North America Electric Vehicle Market – Industry Trends and Forecast to 2030

North America Electric Vehicle Market Analysis and Size

In recent years, electric vehicles have been used to replace traditional modes of transportation in order to reduce pollution. It has grown in importance as a result of technological advancements such as low carbon emission and maintenance, smoother driving, reduced engine noise, and higher fuel economy.

Data Bridge Market Research analyses that the electric vehicle market was valued at USD 11.3 billion in 2022 and is expected to reach the value of USD 60.36 billion by 2030, at a CAGR of 23.3% during the forecast period of 2023-2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

North America Electric Vehicle Market Scope and Segmentation

Market Definition

A vehicle propelled by one or more electric motors is known as an electric vehicle (EV). It can be powered by a collection system, extravehicular sources of electricity, or a self-contained battery (sometimes charged by solar panels, or by converting fuel to electricity using fuel cells or a generator). Electric vehicles have several advantages over conventional fuel-powered vehicles, including low operating costs, zero carbon emissions, and others because they are powered by electricity. Consumers' changing attitudes toward electric vehicles are boosting market growth as they become more concerned about environmental pollution.

Electric Vehicle Market Dynamics

Drivers

• Favourable government policies and investments

Governments around the world are increasing their investments in electric mobility. Government regulations to phase out fossil-fuel-powered vehicles, government investments to improve public EV charging infrastructure, and initiatives in the form of subsidies and tax rebates to encourage EV adoption are expected to support market growth. Governments are investing in charging infrastructure, either directly in public charging stations or indirectly through subsidies for private charging stations at homes and workplaces.

• Growth in vehicle sales

One of the major factors driving the growth of the electric vehicle market is the increase in EV sales around the world. Due to the rising environmental consciousness, consumer preference is rapidly shifting toward passenger and commercial electric vehicles (EV). The increase in production and sales of luxury cars around the world as a result of rising disposable income accelerates market growth. The increased demand for these improved vehicles drives up vehicle production.

Opportunities

• High adoption from transportation sector

High demand for electric vehicles in the automotive and transportation sectors creates profitable opportunities for market participants from 2023 to 2030. Furthermore, government initiatives pertaining to EVs will accelerate the growth of the electric vehicle market.

Restraints

• High initial investments

The high initial investment required to install EV fast charging infrastructure and a lack of sufficient EV charging infrastructure are expected to stymie market growth. Furthermore, high vehicle costs and insufficient standardisation of EV charging infrastructure are expected to be challenges for the electric vehicle market during the forecast period.

This electric vehicle market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the electric vehicle market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Electric Vehicle Market

The COVID-19 had a negative impact on the electric vehicle market due to the strict lockdowns and social distancing implemented to contain the virus's spread. Economic uncertainty, a partial business shutdown, and low consumer confidence all had an impact on the demand for electric vehicles. During the pandemic, the supply chain was hampered, as were logistics activities. However, due to the relaxation of restrictions, the electric vehicle market is expected to pick up speed in the post-pandemic scenario.

Recent Development

• In April 2021, BYD launched four new electric vehicle models equipped with Blade batteries in Chongqing. The new vehicle models with advanced battery safety features are the Qin plus EV, E2 2021, Tang EV, and Song plus EV.
• In April 2021 Volkswagen debuted the 7-seater EV ID.6 Crozz and ID.6 X in China, alongside FAW and SAIC. The vehicles are available in two battery sizes, 58 kWh and 77 kWh, as well as four powertrain configurations.

North America Electric Vehicle Market Scope

The electric vehicle market is segmented on the basis of component, propulsion type, charging station type, class, power train, and vehicle type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Battery Cells & Packs
• On-Board Charger
• Infotainment System
• Others

Propulsion

• Plug-In Hybrid Electric Vehicles (PHEVs)
• Battery Electric Vehicles (BEVs)
• Hybrid electric vehicles (HEVs)
• Fuel cell electric vehicles (FCEVs)

Charging station type

• Normal Charging
• Super Charging

Class

• Mid-Priced
• Luxury

Power Train

• Parallel Hybrid
• Series Hybrid
• Combined Hybrid

Vehicle Type

• Passenger Cars
• Two Wheelers
• Commercial Vehicles

Electric Vehicle Market Regional Analysis/Insights

The electric vehicle market is analyzed and market size insights and trends are provided by country of component, propulsion type, charging station type, class, power train, and vehicle type as referenced above.

The countries covered in the electric vehicle market report are U.S., Canada and Mexico.

The North American electric vehicle market is expanding due to increased concern about pollution-free environments, and it is expected to grow at a significant rate from 2023 to 2030 due to an ageing population. For example, the government of California and nine other states, including New York, Oregon, Connecticut, Maine, New Jersey, Maryland, Massachusetts, Rhode Island, and Vermont, have adopted a zero-emission mandate under the Clean Air Act (Section 177). The goal is to sell 15% of zero-emission vehicles (ZEVs).

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Electric Vehicle Market Share Analysis

The electric vehicle market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to electric vehicle market.

Some of the major players operating in the electric vehicle market are:

• Ford Motor Company (U.S.)
• General Motors (U.S.)
• AUDI AG (Germany)
• Kia Motors Corporation (South Korea)
• Groupe Renault (France)
• Groupe PSA (France)
• SAIC Motor Corporation Limited (China)
• Tesla (U.S.)
• Daimler AG (Germany)
• BMW AG (Germany)
• Hyundai Motor Company (South Korea)
• BYD Company Ltd. (China)
• Continental AG (Germany)
• TOYOTA MOTOR CORPORATION (Japan)
• Nissan Motor Co., LTD. (Japan)
• Volkswagen AG (Germany)
• AB Volvo (Sweden)
• Honda Motor Co., Ltd. (Japan)

Research Methodology: North America Electric Vehicle Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, North America versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Customization Available

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.

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