North America Electric Vehicle Market Worth $ 570.47 Billion and 7.6 Million Units by 2029

Meticulous Research® - leading global market research company, published a research report titled "North America Electric Vehicle Market by Vehicle Type (Passenger Vehicle, LCV, HCV, Two-wheeler, E-Scooters & Bikes); Propulsion Type (BEV, FCEV, HEV); Power Output (Less Than 100kW, 100 kW to 250 kW); End Use, Charging Standard, and Geography - Regional Forecast to 2029".

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The North America electric vehicle market is expected to record a CAGR of 39.4% from 2022 to 2029 to reach $ 570.47 billion by 2029 from an estimated $ 55.81 billion in 2022. By volume, this market is expected to reach 7.62 million units by 2029 from an estimated 1.54 million units in 2022, at a CAGR of 25.7% during the forecast period. The growth of this market is attributed to supportive government policies and regulations, rising environmental concerns, increasing adoption of electric mobility. The growing adoption of autonomous driving vehicles, increasing adoption of electric vans and trucks for delivery and increasing trend of shared mobility are offering lucrative growth opportunities for this market's growth. However, range anxiety of electric vehicles is expected to obstruct the growth of this market up to some extent. High cost of electric vehicles is major challenge that can obstruct the growth of this market.

The North America electric vehicles market study presents historical market data in terms of value and volume (2020 to 2021), estimated current data (2022), and forecasts for 2029. The market is segmented based on vehicle type, propulsion type, power output, charging standard, end use, and geography. The study also evaluates industry competitors and analyzes the market at the country level.

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Based on vehicle type, the North America electric vehicles market is segmented into passenger vehicles, light commercial vehicles, heavy commercial vehicles, two-wheelers, and e-scooters & bikes. In 2022, the passenger vehicles segment is expected to account for the largest share of the North America electric vehicles market. The growth of the segment is attributed to the increasing favorable government policies and subsidies for promoting the adoption of electric vehicles, growing awareness regarding the role of electric vehicles in reducing emissions, increasing fuel prices, and proactive participation by automotive OEMs in producing electric passenger vehicles. However, the light commercial vehicles segment is expected to grow at the highest CAGR during the forecast period. The growth is mainly driven by the growing awareness regarding the role of electric vehicles in reducing emissions, increase in demand for electric vehicles to reduce fleet emissions, and stringent government rules and regulations towards vehicle emissions.

Based on propulsion type, the North America electric vehicles market is segmented into battery electric vehicles, hybrid electric vehicles, and fuel cell electric vehicles. The hybrid electric vehicles segment is further segmented into plug-in hybrid electric vehicles and pure hybrid electric vehicles. In 2022, the hybrid electric vehicles segment is expected to account for the largest share of the North America electric vehicles market. The large share of this segment is majorly attributed to the increasing need to reduce greenhouse gases, the growing requirement for clean mobility & transportation solutions, and stringent government regulations to limit carbon emissions from conventional vehicles. However, the fuel cell electric vehicles segment is expected to grow at the highest CAGR during the forecast period. The growth is mainly driven by the increasing demand for vehicles with low carbon emissions, strict carbon emission norms, a growing emphasis on the adoption of FCEVs due to advantages such as fast refueling and increasing government initiatives and investments for advancing fuel cell technology.

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Based on power output, the North America electric vehicles market is segmented into less than 100kW, 100kW to 250kW, and more than 250kW. In 2022, the less than 100 kW segment is expected to account for the largest share of the North America electric vehicles market. The segment's growth is attributed to the increasing adoption of electric scooters and mopeds, increasing investments by government authorities in the development of EV charging infrastructure, and favorable policies, incentives, and subsidies introduced by several state governments. However, the More than 250kW segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing adoption of electric buses and trucks for heavy applications, the implementation of numerous wireless EV charging pilot projects for heavy commercial vehicles, and the increasing adoption of electric mobility in emerging economies.

Based on end use, the North America electric vehicles market is segmented into private use, commercial use, and industrial use. The commercial use segment is further segmented into shared mobility, micromobility, and public transport. In 2022, the private use segment is expected to account for the largest share of the North America electric vehicles market. The segment's growth is attributed to the growing awareness regarding the hazards associated with greenhouse gas emissions and environmental pollution, stringent emission norms, and demand for premium EVs among consumers. However, the commercial use segment is expected to grow at the highest CAGR during the forecast period. The growth is mainly driven by the increase in fuel prices and stringent emission norms set by governments, the growing adoption of autonomous delivery vehicles, and the increasing adoption of electric buses and trucks.

Based on geography, the U.S. is expected to account for the largest share of the North America electric vehicles market in 2022. The adoption of EVs is growing significantly in the U.S. due to the greater availability of electric vehicle models, the growing number of mass-premium buyers shifting from gasoline and internal-combustion-engine (ICE) cars to EVs and increasing adoption of Tesla models supported by EV tax credits offered by the government. However, Canada is expected to record the highest CAGR during the forecast period. The Canadian EV market is majorly driven by the local government's policies and incentives, increased driving range, and affordable vehicle prices due to increased spending of consumers on environment-friendly automobiles and developing infrastructure resulting in faster charging times.

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Key Players

The key players operating in North America electric vehicles market are AB Volvo (Sweden), BMW Group (Germany), BYD Company Ltd. (China), Daimler AG (Germany), Faraday & Future Inc. (U.S.), Jaguar Land Rover Automotive PLC (U.K.), Ford Motor Company (U.S.), General Motors Company (U.S.), Honda Motor Co., Ltd. (Japan), Hyundai Motor Company (South Korea), Zero Electric Vehicles Inc. (U.S.), Nissan Motor Co., Ltd. (Japan), Rivian LLC (U.S.), Tesla, Inc. (U.S.), Volkswagen AG (Germany).

Key Questions Answered in the Report-

Which are the high growth market segments in terms of vehicle type, propulsion type, power output, charging standard, end use, and geography?
What is the historical market size for the North America electric vehicles market?
What are the market forecasts and estimates for the period 2022-2029?
What are the major drivers, restraints, opportunities, and challenges in the North America electric vehicles?
Who are the major players in the market, and what are their market shares?
Who are the major players in various countries, and what are their market shares?
How is the competitive landscape for the North America electric vehicles market?
What are the recent developments in the North America electric vehicles market?
What are the different strategies adopted by the major players in the market?
which are the high-growth countries in the North America electric vehicles market?
Who are the local emerging players in the North America electric vehicles market, and how do they compete with other players?

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