The Bureau of
Economic Analysis recorded EV sales exceeding 1.6 million units in 2024 in the
U.S., underscoring surging adoption. Vehicle-grid integration trends are
advancing, helping manage increased electricity demands. In Canada,
transportation remains a significant contributor to emissions, as documented by
Environment and Climate Change Canada, motivating investment in electrification
pathways. Growth in EVs intertwines with battery recycling and grid
modernization, shaping new industry collaborations.
Despite growth, hurdles remain in raw material procurement,
policy complexities, and public perceptions regarding range and charging
availability. The International Energy Agency underscores escalating mineral
requirements, challenging sustainable sourcing efforts. While fuel cell
vehicles and select hybrid technologies offer potential, their higher costs
pose adoption barriers. Consumer concerns around charging access linger, even
amid infrastructure gains. Synchronizing EV deployment with renewable energy
integration emerges as critical for sustainable sector expansion. These factors
frame a dynamic market, with players working toward a low-carbon transportation
landscape.
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North America Electric Vehicle Market is Segmented By
Vehicle, Propulsion, Range and By Country.
Electric two-wheelers cater to urban commuting needs,
offering cost-effective, compact solutions for congested areas. Riders embrace
them for short-distance travel, benefiting from silent operation and low
maintenance. Passenger cars in electric variants span hatchbacks to luxury
sedans, delivering diverse options that address varying consumer budgets and
preferences. Electrification brings smooth acceleration, digital integration,
and improved efficiency, making electric passenger cars increasingly desirable
for daily use. Light commercial vehicles (LCVs) transition to electric power as
businesses aim to cut emissions and operational costs, utilizing electric vans
for urban logistics and last-mile deliveries. Medium and heavy commercial
vehicles (M&HCVs) embrace electrification to comply with emission
standards, balancing payload capacity with battery range, crucial for freight
operations and regional transport. Off-the-road (OTR) vehicles explore
electrification for industries like mining and construction, leveraging
electric drivetrains to reduce noise, emissions, and maintenance in demanding
work environments. Diverse applications across vehicle categories foster
innovation and create opportunities for tailored solutions, shaping a versatile
electric mobility landscape that responds to sustainability goals,
technological advances, and evolving operational requirements across sectors.
Mexico emerges as the fastest-growing region in 2024, driven
by supportive government policies and a rising focus on domestic electric
vehicle manufacturing. Local initiatives encourage production facilities and
supply chain development, aiming to establish Mexico as a regional EV hub.
Infrastructure investments gradually expand public charging availability,
enhancing consumer confidence in electric mobility. Lower labor costs and
strategic geographic positioning attract investments in EV assembly and component
production, integrating Mexico deeper into North American supply chains. As consumers become more environmentally conscious, demand
for electric vehicles rises among urban populations seeking cost-efficient
transportation and lower emissions. Government incentives promote adoption,
helping reduce upfront costs and stimulating market activity. Mexican
authorities align regulations with sustainability goals, encouraging innovation
and partnerships with global technology players. The nation’s renewable energy
potential also supports a cleaner grid to power electric vehicles, strengthening
sustainability objectives. Stakeholders collaborate to address challenges like
charging infrastructure gaps and affordability, aiming to create a vibrant
market. The combination of industrial capabilities and policy support positions
Mexico for significant growth in the coming years, contributing to the broader
North American electric vehicle landscape and transforming the nation into an
emerging player in electric mobility.
Major Market Players Operating in North America Electric
Vehicle Market Are:
- AB
Volvo
- BMW
Group
- BYD
Company Ltd.
- Daimler
AG
- Ford
Motor Company
- General
Motors Company
- Honda
Motor Co., Ltd.
- Hyundai
Motor Company
- Tesla,
Inc.
- Volkswagen
AG
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“North America’s electric vehicle market advances rapidly
through technological innovation, policy incentives, and expanding
infrastructure. Declining battery costs, improve affordability, fostering
widespread adoption. The U.S. Department of Energy reports over 173,000
charging ports, easing range concerns. Environmental goals and rising consumer
awareness drive manufacturers to accelerate electrification across vehicle
types. Challenges include critical mineral supply constraints, recycling gaps,
and infrastructure disparities. Trends like vehicle-to-grid integration,
solid-state batteries, and connected services reshape the market’s outlook,
while Mexico emerges as a fast-growing hub, complementing U.S. leadership in
sustainable transportation.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“North America Electric Vehicle Market By Vehicle (Two Wheelers, Passenger Cars (PC) Light Commercial Vehicle (LCV), Medium & Heavy Commercial Vehicle (M&HCV) and OTR), By Propulsion (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)), By Range (0-50 Miles, 51-150 Miles and 151-200 Miles, 201-400 Miles, and Above 400 Miles), By Country, By 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 Vehicle Market.
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