Redding, California, Oct. 18, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “North America Electric Car 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’’, published by Meticulous Research®, the North America electric car 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.
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Electric cars utilize one or two electric traction motors for propulsion instead of a conventional transmission unit solely powered by an internal combustion engine. Traction motors are powered by rechargeable battery packs or through an internal combustion engine that charges the vehicle’s battery pack. Such types of 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 cars are increasingly being used for private transportation and shared mobility services. The major factors driving the North American electric car market include supportive government policies and regulations, the rising deployment of EV charging stations by shared mobility operators, and increasing investments in the EV ecosystem.
Moreover, the decrease in battery prices and growing fleet electrification targets of governments across the region provide significant opportunities for the growth of the electric car market. However, the lack of charging infrastructure in developing countries is expected to restrain the growth of this market to some extent. In addition, the range limitations of electric vehicles and a lack of fast-charging infrastructure are major challenges for the growth of the North American electric car market. Increasing investments in R&D for smart charging systems is a major trend that may support the growth of this market.
The Impact of COVID-19 on the North America Electric Car Market
The COVID-19 pandemic has adversely hit many economies around the globe. To control the spread of this disease and avoid the related consequences, governments across the globe announced partial or complete lockdowns, impacting numerous manufacturing and service industries, including the electric cars industry.
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 of the industries, the total miles driven have also decreased in 2020. Hence, these factors have negatively affected the adoption of electric cars.
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.
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The North American electric cars market is segmented based on propulsion type, power output, end use, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on propulsion type, the hybrid vehicle 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 increase in stringent automotive emission regulations, consumer demand for low fuel consumption vehicles, high investments by automotive OEMs, and low cost of hybrid vehicles. However, the fuel cell electric vehicles segment is expected to grow at the highest CAGR during the forecast period.
Based on power output, 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 share of this segment is mainly attributed to the increasing demand for light electric cars, increasing implementation of electric cars for shared mobility services, low battery prices, and increasing investments by electric vehicles startups. However, the 100 kW to 250 kW segment is expected to grow at the highest CAGR during the forecast period.
Based on end use, the private use segment is estimated to account for the largest share of the North American electric car market in 2021. The large share of this segment is mainly attributed to increasing consumer demand for fuel efficiency, various initiatives by governments to promote sales and manufacturing of electric cars, decreased battery costs, and rising fuel prices. However, the commercial use segment is expected to grow at the highest CAGR during the forecast period.
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Based on country, the U.S. is estimated to account for the larger share of the North American electric car market in 2021 both by value and volume. The large 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 investments by automotive OEMs. The U.S. has always been at the forefront of innovative technologies adoption, including electric cars globally. 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 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 support the growth of the electric cars market in the U.S. during the forecast period.
The key players operating in the North America electric car 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) among others.
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Scope of the Report:
North America Electric Cars Market, by Propulsion Type
- Hybrid Vehicles
- Pure Hybrid Vehicles
- Plug-in Hybrid Vehicles
- Battery Electric Vehicles
- Fuel Cell Electric Vehicles
North America Electric Cars Market, by Power Output
- Less Than 100 kW
- 100 kW to 250 kW
North America Electric Cars Market, by End Use
- Private Use
- Commercial Use
North America Electric Cars Market, by Country
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- U.S.
- Canada
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