North America Electric Vehicle Market Growth, Industry Size-Share, Industry Outlook, Global Trends, Key Players Strategies and Upcoming Demand

 


North America Electric Vehicle Market is growing at a CAGR of 22.8% in the forecast period till 2027and expected to reach USD 202,861.92 million by 2027 from USD 39,731.62 million in 2019. Increasing concern about pollution and initiative from the governments to promote use of electric vehicle are the factors for the market growth. Electric vehicle is run by utilizing clean electric energy. Instead of an internal combustion engine, electric vehicles were powered using an electric motor. The internal combustion engine is used to burn fossil products. The adoption of electric vehicles has gained traction in several regions/countries due to increasing fuel prices. Electric vehicles act as a substitute for petrol and diesel vehicles and are powered by lithium-ion batteries that offer a hybrid charging facility. These vehicles are eco-friendly and do not cause any pollution. They do not emit harmful greenhouse gases while operating. The cost of electricity is much lower than the cost of fossil fuels. This reduces the cost of operation of electric vehicles as compared to other petrol and diesel vehicles. Thus, the rising crude oil prices and depletion of fuel reserves are expected to drive electric vehicle demand.

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The Government of United States has set a net-zero greenhouse gas emission target for 2050, aligned with significant impacts and enforced rigorous standards of CO2 emission limits for motorized vehicles. This acts as a driver for the market as automobile manufacturing companies are compelled to adopt, develop and sell electric vehicles in the future.

Electric Vehicles (EVs) are more expensive and require a larger investment than Internal Combustion Engines (ICEs). The cost difference between an electric automobile and a comparable internal combustion engine vehicle is as much as three to four times, making EVs a less tempting option for the average customer. This large gap in EV upfront prices is due to the factors such as high research and development costs involved in battery production, a fragile raw material supply chain, and insufficient economies of scale.

The cost of a lithium-ion cell is predicted to reduce to USD 100 per kWh by 2021, according to General Motors Company (US). Manufacturing on a big scale, falling component prices, and the use of sophisticated technologies to increase the battery capacity are just a few of the factors driving down the prices. A lower price of the lithium-ion cell makes the electric vehicle cheap when compared to current prices and this make them more affordable to customers. The reduction in the cost of production of lithium-ion batteries will create a great opportunity for the larger adoption of these vehicles in the forecast period.

Highlight of Table of Content:

·        Chapter 1: Market overview

·        Chapter 2: North America Electric Vehicle Market Analysis

·        Chapter 3: Regional analysis of the North America Electric Vehicle Market

·        Chapter 4: Market segmentation based on types and applications

·        Chapter 5: Revenue analysis based on types and applications

·        Chapter 6: Market share

·        Chapter 7: Competitive Landscape

·        Chapter 8: Drivers, Restraints, Challenges, and Opportunities

·        Chapter 9: Gross Margin and Price Analysis

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The major players covered in the report are Ford Motor Company, General Motors, Tesla, Hyundai Motor Company, AB Volvo, Honda Motor Co., Ltd., among other players domestic and global. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.

Profound Questions Answered in this Report:

·        What is the growth rate of various stages in the value chain of the industry?

·        Which region has the highest growth rate and size of the emerging market by value in 2022?

·        Who are the competitive players in North America Electric Vehicle Market?

·        Which region has the largest share and degree of competition in the industry?

·        What is the CAGR of the market during the forecast period 2022 to 2029?

·        Which region is expected to hold the highest market share for the market?

·        What is the main driver of the North America Electric Vehicle Market?

·        What is sales volume, revenue, and price analysis of top players of the market?

·        What are the market opportunities and threats faced by the vendors in the industry?

·        What has been the impact of COVID-19 on the North America Electric Vehicle Market?

 

 

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