The North America electric vehicle market is predicted to reach 3451 thousand units by 2026, rising with a 31.65% CAGR during the forecast period, 2022–2026.

The market has been on the constant rise considering the development & adoption of plug-in electric vehicles. Also, the North America electric vehicle market is mainly driven by two countries which include United States and Canada, as these countries are dominant in terms of production and consumption of electric vehicles in the North American region. Norms and policies for discount in tariff rates are benefiting the consumers. The adoption of electric vehicles impacts the reduction of CO2 emissions and has been an influential factor in the growth of electric vehicles in North America.

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The North America electric vehicle market growth analysis includes the evaluation of United States and Canada. The United States has been a dominating market in North America, considering the manufacturing and consumption of electric vehicles in the current scenario. The rising focus from automobile manufacturers, including multinational brands, supportive norms & policies of the states and local governments & low operational cost, including discounted charging tariffs, is paving the way for the growth of electric vehicles in the country.

The North America electric vehicle market includes segmentation analysis by end-use and propulsion type. Market by end-use includes passenger vehicles and commercial vehicles.

The passenger vehicles segment comprises vehicles designed and allowed to carry no more than 9 occupants, including the driver. Mostly privately owned vehicles and cars used in cab services and similar can be considered in the passenger category. Globally, there is demand for these vehicles for travel, transport, cab service providers, etc. Also, BEVs, PHEVs, and FCEVs have seen growing passenger vehicle sales. One of the primary factors driving robust sales of electric vehicles in many areas has been ongoing regulatory support.

According to the International Energy Agency, total government spending on incentives and subsidies will increase more than two-fold to approximately $30 billion in 2021. Additionally, in the upcoming decades, an increasing number of nations have high goals for the electrification of vehicles, and numerous automakers have plans to electrify their fleets. All these factors are expected to fuel the global growth of the passenger vehicles segment.

In the case of commercial vehicles, rural development investments, implementation of vehicle scrappage programs, stringent regulatory norms for vehicle length and loading limits, aggressive infrastructure, etc., are anticipated to fuel the growth. The resumption of mining activities worldwide, which has triggered the demand for tippers, is also expected to accelerate growth. The rising disposable income levels in developed and developing countries and the continued infrastructure development are also projected to bode well for market growth.

Additionally, driver technique, infrastructure conditions, national policy, and weather management are additional influential factors automakers consider for developing vehicles. Research & development for manufacturing these vehicles require huge investments. Thus, there is a significant demand for investment initiatives and policy action by the government, public, and private sectors. Such initiatives will encourage manufacturers to reduce operation & production costs, further driving the market growth for commercial vehicles.

Some of the leading companies operating in the North America electric vehicle market includes General Motors Company, Ford Motor Company, Tesla, etc.

General Motors builds, designs, and sells cars, crossovers, trucks, and automobile parts. The company also provides software-enabled subscriptions and services. The company’s automotive segment manufactures, develops, and markets vehicles under the Cadillac, GMC, Buick, and Chevrolet brands. General Motors also provides automotive financing services through General Motors Financial Company Inc (GM Financial). Cruise is another global segment that is engaged in the development and commercialization of autonomous vehicle technology. The company operates globally and is headquartered in Michigan, United States.

BOLT EV is a premium all-electric hatchback car designed and developed by Chevrolet, a subsidiary of General Motors.

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