December 7, 2021 08:30 US Eastern Time | Source: Meticulous Market Research Pvt. Co., Ltd. meticulous market research Pvt. Limited company
Redding, California, December 7, 2021 (GLOBE NEWSWIRE) - According to a report entitled "The North American Electric Vehicle Market by Model (Passenger Cars, LCV, HCV, Two-Wheelers, Electric Scooters and Bicycles) "New market research report; type of propulsion (BEV, FCEV, HEV); power output (below 100kW, 100kW to 250kW); final use and charging standard-forecast to 2028", published by Meticulous Research®, expected from 2021 By 2028, the North American electric vehicle market will grow at a compound annual growth rate of 37.4%, reaching USD 396.94 billion by 2028. In terms of volume, it is expected that the market will grow at a compound annual growth rate of 22.8% from 2021 to 2028. The growth rate will reach 5.8 million units by 2028.
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Electric vehicles are used in private and public transportation, shared travel, micro travel, logistics and industrial applications. As people increasingly pay attention to the negative impact of vehicle emissions on the environment, government initiatives to support transportation decarbonization, and major automotive original equipment manufacturers step up efforts to reduce greenhouse gas emissions and turn their product lines into green, the adoption rate of electric vehicles is increasing. Raise and clean environmentally friendly vehicles.
The impact of COVID-19 on the North American electric vehicle market
The COVID-19 pandemic has severely affected many industries, including the automotive industry, and major manufacturers have completely shut down operations or operated with reduced production capacity in accordance with instructions issued by their respective governments. The uncertainty of lock-in duration and supply chain disruption makes it more difficult for participants to predict the industry’s recovery. This crisis led to structural changes and had a major impact on the market.
During the COVID-19 period, the United States suffered a severe blow, causing significant losses in lives, resources, and economics. The adoption of electric vehicles declined in the first and second quarters of 2020, and increased slightly after the second quarter. Since the pandemic, consumer behavior has undergone major changes. People avoid shared travel and public transportation to reduce the risk of infection, and remote work also reduces travel distance. This has had a negative impact on the adoption of electric vehicles. However, leading investors plan to double their investment in autonomous vehicles during the forecast period, which will have a positive impact on the electric vehicle market.
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Overview of North American Electric Vehicle Market
The electric vehicle market in North America is segmented according to vehicle type, propulsion type, power output, charging standard, end use, and geographic location. The study also assessed industry competitors and analyzed the country-level market.
From the perspective of vehicle models, the passenger car segment is expected to account for the largest share of the North American electric vehicle market in 2021. The larger share of this market segment is attributable to the government’s increasing preferential policies and subsidies to promote electric vehicles, and the growing awareness of electric vehicles in reducing emissions, increasing fuel prices, and the active participation of vehicle OEMs in production The role of electric passenger cars. Electric passenger cars are becoming more and more popular among consumers. Passenger cars are the most common means of transportation. Due to their light weight and spacious design, they provide safety, reliability and comfort. Automakers are concentrating their R&D resources to design and develop electric passenger vehicles to reduce emissions, increase design flexibility, achieve higher speed-to-weight ratios, and achieve longer driving ranges after a single charge.
According to the type of propulsion, the hybrid electric vehicle segment is expected to account for the largest share of the North American electric vehicle market in 2021. A large share of this market segment is attributed to the increasing demand for greenhouse gas reduction, the growing demand for clean energy mobility and transportation solutions, lower battery costs, and strict government regulations to limit carbon emissions from traditional vehicles. Automotive original equipment manufacturers and government agencies are increasingly emphasizing reducing vehicle emissions to reduce greenhouse gases and improve vehicle fuel economy.
Based on power output, the market segment below 100 kilowatts is expected to occupy the largest share of the North American electric vehicle market in 2021. A large share of this market segment is attributed to the increasing popularity of electric scooters and mopeds, increased investment in government authorities to develop electric vehicle charging infrastructure, and preferential policies, incentives and subsidies launched by multiple governments in the region. Electric vehicle OEMs are increasingly investing in the research and development of electric vehicles below 100 kilowatts. For example, in 2019, Plug Power (USA) launched a 30kW hydrogen fuel cell engine. The reliable ProGen 30kW engine provides a cost-effective solution for electric vehicle use cases, including high utilization, reliable performance in harsh environments, fast refueling, and zero emissions. It is expected that such initiatives and developments by major market participants will support the growth of the sub-100 kW segment.
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Based on the end use, the private use segment is expected to account for the largest share of the North American electric vehicle market in 2021. A large part of this part is attributable to the increasing awareness of the hazards associated with greenhouse gas emissions and the environment, pollution, strict emission standards, and consumer demand for high-quality electric vehicles. The electric vehicle market has made a huge leap in the past decade. Today, consumers are concerned about higher fuel efficiency, more power, and reduced carbon dioxide emissions, thereby using electric vehicles for personal use. In addition, the government’s supportive incentives to encourage the sale and manufacture of electric vehicles, tax rebates, and lower battery costs have further promoted consumer adoption of electric vehicles for private use.
Geographically, the United States is expected to occupy a larger share of the North American electric vehicle market in 2021. Due to the increasing availability of electric vehicle models, the number of Volkswagen vehicles continues to increase, and the adoption rate of electric vehicles in the United States is increasing significantly. High-end buyers are shifting from gasoline and internal combustion engine (ICE) vehicles to electric vehicles, and increasingly adopt Tesla models backed by government-provided tax credits for electric vehicles. The United States has always been at the forefront of innovative technology markets, including global electric vehicles. Due to the increasing availability of electric vehicle models, more and more high-end buyers are switching from gasoline and internal combustion engine (ICE) vehicles to electric vehicles, and more and more Tesla models are adopted, the adoption rate of electric vehicles in the United States Significant growth is being supported by government-provided tax credits for electric vehicles.
The main players operating in the North American electric vehicle market are AB Volvo (Sweden), BMW Group (Germany), BYD Co., Ltd. (China), Daimler AG (Germany), Faraday & Future Inc. (USA), Tata Automobile Co., Ltd. (India), Ford Motor Company (USA), General Motors Company (USA), Honda Motor Company (Japan), Hyundai Motor Company (Korea), Zero Electric Vehicles Inc. (USA), Nissan Motor Company. , Ltd. (Japan), Rivian LLC (U.S.), Tesla, Inc. (U.S.), Volkswagen AG (Germany), etc.
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North American electric vehicle market, by model
North American electric vehicle market, by propulsion type
North American electric vehicle market, according to power output
North American electric vehicle market, by end use
North American Electric Vehicle Market, by Geographical Location
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In this crisis, Meticulous Research® continuously evaluates the impact of the COVID-19 pandemic on various sub-markets and enables global organizations to develop strategies and maintain growth for the post-COVID-19 world. If you want to assess the impact of COVID-19 on any industry here, please let us know-https://www.meticulousresearch.com/custom-research Related reports:
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