North America Electric Car Market Research Report - Market Size, Share, Development, Growth and Demand Forecast, 2013-2025

North American electric car market is witnessing a significant growth over the last few years. The U.S. and Canada are the main countries in the region accounting for majority of sales. Plug-in electric cars are more preferred in the region compared to battery operated ones. Moreover, the preference of cars varies significantly from state to state. For instance, the customers in the north-eastern region of the U.S. prefer electric cars with higher capabilities and range.

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The North American electric car market is expected to witness a significant growth over the forecast period, driven by government incentives and subsidies, innovation and improving affordability of electric cars.

Government support in the form of incentives and subsides is a major factor benefiting the sales of electric cars in the region. For instance, the U.S. federal government provide income tax credit up to $7,500 based on the battery size. Apart from this, there are other state level incentives, often in the form of rebates.

Declining prices of lithium-ion batteries is a positive sign for this industry as it would make electric cars more affordable. The prices of lithium ion batteries have fallen significantly over the last few years and industry experts estimate it to decline further over the forecast period. Long range electric cars under $40,000, now available in the U.S., is already making electric cars more practical to own for the customers.

Lack of sufficient number of recharging stations is a major constraint for the electric car market growth. There are around 16,000 public recharging stations in the U.S., with majority being slow charging stations. Moreover, these too are unevenly distributed and concentrated in only the key cities.

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Most sales of electric cars are concentrated in key cities along the west coast of North American region. The competition in the industry is increasing with more car companies entering in the market and introducing newer models. The market is organised with the top international players such as General Motors, Nissan and Tesla dominating the sales. The popular electric cars in the U.S. includes Chevrolet Bolt, Nissan Leaf and Tesla S, accounting for close to one-third of sales.

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