Introduction to the North America Electric Car Market
Meticulous Research® has recently published its latest report, ‘North America Electric Car Market by Propulsion Type, Power Output, End Use, and Geography – Forecast to 2031,’ providing key insights into the future of the electric car market in North America.
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Growth Forecast and Key Drivers
The report predicts that the North America electric car market will grow to $419.39 billion by 2031, with a CAGR of 22.9%. By volume, the market is expected to reach 9.4 million units by 2031. The growth is primarily driven by tax credit extensions, evolving consumer attitudes towards electric vehicles, and supportive government policies.
Challenges and Growth Opportunities
Despite the upward trend, challenges such as supply chain issues and interoperability problems slow market progress. However, developments in battery technology and the rise of new jobs in the EV sector provide ample opportunities for market growth.
Market Segmentation by Propulsion Type
The market is divided into BEV, PHEV, and HEV categories. BEVs are projected to dominate the market due to stricter environmental regulations and increasing consumer demand for cleaner, zero-emission transportation options.
Power Output Segmentation
The less than 100kW segment is forecasted to hold the largest market share, driven by demand for electric cars in city centers and the growing popularity of shared mobility services.
End Use Market Analysis
The private use segment is anticipated to lead the market in 2024, driven by consumer interest in environmentally friendly vehicles and strong government incentives to promote electric vehicle adoption.
Regional Market Analysis
The U.S. is expected to lead the North America electric car market by 2024, with robust government support and incentives driving the country’s rapid adoption of electric vehicles, particularly in states like California and Colorado.
Conclusion
In conclusion, the North America electric car market is set for rapid growth, supported by government policies, consumer demand, and technological advancements. Challenges such as supply chain constraints remain, but the market’s future looks promising.
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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).
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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The Future of Electric Vehicles: North America Market Projected at 9.39 Billion