North American Electric Car Market Size, Growth, Trends, Share, Forecast to 2025

North American Electric Vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. Supportive government regulations, environmental concerns, and subsidies by the government are some of the major factors contributing to the growth of the electric car market in North America. In addition, the target of the government to augment the EV fleet is providing a significant opportunity to the market. For instance, California has set a target of 5 million EVs fleet by 2030. States in the US have also extended their subsidy programs for EV such as Massachusetts will offer a subsidy of $2,500 on BEV and $1,500 on PHEV with at least 25 electric range till 2021.

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In Canada, the federal government has a target that zero-emission vehicles should be 10% of the new passenger sold by 2025, 30% by 2030 and 100% by 2040. Due to this, the government is providing an incentive for electric cars. As per the Federal ZEV purchase incentive program. Under the scheme, the people can get an incentive of $2,500 to $5,000 while purchasing the EVs. Moreover, one can get incentives ranging from $625 to $5,000 when taking cars on lease. Restraint to the market is the downfall in EV sales in 2019 in the US, due to the high cost of EV and stable fossil fuel prices.

The market is analyzed on the basis of vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is further segmented into hatchback, sedan, and SUV. During the forecast period, Sedan is expected to have major market share moreover, SUV will show significant growth in the near future. On the basis of propulsion technology, the market is sub-segmented into battery, plug-in hybrid and fuel cell technology.

Battery electric vehicle is expected to have significant growth during the forecast period. By battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion batteries vehicle is expected to cover a major market share in the near future. By geography, the market is divided into the US and Canada. The US is expected to have a major market share whereas Canada is expected to show lucrative growth in the market.

The companies which are contributing significantly in the market include Tesla, Inc., BMW AG, Nissan Motor Co., Volkswagen AG, Audi AG, Daimler AG, Fiat Chrysler Automobiles N.V., Ford Motor Co., General Motors Co., Jaguar Land Rover Ltd., Kia Motors Corp., Mitsubishi Motors Corp., Renault Group and so on. The market players are considerably contributing to the market growth by adopting various growth strategies including new product launch, merger and acquisition, collaborations with government, and technological advancements to stay competitive in the market. Some of the top car sold in the region include Tesla S, 3, and X, Nissan Leaf, Toyota Prius, Chevrolet Bolt and so on.

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North American Electric Car Market Segmentation

By Vehicle Type

• Sedan
• Hatchback
• SUV

By Propulsion Technology

• Battery Electric Car
• Plug-in Hybrid Electric Car

By Battery Type

• NiMH
• Li-Ion
• Others

Regional Analysis

• Mexico
• Brazil
• Argentina
• Colombia
• Rest of Latin America

Company Profiles

• BMW AG
• Daimler AG
• Fiat Chrysler Automobiles N.V.
• Ford Motor Co.
• General Motor
• Groupe PSA
• Honda Motor Co.
• Hyundai Motor Co.
• Nissan Motor Co.
• Tesla, Inc.

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