Report ID: SQMIR25C2132
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.
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Report ID: SQMIR25C2132