Strict government initiatives, new technologies and rising focus on environment sustainability are the driving force for North America electric vehicle market.
According to the TechSci Research report, "North America Electric Vehicle Market - By Country, Competition Forecast and Opportunities, 2018-2028F", North America Electric Vehicle market is growing at rapid pace owing to low emission from the vehicle, low maintenance cost and contributing towards the environmental situation there is increase in demand of electric vehicle. The rise in electric vehicle is also due to the sustained policy support from the government part. Also, the electric vehicles come with new technologies which are effective and efficient in the vehicle market.
An electric motor powers an electric vehicle (EV) as opposed to an internal combustion engine, which produces power by burning a mixture of fuel and gases. Therefore, to solve issues such as increased pollution, global warming, the depletion of natural resources, etc., such a vehicle is considered as a potential substitute for new-generation automobiles.
The governments has installed EV charging stations, created pollution standards, established deadlines for switching from ICE vehicles to full or hybrid EVs, and other measures to assist the growth of EV demand. There are around more than 50000+ Charging Station and 1 lakh+ charging ports present in the north America which is enhance the EV market demand north America. Also, Consumer mindset has also been shifted towards sustainable mobility with consumer buying more Electric Vehicles.
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The North America Electric Vehicle market can be segmented based on vehicle type, propulsion, range, battery capacity and by region. Based on vehicle type, the passenger car segment currently dominates North America electric vehicle market with highest share among all vehicle type. This is due to the rising demand of the passenger car with better driving experience, disposal income of consumers and low emissions standards. In terms of propulsion type, FCEV has the fastest growing segment in the forecasted years. In the forecasted period, the battery electric vehicle segment will account for the highest volume of the market. Based on range type, 201-400 miles accounted the highest growth rate. Based on battery capacity type, market is segmented among Less Than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to 300 kWh, above 300 kWh. The widespread usage of electric trucks and buses, particularly for applications in public transportation and freight services, is primarily responsible for this market segment's rapid expansion. A wide range of EVs, including passenger cars and light commercial vehicles like vans, pickup trucks, and utility vehicles, have power outputs between 100kW and 250kW. The surge in the EVs charging station infrastructure and government measures towards the environmental sustainability are driving up the use of EVs.
Some of the major players operating in the North America electric vehicle market include:
- Tesla Inc.
- BMW Group
- BYD Company Ltd.
- Volkswagen AG
- Hyundai Motor Company
- AB Volvo
- Daimler AG
- Ford Motor Company,
- General Motors Company
- Honda Motor Co., Ltd.
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“Many companies are investing in development in building the charging infrastructure to overcome the charging barriers of EVs. Also, With the advancement in the technology, manufacturer’s are rolling out the new Electric vehicles, with advanced features to provide better safety, security, functionality and driving experience. Also, the concern regarding the environmental pollution Government is promoting the policy for Electric vehicle adoption which is further increasing the penetration of electric vehicle."said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“North America Electric Vehicle Market By Vehicle Type (Two Wheelers, Passenger Cars (PC) Light Commercial Vehicle (LCV), Medium & Heavy Commercial Vehicle (M&HCV)), By Propulsion Type (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 Battery Capacity (Less Than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to 300 kWh, Above 300 kWh), By Country, Competition Forecast and Opportunities, 2028F”, has evaluated the future growth potential of North America electric Vehicle Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the North America Electric Vehicle Market.
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