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.