North America Electric Vehicle Market: A Study of Key Players, Trends, and Forecast to 2028

According to the TechSci Research report, “North America Electric Vehicle Market- By Country, Competition Forecast and Opportunities, 2018-2028F,” the North American electric vehicle market is growing rapidly. This growth is due to low emissions from vehicles, low maintenance costs, and increased demand for electric vehicles that contribute to the environment. Government policy support and new technologies in electric vehicles also drive this growth.

Electric vehicles (EVs) are powered by an electric motor instead of an internal combustion engine that burns fuel and gases. EVs are considered potential substitutes for new-generation automobiles to address issues such as pollution, global warming, and depletion of natural resources.

Governments have installed EV charging stations, created pollution standards, set deadlines for switching from ICE vehicles to full or hybrid EVs, and taken other measures to support EV demand growth. North America has more than 50,000 charging stations and 100,000+ charging ports, enhancing EV market demand. Consumers have also shifted towards sustainable mobility by buying more electric vehicles.

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The North American electric vehicle market can be segmented by vehicle type, propulsion, range, battery capacity, and region. The passenger car segment currently dominates the market due to rising demand for better driving experiences, consumer disposable income, and low emissions standards. FCEV is the fastest-growing propulsion type segment in the forecasted years. The battery electric vehicle segment will account for the highest market volume in the forecasted period. The 201-400 miles range type has the highest growth rate. The market is segmented by battery capacity into Less Than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to 300 kWh, and above 300 kWh. The rapid expansion of this market segment is primarily due to the widespread use of electric trucks and buses in public transportation and freight services. 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 EV charging station infrastructure and government measures towards environmental sustainability are driving up EV usage.

Range anxiety is the fear of running out of power in an electric vehicle without being able to find a charging station in time to recharge the battery. Examples of such infrastructure include Tesla superchargers and Volkswagen Electrify America. Increased investments from public and private entities in electric charging infrastructure and the expansion of electric charging stations across the U.S. are building customer trust and mitigating this problem.

The United States government has established strict regulations for CO2 emissions from motor vehicles and set a net-zero greenhouse gas emission goal. This serves as a market driver for automakers to develop and market electric vehicles in the future. Electric vehicles (EVs) are more expensive than internal combustion engines (ICEs) and require higher investment. The cost of an electric car can be up to three or four times higher than a comparable ICE car, making EVs less attractive to the average consumer.

Recent developments in the North American electric vehicle market include

• Volkswagen AG’s announcement in June 2022 that it is operating its North American Battery engineering laboratory in Chattanooga to test EV batteries and high voltage engineering activities.
• In March 2022, Tesla announced the opening of its Tesla Gigafactory Texas to manufacture Tesla Cybertruck, Tesla Semi, Model 3, and Model Y for the eastern United States market.
• In June 2021, Tesla announced the rollout of the first production Tesla Model S Plaid, a four-door electric car with an estimated range of 390 miles.

Key market trends in the North American electric vehicle market include new government programs supporting the growth and sales of the EV sector and associated charging infrastructure. Governments are encouraging EV adoption by offering incentives such as reduced or free registration fees, exemptions from import taxes, purchase taxes, and road tolls.

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.

Table Of Content –

1. Introduction

1.1.  Market Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2. Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3. Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4. Impact of COVID-19 on North America Electric Vehicle Market

4.1.  Key Country Impacted

4.2.  Key Segment Impacted

5. Voice of Customer

5.1.  Factors Influencing Purchase Decision

5.2.  Brand Awareness

5.3.  Challenges/Unmet Needs

6. North America Electric Vehicle MarketOutlook

6.1.  Market Size & Forecast

6.1.1.     By Volume

6.1.2.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Vehicle Type Market Share Analysis (Two-Wheeler, Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, OTR)

6.2.2.     By Propulsion Type Market Share Analysis (BEV, PHEV, FCEV)

6.2.3.     By Range Market Share Analysis (0-50 Miles, 51-150 Miles and 151-200 Miles, 201-400 Miles and Above 400 Miles)

6.2.4.     By Battery Capacity Market Share Analysis (less Than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to 300 kWh, above 300 kWh)

6.2.5.     By Country Market Share Analysis

6.2.5.1.         United States Market Share Analysis

6.2.5.2.         Canada Market Share Analysis

6.2.5.3.         Mexico Market Share Analysis

6.2.6.     By Company Market Share Analysis (By Value, 2022)

6.3.  North America Electric Vehicle Market Mapping & Opportunity

6.3.1.     By Vehicle Type Market Mapping & Opportunity Assessment

6.3.2.     By Propulsion Mapping & Opportunity Assessment

6.3.3.     By Range Mapping & Opportunity Assessment

6.3.4.     By Battery Capacity Mapping & Opportunity Assessment

6.3.5.     By Country Mapping & Opportunity Assessment

………………….. TOC continue

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TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.

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