Autos

Meticulous Research® Exclusive : North America Electric Car Market is Expected to Reach $329.57 Billion by 2028, at a CAGR of 35.2% During the Forecast Period 2021- 2028


According to a new market research report titled “The North American Electric Cars Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Country—Forecast to 2028”, the North American electric cars market is expected to grow at a CAGR of 35.2 % from 2021 to 2028 to reach $329.57 billion by 2028. By volume, this market is expected to grow at a CAGR of 18.7 % from 2021 to 2028 to reach 2.9 million units by 2028.

Electric cars utilize multiple traction motors powered by a rechargeable battery pack through an internal combustion engine that charges the vehicle’s battery pack, which runs the traction motor and propels the vehicle. The growth of this market is backed by the governments’ supportive policies and regulations, the rising deployment of EV charging stations by shared mobility operators, and the increasing investments in the EV ecosystem. The decrease in battery prices and growing fleet electrification targets of governments across the region provide significant opportunities for the growth of this market. However, the lack of charging infrastructures in developing countries is expected to restrain the growth of this market to some extent. The range limitations of electric vehicles and a lack of fast-charging infrastructures are major challenges for the growth of the North American electric cars market. Increasing investments in R&D for smart charging systems is a major trend that may support the growth of this market.

Download Sample Report Here: https://www.meticulousresearch.com/download-sample-report/cp_id=5216

The Impact of COVID-19 on the North American Electric Cars Market

In North America, the U.S. was severely impacted by the COVID-19 pandemic leading to significant damages in terms of life, resources, and economy. The adoption of electric cars had declined in the first & second quarters of 2020, while a slight growth was witnessed post the second quarter. Consumer behavior has changed significantly since the pandemic. People have reduced the use of shared mobility services and public transport services to reduce the risk of infection. Moreover, due to remote working arrangements in most industries, the total vehicle miles traveled has also decreased in 2020. Hence, these factors have negatively affected the adoption of electric cars in the region.

However, leading investors have planned to double their investments in autonomous vehicles that can positively impact the electric cars market in the forecast period. For instance, in March 2020, Waymo, Google’s self-driving car project, raised $2.3 billion from investors such as Silver Lake, Andreessen Horowitz, and AutoNation. In November 2020, California authorized paid robotaxi services by Waymo, one ride-hailing service in the state. In January 2019, Magna, a Canada-based auto supplier, partnered with Waymo to build a factory to manufacture self-driving cars in southeast Michigan. The facility produces autonomous versions of the Chrysler Pacifica Hybrid minivan and Jaguar’s I-PACE electric SUV with Level 4 autonomous driving.

Fleet Electrification Targets of Governments Across the Region to Support the Market Growth

The growing awareness for reducing greenhouse gas emissions (GHG), climate change, and enormous opportunities offered by the government could further increase the adoption of electric cars in the coming years. To support the adoption of EVs, governments are enforcing stringent regulations, planning investments, and increasing incentives. In February 2021, the U.S. government entered the Paris Agreement to reduce greenhouse gas emissions. The White House and Congress are planning an aggressive approach towards influencing industrial and consumer behavior to mandate EVs adoption. In June 2021, the Government of Canada announced a mandatory target for all new light-duty cars and passenger trucks sales to be zero-emission by 2035. This mandatory target replaced Canada’s voluntary target announced in January 2019 for 100% ZEV by 2040. In 2021, the Biden presidency (U.S.) committed to installing up to 500,000 EV charging stations, increasing existing incentives and tax breaks for EV purchases. In May 2020, the U.S. government launched the “Built for America” ad campaign for vehicle production plants which were shut down in late March 2020 in North America due to the COVID-19 pandemic. Such campaigns and initiatives can benefit the American economy, which is expected to propel the market demand for EVs.

Speak to our Analysts to Understand the In Detail Impact of COVID-19 on Your Business : https://www.meticulousresearch.com/speak-to-analyst/cp_id=5216

The fleet electrification target set by the U.S. government is expected to create 1 million jobs in the U.S. auto industry and strengthen the American economy. According to the General Services Administration (GSA), in 2019, the U.S. government had 645,000 vehicles that were driven for 4.5 billion miles and consumed 375 million gallons of gasoline and diesel fuel. And about 35% of those vehicles were operated by the U.S. Postal Service, posing a major threat to the environment. In response, the U.S. government, in January 2021, announced the plan to replace the fossil fuel-based government vehicles with net zero emissions EVs assembled in the U.S. by Tesla Inc., General Motors, Nissan Motor Corporation, and other market players. In this scenario, fleet electrification by the U.S. government is expected to encourage customers during the forecast period.

To provide efficient analysis, Meticulous Research® has segmented this market based on propulsion type (hybrid vehicles, battery electric vehicles, and fuel cell electric vehicles), power output (less than 100 kW, and 100 kW to 250 kW), end use (private and commercial use), and country.

Based on propulsion type, the North American electric cars market is mainly segmented into hybrid vehicles, battery electric vehicles, and fuel cell electric vehicles. The hybrid vehicles segment is estimated to account for the largest share of the North American electric cars market in 2021. The large market share of this segment is mainly attributed to the emergence of stringent automotive emission regulations, rising consumer demand for highly fuel-efficient vehicles, increasing investments by automotive OEMs for hybridization of vehicle powertrain, and the lower costs of hybrid vehicles compared to battery electric vehicles. However, the fuel cell electric vehicles segment is expected to witness significant market growth, as these vehicles offer several advantages, including fast refueling and zero tailpipe emissions.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/north-america-electric-car-market-5216

Based on power output, the North American electric cars market is segmented into less than 100 kW and 100 kW to 250 kW. The less than 100 kW segment is estimated to account for the largest share of the North American electric cars market in 2021. The large market share of this segment is mainly attributed to the increased usage of light electric cars in the central business districts of major cities worldwide, rising implementation of electric cars for shared mobility services, decreased battery prices, and increasing investments by electric vehicle OEMs. However, the 100 kW to 250 kW segment is expected to grow at the highest CAGR during the forecast period. The rapid market growth of this segment is mainly attributed to the rising regulations to reduce tailpipe emissions and initiatives taken by leading automotive OEMs to launch more powerful electric cars.

Based on end use, the North American electric cars market is segmented into private and commercial use. The private use segment is estimated to account for the largest share of the North American electric cars market in 2021. The large market share of this segment is mainly attributed to the increasing consumer demand for fuel-efficient and zero tailpipe emission vehicles, government incentives to promote sales and manufacturing of electric cars, and rising fuel prices. However, the commercial use segment is expected to grow at the highest CAGR during the forecast period. The rapid market growth of this segment is mainly attributed to the increasing demand for electric cars in shared mobility services and corporate taxi fleets.

Based on country, the U.S. is estimated to account for the larger share of the North American electric cars market in 2021 both by value and volume. The large market share of this country is mainly attributed to the wider availability of electric car models, the growing number of mass-premium buyers shifting from fuel-based vehicles to electric vehicles, rising adoption of electric cars, and increasing investment by automotive OEMs. The U.S. has always been at the forefront of innovative technologies adoption, including electric cars. Various automotive OEMs announced huge investments in 2020 for the development of electric mobility ecosystems in the U.S. For instance, Tesla invested $1 billion in Austin, Texas, to build a Gigafactory. The factory will produce Cybertruck EVs by the end of 2021. Volkswagen invested $800 million in its Chattanooga, Tennessee plant to upgrade the plant for EV production. The upgradation process of the plant was initiated in August 2020. In September 2020, GM and Honda signed a memorandum of understanding to jointly develop Honda electric cars with GM’s Ultium batteries. Such developments are expected to drive the growth of the electric cars market in the U.S. during the forecast period.

The key players operating in the North American electric cars market are Tesla, Inc. (U.S.), General Motors Company (U.S.), Ford Motor Company (U.S.), Rivian, LLC (U.S.), Bollinger Motors Inc. (U.S.), Alcraft Motor Company Ltd., (U.K.), Nissan Motor Co., Ltd. (Japan), NIO Inc. (China), AB Volvo (Sweden), and Groupe Renault (France).

You Can Buy Report Here : https://www.meticulousresearch.com/Checkout/50076994

Scope of the Report

North American Electric Cars Market, by Propulsion Type

Hybrid Vehicles

Pure Hybrid Vehicles
Plug-in Hybrid Vehicles

Battery Electric Vehicles
Fuel Cell Electric Vehicles

North American Electric Cars Market, by Power Output

Less Than 100 kW
100 kW to 250 kW

North American Electric Cars Market, by End Use

Private Use
Commercial Use

North American Electric Cars Market, by Country

S.
Canada

Related Reports:

Electric Vehicle Charging Stations Market by Type (Plug-in, Wireless), Component (Hardware, Software), Bus Charging Infrastructure, Connector (CCS, CHAdeMO, GB/T, Tesla Supercharger), Installation, and End User- Global Forecast to 2027

https://www.meticulousresearch.com/product/electric-vehicle-charging-stations-market-5078

Wireless Electric Vehicle (EV) Charging Systems Market by Type (DWCS, SWCS), Component (Base Pads, Vehicle Pads), Technology (CWEVCS, PMWEVCS, IWEVCS, RIWEVCS), Power Supply (<11, 11–50kW), Application (Commercial, Residential), Propulsion, and End User—Global Forecast to 2027

https://www.meticulousresearch.com/product/wireless-electric-vehicle-charging-systems-market-5178

Electric Vehicle (EV) Market by Vehicle Type (Passenger Vehicles, LCVs, HCVs, Two-wheelers, e-Scooters & Bikes), Propulsion Type (BEV, FCEV, PHEV, HEV), End Use (Private, Commercial, Industrial), Power Output, Charging Standard, and Geography – Global Forecast to 2027

https://www.meticulousresearch.com/product/electric-vehicles-market-5179

Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.