USD 63.75 billion
North America Electric Vehicle (EV) Market Size, Share, Growth Analysis, By Product(Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV).), By Vehicle Type(passenger cars, PCLT, Commercial vehicles), By Speed(<125mph and >125mph), By End user(Private use and commercial use), By Region - Industry Forecast 2024-2031
Report ID:
SQMIR25C2132 |
Region:
Regional |
Published Date: April, 2024
Pages:
223
|Tables:
112
|Figures:
80
North America Electric Vehicle (EV) Market Insights
North America Electric Vehicle (EV) Market size was valued at USD 63.75 billion in 2022 and is poised to grow from USD 75.18 billion in 2023 to USD 281.25 billion by 2031, at a CAGR of 17.93% during the forecast period (2024-2031).
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Battery Electric Vehicles
Fastest Growth
Plug-in Hybrid Electric Vehicles
Growth Rate
17.93% CAGR
North America EV Battery Market, 2022-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
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North America Electric Vehicle (EV) Market Segmental Analysis
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.
North America EV Battery Market Size By Type, 2021-2030 ($ Bn)
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North America Electric Vehicle (EV) Market Regional Insights
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.
North America EV Battery Market By Geography, 2021-2030
- Largest
- Fastest
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North America Electric Vehicle (EV) Market Dynamics
North America Electric Vehicle Market Drivers
Reducing Cost of EV Batteries to Bolster Demand for Electric Vehicles
- Due to technological breakthroughs and the mass production of EV batteries in vast quantities, the cost of EV batteries has been declining over the past ten years. As a result, the price of electric vehicles has decreased. That factor influences the demand for electric vehicles.
North America Electric Vehicle Market Restraints
Insufficient EV charging station to Hinder Market Growth
- North American nations have a limited quantity of EV charging facilities. As a result, there are fewer public EV charging stations available, which lowers uptake of electric vehicles. Due to the unavailability of EV charging stations many customers are not purchasing electric vehicles that hinder the market growth in North America.
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North America Electric Vehicle (EV) Market Competitive Landscape
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
- Tesla, Inc.
- General Motors Company
- Ford Motor Company
- Rivian Automotive, LLC
- Lucid Motors, Inc.
- Fisker Inc.
- Lordstown Motors Corp.
- Nikola Corporation
- Faraday Future Inc.
- Canoo Inc.
- Bollinger Motors
- Karma Automotive LLC
- Atlis Motor Vehicles, Inc.
- Alpha Motor Corporation
- ElectraMeccanica Vehicles Corp.
- Lightning eMotors Inc.
- Xos Trucks Inc.
- Workhorse Group Inc.
- Proterra Inc.
- Lion Electric Co.
North America Electric Vehicle Market Recent Developments
- In July 2023, Seven of the world’s leading automakers, BMW Group, General Motors, Honda, Hyundai, Kia, Mercedes-Benz Group, Stellantis NV announced that they were creating a joint venture to accelerate the transition to electric vehicles in North America, by making EV charging more convenient, accessible and reliable.
- The advanced EV battery materials company Posco Future M, based in South Korea, and General Motors (GM) announced in June 2023 that they would be investing an additional $1 billion in their new cathode production facility in Ontario, Canada. The increased manufacturing of precursor materials (pCAM) and cathode active materials (CAM) in North America will be facilitated by the additional funding. The primary raw material, known as CAM, which is made up of lithium and one or more secondary metals, is responsible for a significant portion of the output and roughly 40% of the price of EV batteries.
- Ford said in March 2023 that, in order to meet strong consumer demand, it will boost electric vehicle production at its North American manufacturing facilities. Ford's Cuautitlan (Mexico), Detroit, and Kansas City plants will produce more Mustang Mach-E, F-150 Lightning, and E-Transit electric vehicles going forward. In February, sales of electric vehicles rose by 68 percent. By the end of 2023, Ford intends to ramp up production of the F-150 Lightning at the Rouge Electric Vehicle Center, reaching a run rate of 150,000 units annually. The best-selling electric pickup truck in the US is the F-150 Lightning, with 15,617 sales in 2022 and 3,600 in the first two months of this year.
North America Electric Vehicle (EV) Key Market Trends
- Government programmes New emerging trends with regards to electric vehicles. The government has begun to support the growth and sales of the EV sector and associated charging infrastructure. Additionally, governments are encouraging the adoption of EVs by offering various incentives like reduced or free registration fees as well as exemptions from import taxes, purchase taxes, and road tolls.
North America Electric Vehicle (EV) Market SkyQuest Analysis
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 2022 | USD 63.75 billion |
| Market size value in 2031 | USD 281.25 billion |
| Growth Rate | 17.93% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on North America Electric Vehicle (EV) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on North America Electric Vehicle (EV) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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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