North America Electric Car Market to be Worth $419.39 Billion and Reach 9.4 Million units by 2031

North America Electric Car Market by Propulsion Type (BEV, PHEV, HEV), Power Output (Less than 100kW, 100 kW to 250 kW, More than 250 kW), End Use (Private, Commercial), and Geography - Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘North America Electric Car Market by Propulsion Type (BEV, PHEV, HEV), Power Output (Less than 100kW, 100 kW to 250 kW, More than 250 kW), End Use (Private, Commercial), and Geography - Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the North America electric car market is projected to reach $419.39 billion by 2031, at a CAGR of 22.9% from 2024 to 2031. By volume, this market is projected to reach 9.4 million units by 2031, at a CAGR of 20.3% from 2024 to 2031. The growth of the North America electric car market is driven by the extension of the tax credit through 2032 in the U.S., changing consumer perception regarding EVs, and supportive government policies. However, interoperability issues among the various players in the market, and supply chain insecurities restrain the growth of this market.

The creation of new occupations and job roles, improvements in battery technology, and range improvements are expected to generate significant growth opportunities for the players operating in the North America electric car market. However, the lack of adequate charging networks and slower public charging infrastructure are major challenges impacting market growth.

Meticulous Research^® has segmented the North America electric car market based on propulsion type, power output, end use, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on propulsion type, the North America electric car market is segmented into battery electric vehicles, plug-in hybrid vehicles, and hybrid electric vehicles. In 2024, the battery electric vehicles segment is expected to account for the largest share of the North America electric car market. The growth of this segment is attributed to the increasingly stringent emission standards, rising demand for increased fuel efficiency, growing demand for zero-emission vehicles, and a continuous reduction in battery prices. In addition, increasing initiatives by local government bodies and automotive players for developing BEVs, the proliferation of fast & ultra-fast charging technologies, and increasing acceptance due to reduced noise & vibrations with no emissions drive the BEVs market.

Based on power output, the North America electric car market is segmented into less than 100kW, 100kW to 250kW, and more than 250kW. In 2024, the less than 100kW segment is expected to account for the largest share of the North America electric car market. The large share of this segment is mainly attributed to the increasing usage of light electric cars in the central business districts of major cities, and demand for electric cars for shared mobility services in the major cities, and falling battery prices.

Based on end user, the North America electric car market is segmented into private use and commercial use. In 2024, the private use segment is expected to account for the largest share of the North America electric car market. The large share of this segment is mainly attributed to increasing consumer demand for fuel-efficient and zero tailpipe emission vehicles, major incentive plans by the government, low taxes, reduction in battery costs, and high fuel prices.

Based on geography, the North America electric car market is segmented into the U.S. and Canada. In 2024, the U.S. is expected to account for the largest share of the North America electric car market. The large share of this country is mainly attributed to the greater availability of electric car models, the growing number of mass-premium buyers shifting from gasoline cars to electric cars, the increasing adoption of electric cars, and investment by automotive OEMs. The U.S. has always been at the forefront of innovative technology adoption, including electric cars globally. The state and local governments are supporting the growth of the electric car market with attractive incentives and subsidy schemes. States such as California, Colorado, New Jersey, and Washington State are at the forefront of electric car adoption.

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).

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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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