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The North America Electric Cars Market: Meticulous Research® Uncovers the Reasons for Market Growth at a CAGR of 35.2% to reach $ 329.57 Billion by 2028

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The North America Electric Cars Market: Meticulous Research® Uncovers the Reasons for Market Growth at a CAGR of 35.2% to reach $ 329.57 Billion by 2028

November 22
23:20 2021
The North America Electric Cars Market: Meticulous Research® Uncovers the Reasons for Market Growth at a CAGR of 35.2% to reach $ 329.57 Billion by 2028
The North America Electric Car Market is expected to reach a value of $329.57 billion by 2028, at a CAGR of 35.2% during the forecast period 2021- 2028.
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 Geography – Forecast to 2028

Electric cars use multiple traction motors powered either by a rechargeable battery pack or through an internal combustion engine that charges the vehicle’s battery pack, which runs the traction motor and propels the vehicle. The battery packs of pure electric vehicles are either recharged by plugging into a charging station connected to the national power grid or through the chemical reaction between hydrogen and oxygen in a fuel cell which stores the energy generated through the chemical reaction in the battery pack and runs the traction motor to propel the vehicle. Electric cars are increasingly adopted by consumers worldwide since they don’t release any hazardous gases and require less running costs than fuel-powered vehicles.

In its latest publication on the North American electric cars market, Meticulous Research® states that the market is estimated to grow at a CAGR of 35.2 % from 2021 to 2028 to reach $329.57 billion by 2028. By volume, this market is estimated to grow at a CAGR of 18.7 % to reach 2.9 million units by 2028.

The growth of this market is backed by supportive government policies and regulations, the rising deployment of EV charging stations by shared mobility operators, and increased investments in the EV ecosystem. Moreover, the decrease in battery prices and growing fleet electrification targets of governments across the region provide significant growth opportunities for electric cars manufacturers in the coming years.

To provide efficient analysis, Meticulous Research® has segmented this market based on propulsion type (hybrid vehicles, battery electric vehicles, and fuel cell electric vehicles), power output (less than 100 kW, and 100 kW to 250 kW), end use (private use, and commercial use) and geography.

Download Free Sample Report Copy Here: https://www.meticulousresearch.com/download-sample-report/cp_id=5216

Scope of the Report

North America Electric Car Market, by Propulsion Type

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

North American Electric Cars Market, by Power Output

  • Less Than 100 kW
  • 100 kW to 250 kW

North America Electric Car Market, by End-Use

  • Private Use
  • Commercial Use

North America Electric Car Market, by Country

  • U. S.
  • Canada

Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5216

Based on propulsion type, the hybrid vehicles 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, consumers’ demand for high fuel efficiency vehicles, high investments by various automotive OEMs, and the lower costs of hybrid vehicles compared to battery electric vehicles. However, the fuel cell electric vehicles segment is expected to witness significant market growth, as these vehicles offer various attributes such as fast refueling and zero tailpipe emissions.

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 market share of this segment is mainly attributed to the rising usage of light electric cars in the central business districts of major cities, increased implementation of electric cars for shared mobility services in various major cities, and high initiatives and 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. The rapid market growth of this segment is mainly attributed to the growing initiatives by leading automotive OEMs to launch more powerful electric cars and the emerging laws and regulations to reduce tailpipe emissions.

Based on end use, the private use 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 increasing consumer demand for fuel-efficient and zero tailpipe emission vehicles, government laws, incentives, and tax benefits, decrease in battery prices, and rising fuel prices. However, the commercial use segment is expected to grow at the highest CAGR during the forecast period. The rapid market growth of this segment is mainly attributed to the increasing usage of electric cars in shared mobility services, rising fuel prices, and corporate taxi fleets.

Based on country, the U.S. is estimated to account for the larger share of the North American electric cars market in 2021 both by value and volume. The large market share of the 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. The state and local governments support the growth of the electric cars market with attractive incentives and subsidy schemes. States such as California, Colorado, New Jersey, and Washington State are at the forefront of electric cars adoption. For instance, in 2019, California accounted for half of the new electric car sales in the U.S., whereas San Jose had a share of 20% of the new electric cars in the U.S. Around 50 metropolitan areas in the country are set to deploy charging infrastructures by the end of 2025. Thus, government support is one of the key factors driving the growth of the electric cars market.

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-car-market-5216

The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence for some of the key players operating in this market, including 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).

Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here-https://www.meticulousresearch.com/custom-research

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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