The North American Electric Car Market is expected to grow at a CAGR of 35.2% by value from 2021 to reach $329.57 billion by 2028. By volume, this market is expected to grow at a CAGR of 18.7% from 2021 to reach 2.9 million units by 2028. This market is driven by factors such as supportive government policies and regulations, the rising deployment of EV charging stations by shared mobility operators and increasing investments in the EV ecosystems. Moreover, decreasing battery prices and growing fleet electrification targets of governments across the region are expected to provide significant opportunities for the growth of this market.
However, the lack of charging infrastructure in developing countries is expected to restrain the growth of the market to some extent. The range limitation of electric vehicles and a lack of fast-charging infrastructure are major challenges for the growth of the electric cars market in North America. Increasing investments in R&D for smart charging systems is a major trend that may support the growth of this market.
The market is segmented based on propulsion type, power output, end use, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on propulsion type, the North American electric cars market is mainly segmented into hybrid vehicles, battery electric vehicles, and fuel cell electric vehicles. The hybrid vehicles segment is estimated to account for the largest share of the North American electric cars market in 2021. The large market share of this segment is mainly attributed to the increase in stringent automotive emission regulations across different countries in North America, rising consumer demand for highly fuel-efficient vehicles, increasing investments by automotive OEMs for hybridization of vehicle powertrain, and the lower price of hybrid vehicles compared to battery electric vehicles.
However, the fuel cell electric vehicles segment is expected to witness significant market growth, as these vehicles offer several advantages such as fast refueling and zero tailpipe emissions.
Based on power output, the North American electric cars market is segmented into less than 100 kW and 100 kW to 250 kW. The less than 100 kW segment is estimated to account for the largest share of the North American electric cars market in 2021. The large share of this segment is mainly attributed to the rising usage of light electric cars in the central business districts of major cities, demand for electric cars for shared mobility services in major cities, and decrease in battery prices.
However, the 100 kW to 250 kW segment is expected to grow at the highest CAGR during the forecast period. The rapid market growth of this segment is mainly attributed to the increasing initiatives by leading automotive OEMs and strict regulations to reduce tailpipe emissions.
Based on end use, the North American electric cars market is segmented into private use and commercial use. The private use segment is estimated to account for the largest share of the North American electric cars market in 2021. The large share of this segment is mainly attributed to the increasing consumer demand for fuel-efficient and zero tailpipe emission vehicles, major incentive plans and low taxes by the government, decrease in battery prices, and rise in fuel prices. However, the commercial use segment is expected to grow at the highest CAGR during the forecast period. The rapid market growth of this segment is mainly attributed to the rising usage of electric cars in shared mobility services and corporate taxi fleets.
Based on geography, the U.S. is estimated to account for the larger share of the North American electric cars market in 2021 both by value and volume. The large market share of the country is mainly attributed to the wider availability of electric car models, the growing number of mass-premium buyers shifting from fuel-based vehicles to electric vehicles, increased adoption of electric cars, and investments by automotive OEMs. The U.S. has always been at the forefront of innovative technologies adoption, including electric cars globally.
The state and local governments support the growth of the electric cars market with attractive incentives and subsidy schemes. States such as California, Colorado, New Jersey, and Washington State are at the forefront of electric cars adoption. For instance, in 2019, California accounted for half of the new electric car sales in the U.S., whereas San Jose had a share of 20% of the new electric cars in the U.S. Around 50 metropolitan areas in the country are set to deploy charging infrastructures by the end of 2025. Thus, government support is one of the key factors driving the growth of the electric cars market.
key players operating in this market are Tesla, Inc. (U.S.), General Motors Company (U.S.), Ford Motor Company (U.S.), Rivian, LLC (U.S.), Bollinger Motors Inc. (U.S.), Alcraft Motor Company Ltd.,(U.K.), Nissan Motor Co., Ltd. (Japan), NIO Inc. (China), AB Volvo (Sweden), and Groupe Renault (France).
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Key Questions Answered in the Report:
- Which are the high growth market segments in terms of propulsion type, power output, end use, and geography?
- What is the historical market size for electric cars in North America?
- What are the market forecasts and estimates for the period 2021-2028?
- What are the major drivers, restraints, opportunities, and challenges in the North American electric cars market?
- Who are the major players operating in the market, and what are their market shares?
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