North American Electric Vehicle Market: Meticulous Research® Uncovers the Reasons for Market Growth at a CAGR of 37.4% to Reach $396.94 Billion by 2028

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North American Electric Vehicle Market: Meticulous Research® Uncovers the Reasons for Market Growth at a CAGR of 37.4% to Reach $396.94 Billion by 2028

December 07
22:40 2021
North American Electric Vehicle Market: Meticulous Research® Uncovers the Reasons for Market Growth at a CAGR of 37.4% to Reach $396.94 Billion by 2028
North America Electric Vehicle (EV) 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 Country – Regional Forecast to 2028
The North America Electric Vehicle Market is expected to record a CAGR of 37.4% from 2021 to 2028 to reach $396.94 billion by 2028 from an estimated $42.8 billion in 2021

Electric vehicles use one or two electric traction motors for propulsion instead of a conventional transmission unit solely powered by an internal combustion engine. Traction motors are either powered by rechargeable battery packs or through an internal combustion engine that charges the vehicle’s battery pack, which runs the traction motor and propels the vehicle. Such vehicles are known as hybrid electric vehicles. In battery electric vehicles, the battery pack is recharged by plugging into a charging station connected to the national power grid. Electric vehicles are used for private and public transportation, shared mobility, micro-mobility, logistics, and industrial applications.

Meticulous Research, in its latest publication on the North American Electric Vehicles Market, states that the market will increase at a CAGR of 37.4% from 2021 to 2028 to reach $396.94 billion by 2028. By volume, this market is expected to grow at a CAGR of 22.8% from 2021 to 2028 to reach 5.8 million units by 2028.

The growth of this market is attributed to supportive government policies and regulations, the rising deployment of EV charging stations by shared mobility operators, and increasing investments in the EV ecosystem. Decreasing prices of batteries and fleet electrification target of government across the region are offering lucrative growth opportunities for this market’s growth. However, the lack of consumer adoption of EVs due to their expensive nature is expected to obstruct the growth of this market up to some extent. Range anxiety of EVs and lack of fast-charging infrastructure are other challenges that can obstruct the growth of this market. The major trend that may support the growth of this market is increasing investments in R&D for smart charging systems.

To provide efficient analysis, Meticulous Research® has segmented this market based on by Vehicle Type (Passenger Vehicle, LCV, HCV, Two-wheeler, e-Scooters & Bikes); Propulsion Type (BEV, FCEV, PHEV, HEV); Power Output (Less Than 100kW, 100 kW to 250 kW, More Than 250 kW); End Use (Private, Commercial, Industrial); Charging Standard (GB/T, CHAdeMO, CCS, Tesla Supercharger, Type 1, Type2); and Geography.

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Scope of the Report:

North America Electric Vehicle Market, by Vehicle Type

  • Passenger Vehicle
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
  • Two-wheeler
  • e-Scooters & Bikes

North America Electric Vehicle Market, by Propulsion Type

  • Hybrid Electric Vehicles
    • Pure Hybrid Electric Vehicles
    • Plug-In Hybrid Electric Vehicles
  • Battery Electric Vehicles
  • Fuel Cell Electric Vehicles

North America Electric Vehicle Market, by Power Output

  • Less Than 100 KW
  • 100 KW to 250 KW
  • More Than 250 KW

North America Electric Vehicle Market, by End Use

  • Private Use
  • Commercial Use
    • Shared Mobility
    • Micromobility
    • Public Transport
  • Industrial Use

North America Electric Vehicle Market, by Geography

  • U.S.
  • Canada

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-vehicle-market-5229

Based on vehicle type, the North American electric vehicles market is segmented into passenger vehicles, light commercial vehicles, heavy commercial vehicles, two-wheelers, and e-scooters & bikes. In 2021, the passenger vehicles segment is expected to account for the largest share of the North American electric vehicles market. The large share 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.

Based on propulsion type, the North American 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 2021, the hybrid electric vehicles segment is expected to account for the largest share of the North American electric vehicles market. The large share of this segment is attributed to the increasing need to reduce greenhouse gases, the growing requirement for clean mobility & transportation solutions, reductions in the cost of batteries, and stringent government regulations to limit carbon emissions from conventional vehicles.

Based on power output, the North American electric vehicles market is segmented into less than 100kW, 100kW to 250kW, and more than 250kW. In 2021, the less than 100 kW segment is expected to account for the largest share of the North American electric vehicles market. The large share of the segment 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 governments. The adoption of electric mopeds & scooters is growing exponentially due to their eco-friendly nature, strict government regulations for carbon emissions, and growing use of e-scooters for micromobility services.

Based on end use, the North American 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 2021, the private use segment is expected to account for the largest share of the North American electric vehicles market. The large share of this segment 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.

Based on geography, the U.S. is expected to account for the largest share of the North American electric vehicles market in 2021. 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.

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Key Players

The key players operating in the North American electric vehicles market are AB Volvo (Sweden), BMW Group (Germany), BYD Company Ltd. (China), Daimler AG (Germany), Faraday & Future Inc. (U.S.), Tata Motors Limited (India), 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.), and Volkswagen AG (Germany).

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About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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