According to the TechSci Research report titled “North America Electric Vehicle Market – By Country, Competition Forecast and Opportunities, 2018-2028F,” the electric vehicle (EV) market in North America is witnessing substantial growth driven by factors such as low emissions, cost-effective maintenance, and environmental concerns. The demand for electric vehicles has risen due to continuous government support and the introduction of advanced technologies in the automotive industry.
Transitioning Towards a Sustainable Future
Electric vehicles are powered by electric motors instead of internal combustion engines, offering a cleaner alternative with reduced pollution, lower carbon emissions, and decreased reliance on fossil fuels. As a result, these vehicles are considered a promising substitute for traditional automobiles, addressing critical issues like pollution, global warming, and resource depletion.
Government Initiatives and Infrastructure Development
Governments in North America have implemented various measures to encourage the growth of the EV market. These include the installation of EV charging stations, the establishment of pollution standards, and the introduction of deadlines for transitioning from internal combustion engine (ICE) vehicles to fully electric or hybrid EVs. The presence of over 50,000 charging stations and more than 100,000 charging ports across North America has significantly enhanced the demand for EVs. Furthermore, consumer attitudes have shifted towards sustainable mobility, leading to increased adoption of electric vehicles.
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Segmentation and Market Outlook
The North America Electric Vehicle market can be segmented based on vehicle type, propulsion, range, battery capacity, and region. Among vehicle types, the passenger car segment currently holds the largest market share in North America, driven by increasing consumer demand for cars that offer superior driving experience, disposable income, and compliance with low emissions standards. In terms of propulsion, Fuel Cell Electric Vehicles (FCEVs) are expected to witness the fastest growth in the coming years. However, the battery electric vehicle segment is projected to dominate the market in terms of volume.
When considering the range type, the 201-400 miles range segment exhibits the highest growth rate. Battery capacity types are divided into several categories: Less Than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to 300 kWh, and above 300 kWh. The significant expansion of the electric truck and bus market, particularly in public transportation and freight services, drives the growth of this market segment. Various EVs, including passenger cars and light commercial vehicles such as vans, pickup trucks, and utility vehicles, have power outputs ranging from 100kW to 250kW. The increasing availability of EV charging infrastructure and government initiatives aimed at promoting environmental sustainability are key factors driving the adoption of EVs.
The North America Electric Vehicle market is witnessing rapid growth due to its numerous advantages and the support of government policies. With the continuous development of charging infrastructure and the rising demand for sustainable transportation, the EV market in North America is expected to flourish in the coming years.
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.
“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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