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North America Electric Vehicle Market
North America Electric Vehicle Market by Vehicle Type (Passenger Vehicle, LCV, HCV, Two-wheeler, e-Scooters & Bikes); Propulsion Type (BEV, FCEV, HEV); Power Output (Less Than 100kW, 100 kW to 250 kW); End Use, Charging Standard, and Geography - Regional Forecast to 2029
Report ID:MRAUTO - 104542 Pages: 125 May-2022 Formats*: PDF Category: Automotive and Transportation Delivery: 2 to 4 HoursThe North America Electric Vehicle Market is expected to record a CAGR of 39.4% from 2022 to 2029 to reach $570.47 billion by 2029 from an estimated $55.81 billion in 2022. By volume, this market is expected to reach 7.62 million units by 2029 from an estimated 1.54 million units in 2022, at a CAGR of 25.7% during the forecast period. The growth of this market is attributed to supportive government policies and regulations, rising environmental concerns, increasing adoption of electric mobility. The growing adoption of autonomous driving vehicles, increasing adoption of electric vans and trucks for delivery and increasing trend of shared mobility are offering lucrative growth opportunities for this market's growth.
The Impact of COVID-19 on the North America Electric Vehicle Market
The COVID-19 pandemic outbreak has caused a widespread economic downturn. Several countries imposed strict lockdowns to contain the infection, thereby leading to the shutdown of manufacturing industries and disruptions in supply chains and production schedules. There has been a significant impact on technology supply chains globally. During COVID-19, the U.S. was hit severely causing significant damages in terms of life, resources, and economy. The adoption of EVs had fallen in the first & second quarters of 2020 while a slight growth was witnessed post second quarter. Consumer behavior has changed significantly since the pandemic. People have avoided shared mobility and public transit to reduce the risk of infection while, due to remote working, distance traveled is also decreased. This has negatively affected the adoption of EVs. Leading investors have planned to double their investment in autonomous vehicles that positively impact the EV market in the forecast period.
Zero-emission vehicle (ZEV) sales of Canada witnessed a decline in the second quarter of 2020. According to Electric Mobility Canada (EMC), only 9,069 sold between April and June 2020. That number includes battery electric vehicles, plug-in hybrids and hydrogen fuel cell vehicles. The 2020 sales results represent a drop of over 50% from the 18,032 sold in the second quarter of 2019. Furthermore, EVs’ entire light vehicle market share in Q2 dropped by 2.9% from the 3.4% from the same period in 2019. The sales of EVs were down by 45% in the second quarter and by 34% in the first half of 2020, due to the widespread economic shutdowns in effect throughout most of Canada since mid-March. However, the total number of ZEVs in Canada continues to grow. According to EMC, the total number of ZEVs has reached an estimated 168,000, with 75,000 of those located in Quebec, 46,000 in Ontario, and 41,000 in British Columbia and continue to grow in the coming years.
The North America electric vehicles market study presents historical market data in terms of value and volume (2020 to 2021), estimated current data (2022), and forecasts for 2029. The market is segmented based on vehicle type, propulsion type, power output, charging standard, end use, and geography. The study also evaluates industry competitors and analyses the market at the country level.
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Increasing Investments in EV Ecosystem
The automotive industry of North America is rapidly shifting from fuel-based vehicles to electric vehicles. Increasing investments and incorporation of innovative technologies by automotive OEMs in EVs and the development of advanced charging systems and batteries are driving this market growth in North America. Several industries worldwide are heavily investing to make strides in the decarbonization of transport and equipment and improve air quality in cities through greater investments in passenger trucks, light commercial vehicles, and e-scooters. Increasing adoption of electric vehicles to control pollution and carbon emissions and growing awareness about the use of electric vehicles to reduce emissions, and stringent government rules and emissions regulations towards vehicle emission are driving the demand for EVs and contributing to the overall market growth. In May 2021, South Korean automotive company, Hyundai Motor Group announced plans to invest USD 7.4 billion in the U.S. by 2025. The investments are aimed to produce electric vehicles, upgrade production facilities and further its investment in smart mobility solutions. Hyundai's investments plan comes as U.S. President Joe Biden's administration prioritized a strict regulation for electric vehicles, aiming to replace the 650,000 vehicles in federal fleets with U.S. made electric vehicles.
The Canadian government is investing in EVs and charging infrastructures to build a clean energy future to strengthen the economy, creating job opportunities and promoting support to workers in the natural resource sectors. In June 2021, Natural Resources of Canada (NRC) funded USD 2.3 million to the British Columbia Hydro and Power Authority for installing 47 EV fast chargers across Columbia province to decarbonize the environment. This fund is initiated through Electric Vehicle and Alternative Fuel Infrastructure Deployment Initiative (AFIDI) of NRC. Additionally, The Government of British Columbia is investing USD 1.2 million through CleanBC Go Electric program towards AFIDI initiative. These investments and initiatives are propelling adoption of EVs in North America.
Key Findings in the North America Electric Vehicle Market Study:
During the forecast period, the light commercial vehicles segment is expected to grow at the highest CAGR
Based on vehicle type, the North America electric vehicles market is segmented into passenger vehicles, light commercial vehicles, heavy commercial vehicles, two-wheelers, and e-scooters & bikes. The light commercial vehicles segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is mainly driven by the growing awareness regarding the role of electric vehicles in reducing emissions, increase in demand for electric vehicles to reduce fleet emissions, and stringent government rules and regulations towards vehicle emissions. Electric LCVs are a key element of urban distribution and transport systems and offer a promising low-emission solution. They require low maintenance and have relatively lower operating costs, as there is no need to lubricate the engines nor the maintenance costs associated with gas engines. Electric LCVs contribute to reducing greenhouse gas emissions and reduce the dependence on fuels. These are the key factors driving the adoption of electric light commercial vehicles.
The fuel cell electric vehicles segment is expected to grow at the highest CAGR during the forecast period
Based on propulsion type, the North America electric vehicles market is segmented into battery electric vehicles, hybrid vehicles, and fuel cell electric vehicles. The fuel cell electric vehicles segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is mainly driven by the increasing demand for vehicles with low carbon emissions, a growing emphasis on the adoption of FCEVs due to advantages such as fast refueling and increasing government initiatives and investments for advancing fuel cell technology. Several major players and governments across the region are trying to encourage the use of hydrogen fuel cells for vehicles through various policies, investments, and regulations.
The more than 250kW segment is expected to grow at the highest CAGR during the forecast period
Based on power output, the North America electric vehicles market is segmented into less than 100kW, 100kW to 250kW, and more than 250kW. The more than 250kW segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing adoption of electric buses and trucks for heavy applications, the implementation of numerous wireless EV charging pilot projects for heavy commercial vehicles, and the increasing adoption of electric mobility in emerging economies.
The commercial use segment is expected to grow at the highest CAGR during the forecast period
Based on end use, the North America electric vehicles market is segmented into private use, commercial use, and industrial use. The commercial use segment is expected to grow at the highest CAGR during the forecast period. The growth is mainly driven by the increase in fuel prices and stringent emission norms set by governments, the growing adoption of autonomous delivery vehicles, and the increasing adoption of electric buses and trucks. Electric commercial vehicles help lower greenhouse gas emissions, reduce dependence on fossil fuels, ensure smooth operation, and meet the latest emissions regulations. Electric buses are the most commonly used EVs for commercial applications. E-trucks are used for distribution and courier services. These vehicles have to cover long distances, as buses or trucks are required to travel a distance of 200 to 300 kilometers.
Canada to be the fastest-growing market in North America
Canada is expected to record the highest CAGR during the forecast period. The Canadian EV market is majorly driven by the local government's policies and incentives, increased driving range, and affordable vehicle prices due to increased spending of consumers on environment-friendly automobiles and developing infrastructure resulting in faster charging times. Canada’s mission to eliminate transportation emissions in the coming years has enabled governments to introduce numerous policies and incentive programs that could increase EV adoption and reduce emissions. For instance, in May 2019, the Government of Canada launched the Incentives for Zero-Emission Vehicles (iZEV) Program to encourage EV adoption. On the purchase or lease of ZEV, the government provides iZEV Program incentives of up to USD 5,000. The authorities have set targets for enhancing the adoption of EVs in the country.
Key Players
The key players operating in North America electric vehicles market are AB Volvo (Sweden), BMW Group (Germany), BYD Company Ltd. (China), Daimler AG (Germany), Faraday & Future Inc. (U.S.), Jaguar Land Rover Automotive PLC (U.K.), Ford Motor Company (U.S.), General Motors Company (U.S.), Honda Motor Co., Ltd. (Japan), Hyundai Motor Company (South Korea), Zero Electric Vehicles Inc. (U.S.), Nissan Motor Co., Ltd. (Japan), Rivian LLC (U.S.), Tesla, Inc. (U.S.), Volkswagen AG (Germany).
Scope of the Report:
North America Electric Vehicle Market, by Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two-wheeler
- E-scooters & Bikes
North America Electric Vehicle Market, by Propulsion Type
- Hybrid Electric Vehicles
- Pure Hybrid Electric Vehicles
- Plug-In Hybrid Electric Vehicles
- Battery Electric Vehicles
- Fuel Cell Electric Vehicles
North America Electric Vehicle Market, by Power Output
- Less Than 100 KW
- 100 KW to 250 KW
- More Than 250 KW
North America Electric Vehicle Market, by End Use
- Private Use
- Commercial Use
- Shared Mobility
- Micromobility
- Public Transport
- Industrial Use
North America Electric Vehicle Market, by Geography
- U.S.
- Canada
Key Questions Answered in the Report:
The North America electric vehicles market report covers the market size & forecasts by vehicle type, propulsion type, power output, charging standard, end use, and geography. The market study involves the value analysis of various electric vehicles segments at country level.
The North America electric vehicles market is poised to grow at a CAGR of 39.4% from 2022 to 2029 to reach $ 570.47 billion by 2029 from an estimated $ 55.81 billion in 2022.
Based on the vehicle type, the passenger vehicles segment is expected to account for the largest share of the North America electric vehicles market in 2022.
Based on end use, the private use segment is expected to account for the largest share of the North America electric vehicles in 2022.
The growth of this market is attributed to supportive government policies and regulations, rising environmental concerns, increasing adoption of electric mobility. The growing adoption of autonomous driving vehicles, increasing adoption of electric vans and trucks for delivery and increasing trend of shared mobility are offering lucrative growth opportunities for this market's growth.
The key players operating in North American electric vehicles market are AB Volvo (Sweden), BMW Group (Germany), BYD Company Ltd. (China), Daimler AG (Germany), Faraday & Future Inc. (U.S.), Jaguar Land Rover Automotive PLC (U.K.), Ford Motor Company (U.S.), General Motors Company (U.S.), Honda Motor Co., Ltd. (Japan), Hyundai Motor Company (South Korea), Zero Electric Vehicles Inc. (U.S.), Nissan Motor Co., Ltd. (Japan), Rivian LLC (U.S.), Tesla, Inc. (U.S.), Volkswagen AG (Germany).
Canada is projected to offer significant growth opportunities for the vendors in this market due to the local government's policies and incentives, increased driving range, and affordable vehicle prices due to increased spending of consumers on environment-friendly automobiles and developing infrastructure resulting in faster charging times.
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
5. Market Insights
5.1. Introduction
5.2. Market Dynamics
5.2.1. Drivers
5.2.1.1. Supportive Government Policies and Regulations
5.2.1.2. Rising Deployment of EV Charging Stations by Shared Mobility Operators
5.2.1.3 Increasing Investments in EV Ecosystem
5.2.2 Restraints
5.2.1.1. Lack of Consumer Adoption of EVs
5.2.3. Opportunities
5.2.3.1. Decreasing Prices of Batteries
5.2.3.2. Fleet Electrification Target of Government across the Region
5.2.4. Challenges
5.2.4.1. Range Anxiety of Electric Vehicles
5.2.4.2. Lack of Fast-Charging Infrastructure
5.2.5. Trend
5.2.5.1. Increasing Investments in R&D for Smart Charging Systems
5.3. Value Chain Analysis
6. North America Electric Vehicle Market, by Vehicle Type
6.1. Introduction
6.2. Passenger Vehicles
6.3. Light Commercial Vehicles
6.4. Heavy Commercial Vehicles
6.5. E-Scooters & Bikes
6.6. Two-Wheelers
7. North America Electric Vehicle Market, by Propulsion Type
7.1. Introduction
7.2. Hybrid Electric Vehicles
7.2.1. Pure Hybrid Electric Vehicles
7.2.2. Plug-In Hybrid Electric Vehicles
7.3. Battery Electric Vehicles
7.4. Fuel Cell Electric Vehicles
8. North America Electric Vehicle Market, by Power Output
8.1. Introduction
8.2. Less than 100kW
8.3. 100kW to 250kW
8.4. More than 250kW
9. North America Electric Vehicle Market, by End Use
9.1. Introduction
9.2. Private Use
9.3. Commercial Use
9.3.1. Shared Mobility
9.3.2. Public Transport
9.3.3. Micromobility
9.4. Industrial Use
10. North America Electric Vehicle Market, by Charging Standard
10.1. Introduction
10.2. CHArge de MOve (CHADEMO)
10.3. Combined Charging System (CCS)
10.4. Tesla Supercharger
10.5. Type 1 (SAE J1772)
10.6. Type 2 (IEC 62196)
11. North America Electric Vehicle Market, by Geography
11.1. Introduction
11.2. U.S.
11.2. Canada
12. Competitive Landscape
12.1. Introduction
12.2. Key Growth Strategies
12.3. Market Share Analysis
12.3.1. Tesla, Inc.
12.3.2. Volkswagen AG
12.3.3. BYD Company Ltd.
13. Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)
13.1. Tesla, Inc.
13.2. BMW Group
13.3. BYD Company Ltd.
13.4. Volkswagen AG
13.5. Hyundai Motor Company
13.6. AB Volvo
13.7. Daimler AG
13.8. Ford Motor Company
13.9. General Motors Company
13.10. Honda Motor Co., Ltd.
13.11. Nissan Motor Co., Ltd.
13.12. Jaguar Land Rover Automotive PLC
13.13. Faraday & Future Inc.
13.14. Zero Electric Vehicles Inc.
13.15. Rivian, LLC
14. Appendix
14.1. Questionnaire
14.2. Available Customization
List of Tables
Table 1 Market Size and CAGR (USD Million)
Table 2 North America Electric Vehicles Market Size, by Vehicle Type, 2020–2029 (USD Million)
Table 3 North America Electric Vehicles Market Volume, by Vehicle Type, 2020–2029 (Thousand Units)
Table 4 North America Electric Passenger Vehicles Market Size, by Country/Region, 2020–2029 (USD Million)
Table 5 North America Electric Light Commercial Vehicles Market Size, by Country/Region, 2020–2029 (USD Million)
Table 6 North America Electric Heavy Commercial Vehicles Market Size, by Country/Region, 2020–2029 (USD Million)
Table 7 North America Electric E-Scooters & Bikes Market Size, by Country/Region, 2020–2029 (USD Million)
Table 8 North America Electric Two-Wheelers Market Size, by Country/Region, 2020–2029 (USD Million)
Table 9 North America Electric Vehicles Market Size, by Propulsion Type, 2020–2029 (USD Million)
Table 10 North America Hybrid Vehicles Market Size, by Type, 2020–2029 (USD Million)
Table 11 Hybrid Vehicles Market Size, by Country, 2020–2029 (USD Million)
Table 12 North America Pure Hybrid Electric Vehicles Market Size, by Country, 2020–2029 (USD Million)
Table 13 North America Plug-In Hybrid Electric Vehicles Market Size, by Country, 2020–2029 (USD Million)
Table 14 North America Battery Electric Vehicles Market Size, by Country/Region, 2020–2029 (USD Million)
Table 15 North America Fuel Cell Electric Vehicles Market Size, by Country, 2020–2029 (USD Million)
Table 16 North America Electric Vehicles Market Size, by Power Output, 2020–2029 (USD Million)
Table 17 North America Less Than 100kw Electric Vehicles Market Size, by Country, 2020–2029 (USD Million)
Table 18 North America 100kw to 250kw Electric Vehicles Market Size, by Country, 2020–2029 (USD Million)
Table 19 North America More Than 250kw Electric Vehicles Market Size, by Country, 2020–2029 (USD Million)
Table 20 North America Electric Vehicles Market Size, by End Use, 2020–2029 (USD Million)
Table 21 North America Electric Vehicles Market Size for Private Use, by Country, 2020–2029 (USD Million)
Table 22 North America Electric Vehicles Market Size, by Commercial Use, 2020–2029 (USD Million)
Table 23 North America Electric Vehicles Market Size for Commercial Use, by Country, 2020–2029 (USD Million)
Table 24 North America Electric Vehicles Market Size for Shared Mobility, by Country, 2020–2029 (USD Million)
Table 25 North America Electric Vehicles Market Size for Public Transport, by Country/Region, 2020–2029 (USD Million)
Table 26 North America Electric Vehicles Market Size for Micromobility, by Country, 2020–2029 (USD Million)
Table 27 North America Electric Vehicles Market Size for Industrial Use, by Country/Region, 2020–2029 (USD Million)
Table 28 North America Electric Vehicles Market Size, by Country, 2020-2029 (USD Million)
Table 29 North America Electric Vehicles Market Volume, by Country, 2020-2029 (Thousand Units)
Table 30 U.S.: Electric Vehicles Market Size, by Vehicle Type, 2020–2029 (USD Million)
Table 31 U.S.: Electric Vehicles Market Volume, by Vehicle Type, 2020–2029 (Thousand Units)
Table 32 U.S.: Electric Vehicles Market Size, by Propulsion Type, 2020–2029 (USD Million)
Table 33 U.S.: Hybrid Vehicles Market Size, by Type, 2020–2029 (USD Million)
Table 34 U.S.: Electric Vehicles Market Size, by Power Output, 2020–2029 (USD Million)
Table 35 U.S.: Electric Vehicles Market Size, by End Use, 2020–2029 (USD Million)
Table 36 U.S.: Electric Vehicles Market Size for Commercial Use by Type, 2020–2029 (USD Million)
Table 37 Canada: Electric Vehicles Market Size, by Vehicle Type, 2020–2029 (USD Million)
Table 38 Canada: Electric Vehicles Market Volume, by Vehicle Type, 2020–2029 (Units Thousand)
Table 39 Canada: Total Electric Vehicle Fleet Size, by Vehicle Type, 2020-2029, (Thousand Units)
Table 40 Ontario: Total Electric Vehicle Fleet Size, by Vehicle Type, 2020-2029, (Thousand Units)
Table 41 Canada: Electric Vehicles Market Size, by Propulsion Type, 2020–2029 (USD Million)
Table 42 Canada: Hybrid Vehicles Market Size, by Type, 2020–2029 (USD Million)
Table 43 Canada: Electric Vehicles Market Size, by Power Output, 2020–2029 (USD Million)
Table 44 Canada: Electric Vehicles Market Size, by End Use, 2020–2029 (USD Million)
Table 45 Canada: Electric Vehicles Market Size for Commercial Use by Type, 2020–2029 (USD Million)
Table 46 Electric Vehicles Market: Recent Developments, by Company, 2019–2021
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 America Electric Vehicles Market, by Vehicle Type, 2029 (USD Million)
Figure 9 North America Electric Vehicles Market, by Vehicle Type, 2029 (Thousand Units)
Figure 10 North America Electric Vehicles Market, by Propulsion Type, 2029 (USD Million)
Figure 11 North America Electric Vehicles Market, by Power Output, 2029 (USD Million)
Figure 12 North America Electric Vehicles Market, by End Use, 2029, (USD Million)
Figure 13 Geographic Snapshot: North America Electric Vehicles Market, (Value Share & CAGR)
Figure 14 Geographic Snapshot: North America Electric Vehicles Market, (Volume Share & CAGR)
Figure 15 The Impact of COVID-19 On the North America Electric Vehicles Market
Figure 16 Global EV Battery Pack Prices, 2016-2020 (USD Per KWh)
Figure 17 Electric Vehicles Value Chain
Figure 18 North America Electric Vehicles Market Size, by Vehicle Type, 2022–2029 (USD Million)
Figure 19 North America Electric Vehicles Market Volume, by Vehicle Type, 2022–2029 (Thousand Units)
Figure 20 North America Electric Vehicles Market Size, by Propulsion Type, 2022–2029 (USD Million)
Figure 21 North America Electric Vehicles Market Size, by Power Output, 2022–2029 (USD Million)
Figure 22 North America Electric Vehicles Market Size, by End Use, 2022–2029 (USD Million)
Figure 23 North America Electric Vehicles Market Size, by Geography, 2022–2029 (USD Million)
Figure 24 North America Electric Vehicles Market Volume, by Geography, 2022–2029 (Thousand Units)
Figure 25 Key Growth Strategies Adopted by Leading Players, 2019–2021
Figure 26 Market Share Analysis: North America Electric Vehicles Market, 2021
Figure 27 Tesla, Inc.: Financial Overview (2021)
Figure 28 BMW Group: Financial Overview (2021)
Figure 29 BYD Company Ltd.: Financial Overview (2020)
Figure 30 Volkswagen AG: Financial Overview (2021)
Figure 31 Hyundai Motor Company: Financial Overview (2021)
Figure 32 AB Volvo: Financial Overview (2021)
Figure 33 Daimler AG: Financial Overview (2021)
Figure 34 Ford Motor Company: Financial Overview (2021)
Figure 35 General Motors Company: Financial Overview (2021)
Figure 36 Honda Motor Co., Ltd.: Financial Overview (2021)
Figure 37 Nissan Motor Co., Ltd.: Financial Overview (2021)
Figure 38 Jaguar Land Rover Automotive PLC: Financial Overview (2021)
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