North America Electric Vehicle Market – Industry Analysis and Forecast (2022-2029)

North America Electric Vehicle Market is expected to grow at a CAGR of 38.9% during the forecast period and is expected to reach US$ 743.94 Bn by 2029.

The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.

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North America Electric Vehicle Market Dynamics:
An electric vehicle or an electric drive vehicle is a vehicle type that uses one or more electric motors for propulsion. Based on the vehicle, motion can be provided by wheels or propellers that are driven by rotary motors or linear motors. An electric car uses electric motors and controllers for propulsion instead of the internal combustion engine.

Electricity is used as the transportation fuel for powering battery-operated electric vehicles where electricity powers the vehicle's wheel using an electric motor. Electric vehicles have a limited storage capacity of energy that can be replenished by plugging in an electrical source. Energy generated is transmitted in the vehicle using overhead lines, inductive charging, or through an electrical cable. Vehicles using engine, working on the principle of combustion may derive their energy from single or different non-renewable fossil fuels. A major advantage of electric or hybrid vehicles would be their ability to recover braking energy. Here electricity is restored to the on-board battery or may get sent back to the grid.
North America Electric Vehicle Market Segment Analysis:
The North American electric vehicle market has been segmented on the basis of type, vehicle type, and geography. Based on the type, the market has been segmented into battery, hybrid, and plug-in hybrid electric vehicles. Battery electric vehicle or BEV formed the largest segment with factors such as higher investment from manufacturing companies for the development of pollution repellent vehicles act as a major driver for this segment and market as a whole.

Moreover, the rise in government grants to improve market demand for energy sustainable vehicles along with various subsidies available related to electric vehicles have formed another major driver for overall market growth. Considering the vehicle type segment, it is passenger cars that dominated with the largest market share. Other segments namely two wheels and commercial vehicles followed passenger cars in terms of revenue share. Higher demand for faster cars that are fuel-efficient as well as use non-renewable energy has resulted in passenger cars holding a larger segment of the electric vehicle market.
North America Electric Vehicle Market Country Insights:
North America, geographically has been divided into the US and Canada with the US holding the largest market share. There has been a surge in the demand for electric vehicles as the government is giving subsidies and also pushing the availability of energy-efficient vehicles. All these factors have together helped in the growth of electric vehicles in North America.
North America Electric Vehicle Market Research Methodology:
Bloomberg, Hoovers, and Factiva are some of the paid databases referred in order to gain insights into the North America Electric Vehicle Market. Opinions from experts along with other stakeholders from major market players have been considered. This is done to validate and collect critical information for evaluating trends related to this market during the forecast period. Top-down and bottom-up approaches have been used to estimate the regional and country-wise size of this market. Data triangulation techniques along with other comparative analyses are also used to calculate the exact size of the North America Electric Vehicle Market globally.
North America Electric Vehicle Market, Key Highlights:
• North America Electric Vehicle Market analysis and forecast, in terms of value.

• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the North America Electric Vehicle Market

• North America Electric Vehicle Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.

• North America Electric Vehicle Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.

• North America Electric Vehicle Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.

• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.

• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the North America Electric Vehicle Market are also profiled.
North America Electric Vehicle Market Scope: Inquire before buying
North America Electric Vehicle Market, by Type
• Battery Electric Vehicle
• Hybrid Electric Vehicle
• Plug-In Hybrid Electric Vehicle
North America Electric Vehicle Market, by Vehicle Type
• Two Wheeler
• Passenger Car
• Commercial Vehicle
o Light Commercial Vehicle
o Heavy Commercial Vehicle
North America Electric Vehicle Market, by Geography
• North America
o US
o Canada
o Mexico
North America Electric Vehicle Market Geographic Analysis
• Breakdown of the US Electric Vehicle market
• Breakdown of Canada Electric Vehicle market
North America Electric Vehicle Market Key Players
• Telsa
• General Motors
• Chevrolet
• Fiat
• Ford
• BMW
• Mercedes Benz
• Bollinger
• Hyundai
• Mitsubishi
• Volkswagen AG
• Honda Motor
• BYD Company Limited
• Toyota Motor Corporation
• Daimler AG

Frequently Asked Questions:

1. Which region has the largest share in North America Electric Vehicle Market?
Ans: United State region held the highest share in 2021.

2. What is the growth rate of North America Electric Vehicle Market?
Ans: The North America Electric Vehicle Market is growing at a CAGR of 38.9% during forecasting period 2022-2029.

3. What is scope of the North America Electric Vehicle market report?
Ans: North America Electric Vehicle Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in North America Electric Vehicle market?
Ans: The important key players in the North America Electric Vehicle Market are – Telsa, General Motors, Chevrolet, Fiat, Ford, BMW, Mercedes Benz, Bollinger, Hyundai, Mitsubishi, Volkswagen AG, Honda Motor, BYD Company Limited, Toyota Motor Corporation, and Daimler AG.

5. What is the study period of this market?
Ans: The North America Electric Vehicle Market is studied from 2021 to 2029.