Redding, California, Dec. 07, 2021 (GLOBE NEWSWIRE) -- According to a new market 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, and Charging Standard- Forecast to 2028,” published by Meticulous Research®, the electric vehicle market in North America is expected to grow 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.
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Electric vehicles are used for private and public transportation, shared mobility, micro-mobility, logistics, and industrial applications. The adoption of electric vehicles is on the rise due to growing concerns regarding the negative environmental effects of vehicular emissions, supportive government initiatives to decarbonize transportation, and increasing efforts by major automotive OEMs to reduce greenhouse gas emissions and transform their product line-ups into green and clean environment-friendly vehicles.
The Impact of COVID-19 on the North America Electric Vehicle Market
The COVID-19 pandemic severely impacted several sectors, including the automotive sector, with major manufacturers shutting down their operations completely or operating at reduced capacities following the directives issued by their respective governments. Uncertainty regarding the duration of the lockdown and supply-chain disruptions made it more difficult for players to anticipate the industry's recovery. This crisis caused structural shifts that had significant implications on the market.
During COVID-19, the U.S. was hit severely, causing significant life, resources, and economic damages. The adoption of EVs had fallen in the first & second quarters of 2020, while a slight growth was witnessed post second quarter. Consumer behavior has changed significantly since the pandemic. People avoided shared mobility and public transit to reduce the risk of infection, while distance traveled is also decreased due to remote working. This negatively affected the adoption of EVs. However, leading investors have planned to double their investment in autonomous vehicles that positively impact the EV market in the forecast period.
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North America Electric Vehicle Market Overview
The electric vehicle market in North America 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.
Based on vehicle type, the passenger vehicles segment is expected to account for the largest share of the North America electric vehicle market in 2021. The large share of this 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. Electric passenger vehicles are gaining popularity among consumers. Passenger vehicles are the most common mode of conveyance. They offer safety, reliability, and comfort due to their low weight and spacious designs. Automobile manufacturers are pooling their R&D resources to design and develop electric passenger vehicles to reduce emissions, improve design flexibility, achieve higher speed-to-weight ratios, and allow for longer travel ranges on a single charge.
Based on propulsion type, the hybrid electric vehicles segment is expected to account for the largest share of the North America Electric Vehicle Market in 2021. 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. Automotive OEMs and government bodies are increasingly emphasizing lowering automotive emissions to reduce greenhouse gases and improve the fuel economy of vehicles.
Based on power output, the less than 100 kW segment is expected to account for the largest share of the North America Electric Vehicle Market in 2021. The large share of this 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 across the region. EV OEMs are increasingly investing in the R&D of less than 100kW electric vehicles. For instance, in 2019, Plug Power (U.S.) launched its 30kW hydrogen fuel cell engine. The reliable ProGen 30kW engine provides a cost-effective solution for electric vehicle use cases, including high utilization, reliable performance in harsh environments, rapid fueling, and zero emissions. Such initiatives and developments by major market players are expected to support the growth of the less than 100kW segment.
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Based on end-use, the private use segment is expected to account for the largest share of the North America Electric Vehicle Market in 2021. 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. The electric vehicles market has taken a huge leap forward in the past decade. Today, consumers are focused on better fuel efficiency, more power, and reduced CO2 emissions, thereby adopting EVs for personal use. Also, supportive government incentives to promote sales and manufacturing of EVs, tax rebates, and the decline in battery costs further drive the adoption of EVs among consumers for private use.
Based on geography, the U.S. is expected to account for the larger 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. The U.S. has always been at the forefront of the innovative technologies market, including electric vehicles globally. 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.
The key players operating in the North America Electric Vehicle 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) among others.
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Scope of the Report
North America Electric Vehicle Market, by Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two-wheelers
- 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
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