North America Electric Car Market

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 ID: MRAUTO -104525
Pages: 76
Dec-2021
Formats*: PDF
Category: Automotive Industry
Delivery: 2 to 4 Hours

COVID-19

This report provides pre & post COVID-19 market estimates.

The North America Electric Car Market is expected to reach a value of $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. Supportive government policies and regulations, the rising deployment of EV charging stations by shared mobility operators, and increasing investments in the EV ecosystem are factors driving the growth of this market. Moreover, the decreasing battery prices and growing fleet electrification targets of governments across the region are expected to provide significant opportunities for the growth of this market. However, the lack of charging infrastructure in developing countries is expected to restrain the growth of this market to some extent. The range limitations of electric vehicles and a lack of fast-charging infrastructure are major challenges for the growth of the electric cars market in North America. Increasing investments in R&D for smart charging systems is a major trend that may support the growth of this market.

The Impact of COVID-19 on the North American Electric Cars Market

In North America, the U.S. was severely impacted by the COVID-19 pandemic leading to significant damages in terms of life, resources, and economy. The adoption of electric cars had declined in the first & second quarters of 2020, while a slight growth was witnessed post the second quarter. Consumer behavior has changed significantly since the pandemic. People have reduced the use of shared mobility services and public transport services to reduce the risk of infection. Moreover, due to remote working arrangements in most of the industries, the total miles driven have also decreased in 2020. Hence, these factors have negatively affected the adoption of electric cars in the region.

However, leading investors have planned to double their investments in autonomous vehicles that can positively impact the electric cars market in the forecast period. For instance, in March 2020, Waymo, Google’s self-driving car project, raised $2.3 billion from investors such as Silver Lake, Andreessen Horowitz, and AutoNation. In November 2020, California authorized paid robotaxi services by Waymo, one ride-hailing service in the state. In January 2019, Magna, a Canada-based auto supplier, partnered with Waymo to build a factory for manufacturing self-driving cars in southeast Michigan. The facility produces autonomous versions of the Chrysler Pacifica Hybrid minivan and Jaguar’s I-PACE electric SUV with Level 4 autonomous driving.

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Lack of Fast-charging Infrastructure

The lack of fast charging infrastructure is a crucial challenge hampering the adoption of electric cars. There is increased growth in the number of registrations of electric cars. However, fast-charging facilities are yet to grow significantly. The growing adoption of electric cars urges owners to demand the deployment of fast-charging infrastructures to reduce charging duration and increase travel distance and transit efficiency.

Most electric cars take approximately 8–10 hours to get charged completely on any 230 V power outlet through an adapter and a car manufacturer's cable.
Battery charging at home takes roughly 4–6 hours for a normal electric vehicle. However, it also increases the electricity bill considerably.
Nissan LEAF (2018 model) with a battery of 40kWh takes approximately 6–11 hours to get charged completely, depending on the charging type.

The high duration required to charge electric cars makes it difficult for electric car owners to plan their travels effectively. Therefore, the demand for fast-charging stations is increasing rapidly among EV owners. Hence, the lack of fast-charging infrastructure is a major challenge for electric mobility stakeholders across the world.

Electric mobility stakeholders worldwide have initiated various projects to overcome the challenges faced due to the lack of fast-charging stations. For instance, Tesla, Inc. (U.S.) is developing an electrical terminal capable of fully charging a battery within a few minutes. These powerful electrical terminals can charge a battery up to 80% of its capacity in 30 minutes.

Key Findings in the North American Electric Cars Market Study:

The fuel cell electric vehicles segment projected to witness significant growth

Based on propulsion type, the hybrid vehicles segment is estimated to account for the largest share of the North American electric cars market in 2021. However, the fuel cell electric vehicles segment is projected to grow at the highest CAGR during the forecast period. The rapid market growth of this segment is mainly attributed to various factors such as fast refueling, zero tailpipe emissions, smaller battery pack, initiatives by governments to set up hydrogen fuel cell charging stations, and increasing investments by leading automotive OEMs in the research and development of hydrogen fuel cell technology.

The 100kW to 250 kW segment estimated to showcase a high CAGR

Based on power output, the less than 100 kW segment is estimated to account for the largest share of the North American electric cars market in 2021. However, the 100 kW to 250 kW segment is projected to grow at the highest CAGR during the forecast period. The rapid market growth of this segment is mainly attributed to the initiatives taken by leading automotive OEMs to introduce various electric cars. In addition, the implementation of governmental laws and regulations to reduce tailpipe emissions and the rising adoption of electric cars in developed economies also contribute to the market growth of this segment.

The commercial use segment projected to grow significantly

Based on end use, the private use segment is estimated to account for the largest share of the North American electric cars market in 2021. However, the commercial use segment is projected to grow at the highest CAGR during the forecast period. The rapid market growth of this segment is mainly attributed to the rising usage of electric cars in shared mobility services and corporate taxi fleets, increasing laws and regulations to reduce fleet emissions, and encouragement by global and state-level regulatory bodies to deploy policies promoting the adoption of electric cars for mobility services.

Canada to be the fastest-growing market by value as well as by volume

Canada is expected to grow at the fastest CAGR by value and volume during the forecast period. The high market growth of electric cars in the country is attributed to the local government's introduction of policies and incentives, increased adoption of electric cars due to the improved driving range, and the development of fast-charging infrastructures resulting in the reduction of charging duration. The electric cars market in Canada is nascent, providing numerous opportunities for the stakeholders to enhance their business revenues. The Canadian government has introduced numerous policies and incentive programs to increase the adoption of electric cars and reduce transportation emissions in the coming years.

The authorities are striving to achieve 100% zero-emission vehicle sales by 2040. Accordingly, the Canadian government has set targets for automotive OEMs to increase the share of electric cars in new vehicle sales to 10% by 2025, 30% by 2030, and 100% by 2040. The Canadian government has also introduced attractive incentive plans for consumers purchasing EVs in Canada. For instance, Quebec's local government has offered a discount of $8,000 for every electric car sold. Ontario offers discounts between $3,000 to $14,000 for a wide variety of electric cars under its Electric Vehicles Incentive Program. British Colombia offers incentives ranging from $2,500 to $5,000 under its own Clean Energy Vehicle Program incentive. Such supportive policies and incentive programs are expected to increase the adoption of electric cars in Canada.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key strategies adopted by the leading market participants in the North American electric cars market over the last four years. The key players profiled in the North American electric cars market are 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).

Scope of the Report

North America Electric Car Market, by Propulsion Type

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

North American Electric Cars Market, by Power Output

Less Than 100 kW
100 kW to 250 kW

North America Electric Car Market, by End-Use

Private Use
Commercial Use

North America Electric Car Market, by Country

U. S.
Canada

Key Questions Answered in the Report:

What is the Focus of the North America Electric Car Market?

The North America electric car market report covers the market size & forecasts for electric cars by propulsion type, power output, end use, and geography. The North American electric cars market study in this report involves the value analysis of various segments and subsegments of the North American electric cars market at country levels. Volume analysis of electric cars is done only at the country level.

What is the Value of Revenue Generated From Electric Cars Across North America? At What Rate is the Demand Expected to Grow for the Next 5–7 Years?

The North American electric cars market is projected to reach a value of $329.57 billion by 2028, at a CAGR of 35.2% during the forecast period.

Which Propulsion Type Category Held the Major Share of the Market in 2021?

Based on the propulsion type, the hybrid vehicles segment is expected to account for the largest share of the North American electric cars market in 2021.

Which is the High-growth End Use Segment of the North American Electric Cars Market?

Based on end use, the private use segment is expected to account for the largest share of the North American electric cars market in 2021. However, the commercial use segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to the increasing use of electric cars in shared mobility services and corporate taxi fleets.

What are the Key Factors Supporting the Growth of this Market? What are the Major Opportunities for Existing Market Players and New Entrants in the North American Electric Cars Market?

Supportive government policies and regulations, the rising deployment of EV charging stations by shared mobility operators, and increasing investments in the EV ecosystem are the key factors attributed to the growth of this market. Additionally, the decrease in battery prices and growing fleet electrification targets of governments across the region are expected to create lucrative opportunities for players operating in this market.

Who are the Major Players Operating in the North American Electric Cars Market?

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

Which Countries are Likely to Offer Significant Growth Opportunities for the Vendors in this Market During the Analysis Period?

Canada is expected to offer significant growth opportunities for vendors in this market due to increasing consumer interest in purchasing electric cars to benefit from the exemption of taxes on the vehicles and increasing adoption of electric cars in developing economies.

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1. Introduction
1.1. Market Definition
1.2. Market Ecosystem
1.3. Currency and Limitations
1.4. Key Stakeholders

2. Research Methodology
2.1. Research Process
2.2. Data Collection & Validation
2.2.1. Secondary Research
2.2.2. Primary Research
2.3. Market Assessment
2.3.1. Market Size Estimation
2.3.1.1. Bottom-Up Approach
2.3.1.2. Growth Forecast
2.3.1.3. COVID-19 Impact Assessment
2.4. Assumptions for the Study

3. Executive Summary

4. The Impact of COVID-19 on the North American Electric Cars Market
4.1. Scenario A: Severe Impact
4.2. Scenario B: Slow Recovery
4.3. Scenario C: Fast Recovery

5. Market Insights
5.1. Introduction
5.2. Market Dynamics
5.3. Drivers
5.3.1. Supportive Government Policies and Regulations
5.3.2. Rising Deployment of EV Charging Stations by Shared Mobility Operators
5.3.3. Increasing Investments in the EV Ecosystem
5.4. Opportunities
5.4.1. Decreasing Battery Prices
5.4.2. Fleet Electrification Target of North American Governments
5.5. Challenges
5.5.1. Range Limitations of Electric Vehicles
5.5.2. Lack of Fast-Charging Infrastructure
5.6. Trends
5.6.1. Increasing Investments in R&D for Smart Charging Systems
5.7. Value Chain Analysis

6. North American Electric Cars Market, by Propulsion Type
6.1. Introduction
6.2. Hybrid Electric Vehicles
6.2.1. Pure Hybrid Electric Vehicles
6.2.2. Plug-In Hybrid Electric Vehicles
6.3. Battery Electric Vehicles
6.4. Fuel Cell Electric Vehicles

7. North American Electric Cars Market, by Power Output
7.1. Introduction
7.2. Less Than 100KW
7.3. 100KW to 250KW

8. North American Electric Cars Market, by End Use
8.1. Introduction
8.2. Private Use
8.3. Commercial Use

9. North American Electric Cars Market, by Geography
9.1. Introduction
9.1.1. U.S.
9.1.2. Canada

10. Competitive Landscape
10.1. Introduction
10.2. Key Growth Strategies
10.3. Market Share Analysis
10.3.1. Tesla, Inc.
10.3.2. General Motor Company
10.3.3. Ford Motor Company

11. Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
11.1. Tesla, Inc.
11.2. General Motor Company
11.3. Ford Motor Company
11.4. Rivian, Llc
11.5. Bollinger Motors Inc.
11.8. Toyota Motor Corporation
11.9. Hyundai Motor Company
11.10. Honda Motor Co., Ltd.

12. Appendix
12.1. Questionnaire

List of Tables

Table 1 Market Size and CAGR (USD Million)
Table 2 North American Electric Cars Market Size, by Propulsion Type, 2019–2028 (USD Million)
Table 3 North American Hybrid Electric Vehicles Market Size, by Type, 2019–2028 (USD Million)
Table 4 Hybrid Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 5 Pure Hybrid Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 6 Plug-in Hybrid Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 7 Battery Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 8 Fuel Cell Electric Vehicles Market Size, by Country, 2019–2028 (USD Million)
Table 9 North American Electric Cars Market Size, by Power Output, 2019–2028 (USD Million)
Table 10 Less Than 100kw Electric Cars Market Size, by Country, 2019–2028 (USD Million)
Table 11 100kw to 250kw Electric Cars Market Size, by Country, 2019–2028 (USD Million)
Table 12 North American Electric Cars Market Size, by End Use, 2019–2028 (USD Million)
Table 13 Electric Cars Market Size for Private Use, by Country, 2019–2028 (USD Million)
Table 14 Electric Cars Market Size for Commercial Use, by Country, 2019–2028 (USD Million)
Table 15 North American Electric Cars Market Size, by Country, 2019-2028 (USD Million)
Table 16 North American Electric Cars Market Volume, by Country, 2019-2028 (Thousand Unit)
Table 17 U.S.: Electric Cars Market Size, by Propulsion Type, 2019–2028 (USD Million)
Table 18 U.S.: Hybrid Electric Vehicles Market Size, by Type, 2019–2028 (USD Million)
Table 19 U.S.: Electric Cars Market Size, by Power Output, 2019–2028 (USD Million)
Table 20 U.S.: Electric Cars Market Size, by End Use, 2019–2028 (USD Million)
Table 21 Canada: Electric Cars Market Size, by Propulsion Type, 2019–2028 (USD Million)
Table 22 Canada: Hybrid Electric Vehicles Market Size, by Type, 2019–2028 (USD Million)
Table 23 Canada: Electric Cars Market Size, by Power Output, 2019–2028 (USD Million)
Table 24 Canada: Electric Cars Market Size, by End Use, 2019–2028 (USD Million)
Table 25 North American Electric Cars Market: Recent Developments, by Company, 2018–2021

List of Figures

Figure 1 Currency and Limitations
Figure 2 Research Process
Figure 3 Key Secondary Sources
Figure 4 Primary Research Techniques
Figure 5 Key Executives Interviewed
Figure 6 Market Size Estimation
Figure 7 Key Insights
Figure 8 North American Electric Cars Market, by Propulsion Type, 2028, (USD Million)
Figure 9 North American Electric Cars Market, by Power Output, 2021 Vs. 2028, (USD Million)
Figure 10 North American Electric Cars Market, by End Use, 2021 Vs. 2028, (USD Million)
Figure 11 Geography Snapshot: North American Electric Cars Market (Market Share & CAGR)
Figure 12 Geography Snapshot: North American Electric Cars Market (Volume Share & CAGR)
Figure 13 The Impact of COVID-19 on the North American Electric Cars Market
Figure 14 Electric Cars Value Chain
Figure 15 North American Electric Cars Market Size, by Propulsion Type, 2021–2028 (USD Million)
Figure 16 North American Electric Cars Market Size, by Power Output, 2021–2028 (USD Million)
Figure 17 North American Electric Cars Market Size, by End Use, 2021–2028 (USD Million)
Figure 18 North American Electric Cars Market Size, by Country, 2021–2028 (USD Million)
Figure 19 North American Electric Cars Market Size, by Country, 2021–2028 (Thousand Unit)
Figure 20 Key Growth Strategies Adopted by Leading Players, 2018–2021
Figure 21 Market Share Analysis: North American Electric Cars Market, 2020
Figure 22 Tesla, Inc.: Financial Overview, 2020
Figure 23 General Motors Company: Financial Overview, 2020
Figure 24 Ford Motor Company: Financial Overview, 2020
Figure 25 Nissan Motor Co., Ltd.: Financial Overview, 2020
Figure 26 Toyota Motor Corporation: Financial Overview 2020
Figure 27 Hyundai Motor Company: Financial Overview 2020
Figure 28 Honda Motor Co., Ltd.: Financial Overview 2020

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