North America Electric Passenger Car Market – Market Size, Strategic Growth Drivers, Risk Assessment Framework, Regulatory Landscape Review & Competitive Intensity Mapping
Overview
North America Electric Passenger Car Market is expected to reach US$ 41.1Bn by 2026, at a CAGR of 0.2356% during the forecast period.
The report covers all the trends and technologies playing a major role in the growth of the North America Electric Passenger Car Market over the forecast period. It highlights the drivers, restraints, and opportunities expected to influence market growth during this period. The manufacture of cars has been increasing for the last few years, which is expected to drive the electric passenger car market during the forecast period. Increasing concerns regarding energy security, fossil fuel emissions, and long-term industrial competitiveness are expected to prompt governments of various nations to positively take some action in order to seek a partial solution by means of creating incentives or to make investments in the automotive sector in order to fuel the electric passenger car market in the near future.
Progressively stringent norms and regulations regarding increased fuel-efficiency and reduced carbon footprint, which are being laid down by the governments of various nations across the world, are further expected to propel the electric passenger car market during the forecast period.
Based on vehicle type, the hatchback segment is expected to expand at a significant growth rate during the forecast period due to the increasing production volumes of hatchback cars in recent years. A hatchback is a vehicle type with a rear door that opens upwards. They usually feature a four-door configuration, excluding the rear door. Moreover, two-door hatchbacks are not uncommon. Such as four-door hatchbacks are Maruti Suzuki Alto 800, Renault Kwid, Hyundai Grand i10, etc.
By technology, battery electric vehicle is dominating the market. BEVs use electric motors and motor controllers as an alternative to internal combustion engines (ICEs) for propulsion. An electric car booming solar panels to power it is a solar car, and an electric car powered by a gasoline generator is a form of hybrid car. So, an electric car that derives its power from an on-board battery pack is a form of battery electric vehicle (BEV).
The research study includes the profiles of leading companies operating in the North America Electric Passenger Car Market. Few of the renowned companies now invested in the electric passenger car market in North America contain BYD Company Limited, BAIC Motor Corporation., Ltd, Tesla Inc., BMW AG, Volkswagen AG, Ford Motor Company, and Renault SA, among others.
The objective of the report is to present comprehensive analysis of North America Electric Passenger Car Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by country. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by country on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.
Scope of the Market:
Market, By Vehicle type
• Hatchback
• Sedan
• SUV
Market, By Technology
• Battery Electric Vehicle
• Plug-in Hybrid Electric Vehicle
Market, By Driving range
• Up to 150 Miles
• Above 150 Miles
Market, By Country
• North America
• US
• Canada
Key players operating on the market
• BYD Company Limited
• BAIC Motor Corporation. Ltd
• Tesla Inc.
• BMW AG
• Volkswagen AG
• General Motors Company
• Nissan Motor Corporation
• Audi AG
• Ford Motor Company
• Renault SA.
• Volvo Group
• Toyota Motor Corporation
• Ford Motors Co. Ltd.
• Daimler AG
• Honda Motor Co. Ltd.
• Mercedes Benz
• Fisker Inc
• Rivian
• Lucid Motors
• General Motors Co.