Forecasting Success: North America Electric Vehicle Market to Hit $419.39 Billion by 2031
Overview of North America’s Electric Car Market
Meticulous Research® has recently published a report titled, ‘North America Electric Car Market by Propulsion Type, Power Output, End Use, and Geography - Forecast to 2031.’ This report provides in-depth insights into the electric car industry across North America.
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Market Growth Projections
According to the report, the North America electric car market is forecasted to grow to $419.39 billion by 2031, at a CAGR of 22.9%. In terms of volume, the market is expected to reach 9.4 million units by 2031. Key growth drivers include tax credit extensions, favorable government policies, and shifting consumer preferences towards electric vehicles.
Challenges and Potential Opportunities
While growth is evident, challenges like supply chain insecurities and interoperability issues hinder the market. Nevertheless, technological advancements in battery development and the creation of new jobs present significant growth opportunities.
Propulsion Type Market Segmentation
The propulsion type market is segmented into BEV, PHEV, and HEV. Battery electric vehicles (BEVs) are expected to lead the market due to stricter emission standards and growing demand for zero-emission vehicles.
Power Output Market Insights
By power output, the less than 100kW segment is anticipated to dominate the market, driven by increasing demand for light electric cars and mobility services in major urban centers.
End Use Segmentation
In 2024, the private use segment is expected to dominate, driven by consumer demand for fuel-efficient, zero-emission vehicles, alongside major government incentives.
Regional Market Outlook
The U.S. is expected to lead the North American electric car market, driven by government incentives, a wide selection of electric car models, and the state-level initiatives promoting EVs, particularly in California and Colorado.
Conclusion
Overall, despite challenges like supply chain issues and insufficient charging infrastructure, the North America electric car market is expected to experience strong growth due to government incentives, evolving consumer preferences, and advancements in battery technology.
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Key Players:
The key players operating in the North America electric car market include Tesla, Inc. (U.S.), General Motors Company (U.S.), Ford Motor Company (U.S.), Rivian, LLC (U.S.), Bollinger Motors Inc. (U.S.), Alcraft Motor Company Ltd., (U.K.), Nissan Motor Co., Ltd. (Japan), NIO Inc. (China), AB Volvo (Sweden), and Groupe Renault (France).
Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of propulsion type, power output, end user, and geography?
- What is the historical market size for North America electric cars?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, opportunities, and challenges in the North America electric car market?
- Who are the major players, and what shares do they hold in the North America electric car market?
- What is the competitive landscape like?
- What are the recent key developments in the North America electric car market?
- What are the strategies adopted by major players in this market?
- What are the key geographic trends and high-growth countries?
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