USD 63.75 billion
Report ID:
SQMIR25C2132 |
Region:
Regional |
Published Date: April, 2024
Pages:
223
|Tables:
112
|Figures:
80
North America Electric Vehicle (EV) Market size was valued at USD 75.18 Billion in 2023 and is poised to grow from USD 88.66 Billion in 2024 to USD 331.68 Billion by 2032, growing at a CAGR of 17.93% during the forecast period (2025-2032).
Market expansion will be fuelled by supportive government policies, subsidies, and tax rebates that encourage EV adoption. The cost advantages that electric vehicles have over conventional vehicles as well as other factors will help the market expand throughout the projected period. Another element that is anticipated to generate considerable development prospects for industry participants is a drop-in battery pack pricing. A study by the International Council on Clean Transportation predicts a decline in battery pack costs in the United States.
Due to rising gasoline prices, the use of electric vehicles has increased in a number of areas and nations. In place of gasoline and diesel engines, electric vehicles use lithium-ion batteries that provide a hybrid charging system. These automobiles are pollution-free and environmentally friendly. When in operation, they don’t release any dangerous greenhouse gases. Compared to fossil fuels, electricity is substantially less expensive. Compared to conventional petrol and diesel vehicles, this lowers the cost of operating electric automobiles.
Growing concerns about climate change and environmental sustainability drive the demand for electric vehicles. Consumers and governments seek cleaner and more sustainable transportation solutions to reduce greenhouse gas emissions. Governments around the world are implementing incentives and policies to promote the adoption of electric vehicles. These measures include subsidies, tax credits, rebates, and regulatory frameworks that encourage manufacturers and consumers to transition to electric mobility. Technological advancements in battery technology, including improvements in energy density, cost reduction, and charging capabilities, enhance the appeal of electric vehicles. Advances in lithium-ion batteries and the exploration of alternative battery chemistries contribute to increased driving ranges and affordability. Hence, all these factors contribute to growth of North America Electric Vehicle Market
North America Electric Vehicle (EV) Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 63.75 billion
Largest Segment
Battery Electric Vehicles
Fastest Growth
Plug-in Hybrid Electric Vehicles
Growth Rate
17.93% CAGR
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North America Electric Vehicle (EV) Market is segmented based on the product, vehicle type, speed, end user, and region. Based on the product, the North America Electric Vehicle Market is segmented into Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV). Based on speed, the North America Electric Vehicle Market is segmented into <125mph and >125mph. Based on end user, the market is segmented into Private use and commercial use. Based on the vehicle type, the North America Electric Vehicle Markett has been segmented into passenger cars, PCLT, Commercial vehicles. Based on Region it is categorized into US, Canada, Mexico.
North America Electric Vehicle (EV) Market Analysis by Product
The BEV segment dominated the market and accounted for the largest revenue share of over 76% in 2021 and is expected to maintain its dominance during the forecast period. The large revenue share is mostly due to end consumers’ growing environmental consciousness and the advantages of BEVs. The average driving Range of BEVs has also been rising over time.
The PHEV segment is estimated to be the fastest growth segment and expand at the highest CAGR of over 42% in terms of revenue during forecast period. The United States and Canada’s efforts to promote the usage of EVs are responsible for this increase. In bigger vehicle sectors, including electric trucks and buses, PHEVs are typically available. Over the projection period, segmental expansion in the expanding transportation and logistics market is anticipated.
North America Electric Vehicle (EV) Market Analysis by Vehicle
The PCLT segment accounted for a dominant market and held a share exceeding 87% in 2021 and is anticipated to continue its dominance over the forecast period. The PCLT sector consists of light trucks and passenger automobiles. As SUVs provide cutting-edge features, affordability, comfort, and durability, among other benefits, the light truck category is anticipated to grow at a CAGR above 37% during the projection period. Additionally, a number of well-known manufacturers are concentrating on introducing electric cars in the light truck segment.
The commercial vehicle segment is the fastest growing segment and estimated to expand at a CAGR exceeding 85% in terms of revenue over the forecast period. Some of the factors influencing the category growth include rising demand in the logistics industry, financial incentives for adopting zero-emission vehicles, and falling fuel and maintenance costs. Additionally, the strict pollution standards put in place for commercial vehicles are anticipated to encourage manufacturers to invest in the production of electric trucks.
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Range anxiety is the fear of operating an electric vehicle and running out of power without being able to find a charging station in time to recharge the battery; examples of such infrastructure include Tesla superchargers, Volkswagen Electrify America, etc. The increased investments from public and private entities for electric charging infrastructure, as well as the expansion of electric charging stations across the U.S., are helping to build customer trust and help in mitigating the problem.
The United States government has established strict regulations for CO2 emission limitations for motorised vehicles, associated with substantial impacts, and set a net-zero greenhouse gas emission goal. Due to the need for automakers to accept, create, and market electric vehicles in the future, this functions as a market driver. Compared to internal combustion engines, electric vehicles (EVs) are more expensive and demand a higher investment (ICEs). The cost of an electric car can be up to three or four times higher than that of a comparable internal combustion engine car, making EVs a less alluring option for the typical consumer.
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North America Electric Vehicle Market Drivers
Reducing Cost of EV Batteries to Bolster Demand for Electric Vehicles
North America Electric Vehicle Market Restraints
Insufficient EV charging station to Hinder Market Growth
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North America Electric Vehicle Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
North America Electric Vehicle Market Top Player's Company Profiles
North America Electric Vehicle Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our North America Electric Vehicle Market analysis, among regions US is expected to capture higher market share, the growth of the region is attributed to growing government initiative in manufacturing EV batteries and reducing cost of vehicles. In terms of product, the battery electric vehicles segment dominates the marine hybrid propulsion market. In terms of vehicle type, the PCLT led the market and is predicted to grow at the fastest rate. The increasing awareness about air pollution and the increasing cost of oil and gas the use of electric vehicles are increasing that is why the North America electric vehicles market is driven.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 75.18 Billion |
Market size value in 2032 | USD 331.68 Billion |
Growth Rate | 17.93% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
North America Electric Vehicle Market Recent Developments
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the North America Electric Vehicle (EV) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the North America Electric Vehicle (EV) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the North America Electric Vehicle (EV) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the North America Electric Vehicle (EV) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIR25C2132
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