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. 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.
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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.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
North American Electric Car Market by Vehicle Type
- Sedan
- Hatchback
- SUV
North American Electric Car Market by Propulsion Technology
- Battery
- Plug-in Hybrid
- Fuel Cell
North American Electric Car Market by Battery Type
- NiMH
- Li-Ion
- Others
Regional Analysis
- United States
- Canada
Company Profiles
- BMW AG
- Audi AG
- Daimler AG
- Fiat Chrysler Automobiles N.V.
- Ford Motor Co.
- General Motors Co.
- Groupe PSA
- Jaguar Land Rover Ltd.
- Kia Motors Corp.
- Mitsubishi Motors Corp.
- Nissan Motor Co.
- Renault Group
- Tesla, Inc.
- Volkswagen AG
The Report Covers
- Comprehensive research methodology of the North American Electric Car Market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the North American Electric Car Market.
- Insights about market determinants which are stimulating the North American Electric Car Market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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