North America Electric Vehicle Market Growth, Share, Size & Forecast 2028

Summary

Report Description

North America electric vehicle market is anticipated to grow at impressive CAGR in the forecast period. With the help of Government policies and laws that are favorable, growing concern towards the environment, and an increase in the use of electric vehicles are all credited with driving this market expansion. This market is experiencing profitable growth due to the rising popularity of autonomous driving cars, electric delivery vans, trucks, and shared mobility.

Due to their low-to-zero fossil fuel consumption, lesser moving parts that require maintenance, and low running costs, make electric vehicles eco-friendly. The government is also promoting the policies to reach the goal of net-zero emission targets. The North America has set up a goal of selling half of the all new vehicle sold to be electric by the year 2030 and by providing a network of 500,000+ charging station nationwide by 2030.The market for electric vehicles has expanded in part because of the awareness campaigns that have been launched to encourage the usage of these vehicles, as well as the rise in the number of factories that make them. Low emission technology used in electric vehicles aid in reducing greenhouse gas emissions and addressing other environmental problems.

A massive economic downturn has been brought on by the COVID-19 pandemic outbreak. Strict lockdowns were implemented in several nations to control the virus; as a result, manufacturing industries were shut down, supply networks were disrupted, and production schedules were thrown off. The North American market suffered considerable devastation during COVID-19, resulting in reduced production and sales of electric vehicle in the region.

Increasing Investments in the EV Ecosystem

Electric vehicles produces less carbon emission as compared to the diesel and petrol vehicles. Thus, electric vehicles are replacing gasoline-powered vehicles quickly in North America's automotive industry. EVs car sales annually is currently at 4% in the USA, rising to around 50% in 2030 in USA. With more than 12,000 locations to charge, including fast charging, and more than 35,000 charge plugs - more than any other automaker - Ford is providing its all-electric vehicle customers with North America's largest electric vehicle public charging network, addressing a major concern for those switching to all-electric cars. So, many businesses around the world are making significant investments to advance the decarbonization of transportation and equipment and enhance urban air quality. Demand for EVs is being driven by rising adoption of electric vehicles to reduce emissions, pollution, and carbon footprints, as well as increased public knowledge of the benefits of using electric vehicles to accomplish so. Stricter government emissions restrictions are also fueling the market for EVs.

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Developing advanced technology in Electric Vehicle

Smart charging for electric vehicles is gaining popularity as it enables users to regulate the time and rate of charge in response to energy demand, balancing the grid. The next stage, however, is vehicle to grid (V2G) charging, which enables energy stored in the battery of the vehicle to be exported to the grid at times of high demand. Wireless EV charging is also gaining momentum as number of manufacturers coordinating their integration with technology vendors. BMW was the industry's first pioneer, introducing factory-installed wireless charging equipment prior to a drop in volume of sales. Recently, models with wireless charging capabilities have been unveiled by Hyundai, FAW, and IM Motor. Additionally, vehicle OEMs like Volvo, Jaguar, and Renault as well as Tier 1 suppliers like Siemens, Mahle, and Magna are investing in this sector.

E-Mobility Infrastructure and Range Concern

One of the major challenges in the adoption of electric vehicle are, range of the vehicle and charging stations. Many OEMS are building the charging station, so the consumer has access of efficient charging along their way. Also, the consumers are concerned about the charging time and range between the stoppage of the vehicle and more long charging time to charge the vehicle.

Market Segmentation

The North America Electric Vehicle Market is segmented by vehicle type, by propulsion type, by range, by battery capacity, and by region. Based on vehicle type, the market is segmented into Two-wheeler, Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle and OTR. Based on propulsion type, the market is segmented into BEV, PHEV and FCEV. Based on range, the market is divided into 0-50 Miles, 51-150 Miles and 151-200 Miles, 201-400 Miles and Above 400 Miles. Based on battery capacity, market is segmented into less Than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to 300 kWh, Above 300 kWh.

Company Profiles

Tesla, Inc., BMW Group, BYD Company Ltd., Volkswagen AG, Hyundai Motor Company, AB Volvo, Daimler AG, Ford Motor Company, General Motors Company and Honda Motor Co., Ltd., are the key players developing advanced technologies to stay competitive in the market and enhancing their product portfolio in the regions to increase their customer outreach.

Attribute	Details
Base Year	2022
Historical Years	2018 – 2022
Estimated Year	2023
Forecast Period	2024 – 2028
Quantitative Units	Revenue in USD Billion, Volume in Units, and CAGR for 2018-2022 and 2023-2028
Report Coverage	Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends
Segments Covered	By Vehicle Type By Propulsion Type By Range Type By Battery Capacity Type By Country
Country Scope	United States, Canada, Mexico.
Key Companies Profiled	Tesla, Inc., BMW Group, BYD Company Ltd., Volkswagen AG, Hyundai Motor Company, AB Volvo, Daimler AG, Ford Motor Company, General Motors Company and Honda Motor Co., Ltd.
Customization Scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

Report Scope:

In this report, North America Electric Vehicle Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

North America Electric Vehicle Market, By Vehicle Type:

Two-Wheeler
Passenger Car
Light Commercial Vehicle
Medium & Heavy Commercial Vehicle
OTR

North America Electric Vehicle Market, By Propulsion Type:

BEV
PHEV
FCEV

North America Electric Vehicle Market, By Range:

0-50 Miles,
51-150 Miles
151-200 Miles
201-400 Miles
Above 400 Miles

North America Electric Vehicle Market, By Battery Capacity:

less Than 50 kWh,
51 kWh to 100 kWh,
101 kWh to 200 kWh,
201 kWh to 300 kWh,
Above 300 kWh

North America Electric Vehicle Market, By Country:

United States
Canada
Mexico

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in North America Electric Vehicle Market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

North America Electric Vehicle Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Introduction

1.1. Market Overview

1.2. Key Highlights of the Report

1.3. Market Coverage

1.4. Market Segments Covered

1.5. Research Tenure Considered

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Market Overview

3.2. Market Forecast

3.3. Key Regions

3.4. Key Segments

4. Impact of COVID-19 on North America Electric Vehicle Market

4.1. Key Country Impacted

4.2. Key Segment Impacted

5. Voice of Customer

5.1. Factors Influencing Purchase Decision

5.2. Brand Awareness

5.3. Challenges/Unmet Needs

6. North America Electric Vehicle Market Outlook

6.1. Market Size & Forecast

6.1.1. By Volume

6.1.2. By Value

6.2. Market Share & Forecast

6.2.1. By Vehicle Type Market Share Analysis (Two-Wheeler, Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, OTR)

6.2.2. By Propulsion Type Market Share Analysis (BEV, PHEV, FCEV)

6.2.3. By Range Market Share Analysis (0-50 Miles, 51-150 Miles and 151-200 Miles, 201-400 Miles and Above 400 Miles)

6.2.4. By Battery Capacity Market Share Analysis (less Than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to 300 kWh, above 300 kWh)

6.2.5. By Country Market Share Analysis

6.2.5.1. United States Market Share Analysis

6.2.5.2. Canada Market Share Analysis

6.2.5.3. Mexico Market Share Analysis

6.2.6. By Company Market Share Analysis (By Value, 2022)

6.3. North America Electric Vehicle Market Mapping & Opportunity

6.3.1. By Vehicle Type Market Mapping & Opportunity Assessment

6.3.2. By Propulsion Mapping & Opportunity Assessment

6.3.3. By Range Mapping & Opportunity Assessment

6.3.4. By Battery Capacity Mapping & Opportunity Assessment

6.3.5. By Country Mapping & Opportunity Assessment

7. United States Electric Vehicle Market Outlook

7.1. Market Size & Forecast

7.1.1. By Volume

7.1.2. By Value

7.2. Market Share & Forecast

7.2.1. By Vehicle Type Market Share Analysis

7.2.2. By Propulsion Type Market Share Analysis

7.2.3. By Range Market Share Analysis

7.2.4. By Battery Capacity Market Share Analysis

8. Canada Electric Vehicle Market Outlook

8.1. Market Size & Forecast

8.1.1. By Volume

8.1.2. By Value

8.2. Market Share & Forecast

8.2.1. By Vehicle Type Market Share Analysis

8.2.2. By Propulsion Type Market Share Analysis

8.2.3. By Range Market Share Analysis

8.2.4. By Battery Capacity Market Share Analysis

9. Mexico Electric Vehicle Market Outlook

9.1. Market Size & Forecast

9.1.1. By Volume

9.1.2. By Value

9.2. Market Share & Forecast

9.2.1. By Vehicle Type Market Share Analysis

9.2.2. By Propulsion Type Market Share Analysis

9.2.3. By Range Market Share Analysis

9.2.4. By Battery Capacity Market Share Analysis

10. Market Dynamics

10.1. Market Drivers

10.2. Market Challenges

11. Market Trends and Developments

12. Porter’s Five Forces Model

12.1. Competitive Rivalry

12.2. Bargaining Power of Buyers

12.3. Bargaining Power of Suppliers

12.4. Threat of New Entrants

12.5. Threat of Substitutes

13. SWOT Analysis

13.1. Strength

13.2. Weakness

13.3. Opportunities

13.4. Threats

14. Competitive Landscape

14.1. Company Profiles

14.1.1. Tesla, Inc.

14.1.1.1. Company Details

14.1.1.2. Products & Services

14.1.1.3. Financial (As Reported)

14.1.1.4. Key Market Focus & Geographical Presence

14.1.1.5. Recent Development

14.1.1.6. Key Management Personnel

14.1.2. BMW Group

14.1.2.1. Company Details

14.1.2.2. Products & Services

14.1.2.3. Financial (As Reported)

14.1.2.4. Recent Development

14.1.2.5. Key Management Personnel

14.1.3. BYD Company Ltd.

14.1.3.1. Company Details

14.1.3.2. Products & Services

14.1.3.3. Financial (As Reported)

14.1.3.4. Recent Development

14.1.3.5. Key Management Personnel

14.1.4. Volkswagen AG

14.1.4.1. Company Details

14.1.4.2. Products & Services

14.1.4.3. Financial (As Reported)

14.1.4.4. Recent Development

14.1.4.5. Key Management Personnel

14.1.5. Hyundai Motor Company

14.1.5.1. Company Details

14.1.5.2. Products & Services

14.1.5.3. Financial (As Reported)

14.1.5.4. Recent Development

14.1.5.5. Key Management Personnel

14.1.6. AB Volvo

14.1.6.1. Company Details

14.1.6.2. Products & Services

14.1.6.3. Financial (As Reported)

14.1.6.4. Recent Development

14.1.6.5. Key Management Personnel

14.1.7. Daimler AG

14.1.7.1. Company Details

14.1.7.2. Products & Services

14.1.7.3. Financial (As Reported)

14.1.7.4. Recent Development

14.1.7.5. Key Management Personnel

14.1.8. Ford Motor Company

14.1.8.1. Company Details

14.1.8.2. Products & Services

14.1.8.3. Financial (As Reported)

14.1.8.4. Recent Development

14.1.8.5. Key Management Personnel

14.1.9. General Motors Company

14.1.9.1. Company Details

14.1.9.2. Products & Services

14.1.9.3. Financial (As Reported)

14.1.9.4. Recent Development

14.1.9.5. Key Management Personnel

14.1.10. Honda Motor Co., Ltd

14.1.10.1. Company Details

14.1.10.2. Products & Services

14.1.10.3. Financial (As Reported)

14.1.10.4. Recent Development

14.1.10.5. Key Management Personnel

15. Strategic Recommendations

15.1. Key Focus Areas

15.2. Target Countries

15.3. Target Vehicle Type

15.4. Target Propulsion

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

What are the major factors affecting North America Electric Vehicle market?

Rising electric vehicles owing to technology advancement, low emission standards and strict government rules and regulations for Electric Vehicles, drive the North America Electric Vehicle market.

What are the new technologies introduced in North America Electric Vehicle market?

The new technology introduced in North America for Electric Vehicles is vehicle to grid (V2G) charging which enables energy stored in the battery of the vehicle to be exported to the grid at times of high demand. Wireless EV charging is also another technology introduced in electric vehicles.

Who are the top players in the North America Electric Vehicle market?

The major player contributing North America Electric Vehicle market are Tesla, Inc., BMW Group, BYD Company Ltd., Volkswagen AG, Hyundai Motor Company, AB Volvo, Daimler AG, Ford Motor Company, General Motors Company and Honda Motor Co., Ltd.

What hinders the North America Electric Vehicle market?

Lack of charging infrastructure, high price and tension for low distance range are affecting the growth of North America electric vehicle market.

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Press Release

United States to Lead North America Electric Vehicle Market through 2028

Nov, 2022

Strict government initiatives, new technologies and rising focus on environment sustainability are the driving force for North America electric vehicle market.

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