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.
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.