North America Electric Car Markets, 2021-2028 - Increasing Investments in R&D for Smart Charging Systems

DUBLIN, Feb. 11, 2022 /PRNewswire/ -- The "North America Electric Car Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Geography - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The North American Electric Cars Market is expected to reach $329.57 billion by 2028, at a CAGR of 35.2 % during the forecast period, 2021-2028. By volume, this market is expected to grow at a CAGR of 18.7 % from 2021 to reach 2.9 million units by 2028.

The growth of this market is mainly attributed to the supportive government policies and regulations, the rising deployment of EV charging stations by shared mobility operators, and increasing investments in the EVs ecosystem. Hence, these are some of the key factors driving the growth of the North American electric cars market.

The study offers a comprehensive analysis of the North American electric cars market with respect to the propulsion type (hybrid vehicles, battery electric vehicles, and fuel cell electric vehicles), power output (less than 100 kW, and 100 kW to 250 kW), end use (private use, and commercial use), and geography. The study also evaluates industry competitors and analyzes the market at the country level.

Based on propulsion type, the North American electric cars market is mainly segmented into hybrid vehicles, battery electric vehicles, and fuel cell electric vehicles. The hybrid vehicles segment is expected to account for the largest share of the North American electric cars market in 2021.

The large market share of this segment is mainly attributed to the increase in stringent automotive emission regulations, consumer demand for highly fuel-efficient vehicles, and the lower cost of hybrid vehicles compared to battery electric vehicles. However, the fuel cell electric vehicles segment is expected to witness significant market growth.

Based on power output, the North American electric cars market is segmented into less than 100 kW and 100 kW to 250 kW. The less than 100 kW segment is expected to account for the largest share of the North American electric cars market in 2021. This segment's large market share is mainly attributed to the rising usage of light electric cars in the central business districts and the increased implementation of electric cars for shared mobility services. However, the 100 kW to 250 kW segment is expected to grow at the highest CAGR during the forecast period.

Based on end use, the North American electric cars market is segmented into private use and commercial use. The private use segment is expected to account for the largest share of the North American electric cars market in 2021. The large market share of this segment is mainly attributed to the increasing consumer demand for fuel-efficient and zero tailpipe emission vehicles, government incentives & tax rebates, low battery costs, and high fuel prices.

Based on country, the U.S. is estimated to account for the larger share of the North American electric cars market in 2021 both by value and volume. The large market share of this country is mainly attributed to the wider availability of electric car models, the growing number of mass-premium buyers shifting from fuel-based cars to electric cars, increasing adoption of electric cars, and investments by automotive OEMs. The U.S. has always been at the forefront of innovative technologies adoption, including electric cars globally.

Key Questions Answered in the Report

• Which are the high-growth market segments in terms of propulsion type, power output, end use, and geography?
• What is the historical market size for the North American electric cars market?
• What are the market forecasts and estimates for the period 2021-2027?
• What are the major drivers, restraints, opportunities, and challenges in the North American electric cars market?
• Who are the major players operating in the market, and what share of the market do they hold?
• Who are the major players in various countries, and what share of the market do they hold?
• How is the competitive landscape for the North American electric cars market?
• What are the recent developments in the North American electric cars market?
• What are the different strategies adopted by the major players operating in the market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the North American electric cars market, and how do they compete with the other players?

Market Dynamics

Drivers

• Supportive Government Policies and Regulations
• Rising Deployment of EV Charging Stations by Shared Mobility Operators
• Increasing Investments in the EV Ecosystem

Opportunities

• Decreasing Battery Prices
• Fleet Electrification Target of North American Governments

Challenges

• Range Limitations of Electric Vehicles
• Lack of Fast-Charging Infrastructure

Trends

• Increasing Investments in R&D for Smart Charging Systems

Value Chain Analysis

The key players operating in the North American electric cars market are

• Tesla Inc.
• General Motors Company
• Ford Motor Company
• Rivian LLC
• Bollinger Motors Inc.
• Alcraft Motor Company Ltd.
• Nissan Motor Co. Ltd.
• NIO Inc.
• AB Volvo
• Groupe Renault

Scope of the Report

The North American Electric Cars Market, by Propulsion Type

• Hybrid Vehicles
• Pure Hybrid Vehicles
• Plug-in Hybrid Vehicles
• Battery Electric Vehicles
• Fuel Cell Electric Vehicles

The North American Electric Cars Market, by Power Output

• Less Than 100 kW
• 100 kW to 250 kW

The North American Electric Cars Market, by End Use

• Private Use
• Commercial Use

The North American Electric Cars Market, by Geography

• North America
• U.S.
• Canada

For more information about this report visit https://www.researchandmarkets.com/r/20kmnh

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SOURCE Research and Markets