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, 20222026.

NORTH AMERICA ELECTRIC VEHICLE MARKET FORECAST 2022-2026

North America Electric Vehicle Market by Propulsion Type (Battery Electric Vehicles, Plug-in Hybrid Vehicles, Fuel Cell Electric Vehicles) Market by End-use (Passenger Vehicles, Commercial Vehicles (Light Commercial Vehicles, Heavy Commercial Vehicles)) by Geography

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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, 20222026.

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.

North America Electric Vehicle Market

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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.

Report Synopsis

Report Scope

Details
Market Forecast Years 2022-2026
Base Year 2021
Market Historical Years 2018-2021
Forecast Units In Thousand Units
Segments Analyzed Propulsion Type and End-Use
Countries Analyzed United States and Canada
Companies Analyzed

BMW Group, BYD Company Ltd, Ford Motor Company, General Motors Company, Li Auto, NIO, Stellantis NV, Tesla Inc, Toyota Motor Corporation, Volkswagen AG, Xpeng

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    1. RESEARCH SCOPE & METHODOLOGY
      • STUDY OBJECTIVES
      • SCOPE OF STUDY
      • METHODOLOGY
      • ASSUMPTIONS & LIMITATIONS
    2. EXECUTIVE SUMMARY
      • MARKET SIZE & ESTIMATES
      • MARKET OVERVIEW
    3. MARKET DYNAMICS
      • KEY DRIVERS
        • BENEFICIAL GOVERNMENT SUBSIDIES AND POLICIES
        • STRINGENT GOVERNMENT REGULATIONS ON VEHICLES EMISSIONS
      • KEY RESTRAINTS
        • INSUFFICIENT CHARGING INFRASTRUCTURE
        • POTENTIAL GRID OVERLOAD
    1. KEY ANALYTICS
      • IMPACT OF COVID-19 ON ELECTRIC VEHICLE MARKET
      • KEY MARKET TRENDS
      • PORTER’S FIVE FORCES ANALYSIS
        • BUYERS POWER
        • SUPPLIERS POWER
        • SUBSTITUTION
        • NEW ENTRANTS
        • INDUSTRY RIVALRY
      • OPPORTUNITY MATRIX
      • VENDOR LANDSCAPE
      • VALUE CHAIN ANALYSIS
      • KEY BUYING CRITERIA
      • REGULATORY FRAMEWORK
    2. MARKET BY PROPULSION TYPE
      • BATTERY ELECTRIC VEHICLES
      • PLUG-IN HYBRID VEHICLES
      • FUEL CELL ELECTRIC VEHICLES
    3. MARKET BY END-USE
      • PASSENGER VEHICLES
      • COMMERCIAL VEHICLES
        • LIGHT COMMERCIAL VEHICLES
        • HEAVY COMMERCIAL VEHICLES
    1. GEOGRAPHICAL ANALYSIS
      • NORTH AMERICA
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • UNITED STATES
          • CANADA
    1. COMPETITIVE LANDSCAPE
      • KEY STRATEGIC DEVELOPMENTS
        • PRODUCT LAUNCHES & DEVELOPMENTS
        • PARTNERSHIPS & AGREEMENTS
        • BUSINESS EXPANSIONS & DIVESTITURES
      • COMPANY PROFILES
        • BMW GROUP
        • BYD CO LTD
        • FORD MOTOR COMPANY
        • GENERAL MOTORS COMPANY
        • LI AUTO
        • NIO
        • STELLANTIS NV
        • TESLA INC
        • TOYOTA MOTOR CORPORATION
        • VOLKSWAGEN AG
        • XPENG

    LIST OF TABLES

    TABLE 1:  MARKET SNAPSHOT – ELECTRIC VEHICLE

    TABLE 2:  REGULATORY FRAMEWORK

    TABLE 3:  NORTH AMERICA ELECTRIC VEHICLE MARKET, BY PROPULSION TYPE, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

    TABLE 4:  NORTH AMERICA ELECTRIC VEHICLE MARKET, BY PROPULSION TYPE, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

    TABLE 5:  NORTH AMERICA ELECTRIC VEHICLE MARKET, BY END-USE, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

    TABLE 6:  NORTH AMERICA ELECTRIC VEHICLE MARKET, BY END-USE, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

    TABLE 7:  NORTH AMERICA ELECTRIC VEHICLE MARKET, BY COMMERCIAL VEHICLES, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

    TABLE 8:  NORTH AMERICA ELECTRIC VEHICLE MARKET, BY COMMERCIAL VEHICLES, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

    TABLE 9:  NORTH AMERICA ELECTRIC VEHICLE MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

    TABLE 10:  NORTH AMERICA ELECTRIC VEHICLE MARKET, BY COUNTRY, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

    TABLE 11:  KEY PLAYERS OPERATING IN NORTH AMERICA ELECTRIC VEHICLE MARKET

    TABLE 12:  LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

    TABLE 13:  LIST OF PARTNERSHIPS & AGREEMENTS

    TABLE 14:  LIST OF BUSINESS EXPANSIONS & DIVESTITURES   

    LIST OF FIGURES

    FIGURE 1: KEY MARKET TRENDS

    FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

    FIGURE 3: OPPORTUNITY MATRIX

    FIGURE 4: VENDOR LANDSCAPE

    FIGURE 5: VALUE CHAIN ANALYSIS

    FIGURE 6: KEY BUYING CRITERIA

    FIGURE 7: NORTH AMERICA ELECTRIC VEHICLE MARKET, GROWTH POTENTIAL, BY PROPULSION TYPE, IN 2021

    FIGURE 8: NORTH AMERICA ELECTRIC VEHICLE MARKET, BY BATTERY ELECTRIC VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 9: NORTH AMERICA ELECTRIC VEHICLE MARKET, BY PLUG-IN HYBRID VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 10: NORTH AMERICA ELECTRIC VEHICLE MARKET, BY FUEL CELL ELECTRIC VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 11: NORTH AMERICA ELECTRIC VEHICLE MARKET, GROWTH POTENTIAL, BY END-USE, IN 2021

    FIGURE 12: NORTH AMERICA ELECTRIC VEHICLE MARKET, BY PASSENGER VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 13: NORTH AMERICA ELECTRIC VEHICLE MARKET, BY COMMERCIAL VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 14: NORTH AMERICA ELECTRIC VEHICLE MARKET, GROWTH POTENTIAL, BY COMMERCIAL VEHICLES, IN 2021

    FIGURE 15: NORTH AMERICA ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 16: NORTH AMERICA ELECTRIC VEHICLE MARKET, BY HEAVY COMMERCIAL VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 17: NORTH AMERICA ELECTRIC VEHICLE MARKET, COUNTRY OUTLOOK, 2021 & 2026 (IN %)

    FIGURE 18: UNITED STATES ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 19: CANADA ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)       

    1. GEOGRAPHICAL ANALYSIS
      • NORTH AMERICA
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • UNITED STATES
          • CANADA
    1. MARKET BY PROPULSION TYPE
      • BATTERY ELECTRIC VEHICLES
      • PLUG-IN HYBRID VEHICLES
      • FUEL CELL ELECTRIC VEHICLES
    2. MARKET BY END-USE
      • PASSENGER VEHICLES
      • COMMERCIAL VEHICLES
        • LIGHT COMMERCIAL VEHICLES
        • HEAVY COMMERCIAL VEHICLES

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