Meticulous Research® has recently published an extensive report titled ‘North America Electric Car Market by Propulsion Type (BEV, PHEV, HEV), Power Output (Less than 100kW, 100 kW to 250 kW, More than 250 kW), End Use (Private, Commercial), and Geography - Forecast to 2031,’ which projects substantial growth for the North America electric car market. By 2031, the market is expected to grow to $419.39 billion, at an impressive CAGR of 22.9% from 2024 to 2031. In terms of volume, the market is predicted to reach 9.4 million units by 2031, with a CAGR of 20.3%.
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Key Growth Catalysts in the Market
Several factors are fueling the rapid growth of the North America electric car market. One of the most significant drivers is the extension of the U.S. tax credit for electric vehicles, which will be in effect until 2032. This policy incentivizes both manufacturers and consumers, accelerating the transition to electric cars. In addition, increasing government support for carbon emissions reduction and growing environmental awareness among consumers have significantly contributed to the rising demand for electric vehicles. However, the market still faces challenges such as supply chain vulnerabilities and interoperability issues, which may impede seamless growth in the short term.
Opportunities in Battery Technology and Infrastructure
Despite the hurdles, the market offers promising growth opportunities, particularly in the area of battery technology. Continuous innovations in battery efficiency, energy density, and range are making electric cars more attractive to a broader consumer base. Furthermore, the rise of new roles and job creation in the electric vehicle industry is another positive trend. However, the slow development of public charging infrastructure remains a concern, as does the limited availability of charging stations, which may impact the widespread adoption of electric vehicles in North America.
Market Breakdown by Propulsion Type
The report classifies the market into three propulsion types: battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs). Among these, BEVs are expected to account for the largest share of the market by 2024. Factors driving the demand for BEVs include increasing consumer interest in zero-emission vehicles, tighter emission regulations, and declining battery prices. Additionally, the development of fast and ultra-fast charging technologies has made BEVs a more convenient and viable option for many consumers.
Power Output Segment Insights
The North America electric car market is segmented by power output into less than 100kW, 100kW to 250kW, and more than 250kW. The less than 100kW segment is expected to dominate the market by 2024, driven by the growing demand for light electric cars, particularly in congested city areas. Shared mobility services are also increasing the demand for electric vehicles with lower power outputs. Furthermore, the continued reduction in battery prices is making these vehicles more affordable, which is contributing to the growth of this segment.
End Use Market Analysis
The end-use segment divides the market into private and commercial sectors. The private use segment is expected to account for the largest share of the market by 2024. Rising fuel prices, government incentives, lower taxes on electric cars, and declining battery costs are encouraging consumers to adopt electric vehicles for personal use, driving the growth of this segment.
Regional Insights
In terms of geographical segmentation, the U.S. is expected to dominate the North America electric car market by 2024. This is primarily due to the availability of a wide range of electric vehicle models and increasing adoption by consumers. The U.S. market is also supported by various state-level incentives and subsidy programs that encourage the transition to electric vehicles. California, in particular, is leading the charge with policies that promote EV adoption and infrastructure development.
Conclusion
The North America electric car market is poised for robust growth, driven by supportive government policies, advances in battery technology, and increasing consumer demand for eco-friendly transportation. While challenges such as inadequate charging infrastructure and supply chain issues remain, the market presents significant opportunities for growth, especially through technological innovation and the continued expansion of the electric vehicle ecosystem.
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Key Players:
The key players operating in the North America electric car market include 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).
Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of propulsion type, power output, end user, and geography?
- What is the historical market size for North America electric cars?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, opportunities, and challenges in the North America electric car market?
- Who are the major players, and what shares do they hold in the North America electric car market?
- What is the competitive landscape like?
- What are the recent key developments in the North America electric car market?
- What are the strategies adopted by major players in this market?
- What are the key geographic trends and high-growth countries?
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