North America Electric Passenger Car Market to Grow with a CAGR of 11.45% through 2030
Rising awareness toward
low-emission transportation, increasing government support for electrification,
and expanding charging infrastructure are the factors driving the market in the
forecast period 2026–2030.
According to TechSci Research report, “North America Electric
Passenger Car Market – Industry Size, Share, Trends, Opportunity, and Forecast,
2020-2030F”, The North
America Electric Passenger Car Market was valued at USD 29.81 billion in 2024
and is expected to reach USD 57.13 billion by 2030 with a CAGR of 11.45% during
the forecast period.
Demand for electric passenger cars accelerates across North America as
consumers seek cleaner alternatives to traditional vehicles. The U.S. Energy
Information Administration reports electricity usage in transportation rising
over 20% from 2022 to 2024, driven by growing EV adoption. Government
incentives and funding for charging networks encourage individuals and
companies to invest in electric cars. The International Energy Agency confirms
momentum, noting over 14 million electric cars sold globally in 2023. Carmakers
invest heavily in manufacturing and battery facilities, signaling the
industry’s transition toward electric mobility.
Technological developments continue improving battery efficiency,
vehicle range, and charging speed. The U.S. Department of Energy observes
falling lithium-ion battery costs, reaching $139 per kilowatt-hour in 2024,
down from $153 in 2022, making electric vehicles more attainable for a wider
audience. Consumers appreciate EVs for lower maintenance needs and fuel
savings, with the American Automobile Association highlighting that EV drivers
spend around 60% less on fuel compared to those driving gasoline vehicles. New
electric models offer digital features and safety technologies that attract
tech-focused buyers, contributing to the shift in consumer preferences.
Critical raw material supplies remain under strain, especially for
lithium, nickel, and cobalt needed in battery production. The U.S. Geological
Survey indicates lithium demand jumped over 30% in 2023, posing supply risks.
Expanding EV adoption raises concerns about grid capacity, leading to
innovation in smart charging infrastructure to stabilize electricity demand.
Consumers voice concerns about range limitations, charging infrastructure gaps,
and performance in cold climates. Despite these obstacles, supportive policies,
technological advancements, and environmental goals continue to drive the
market’s growth trajectory, reshaping transportation in North America.
Browse over North America Electric Passenger Car Market data Figures
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North
America Electric Passenger Car Market is Segmented By Vehicle, Type, Range and By
Country.
Electric passenger cars are categorized based on the
driving range they deliver on a single charge, reflecting diverse consumer
preferences and daily mobility needs. Vehicles offering a range above 150 miles
appeal to drivers seeking flexibility for longer trips, commuting between
cities, or minimizing the frequency of charging stops. Such models integrate
larger battery packs and advanced thermal management systems to support
extended travel while maintaining performance in varying weather conditions. High-range
vehicles also attract drivers interested in seamless highway journeys without
significant detours for charging. On the other hand, electric cars with a range
up to 150 miles cater to urban and suburban users whose daily driving remains
modest. These vehicles often feature smaller battery capacities, making them
lighter and more affordable while still meeting the demands of commuting,
errands, and local travel. Shorter-range vehicles find favor among
cost-conscious buyers prioritizing sustainability and low operating expenses
over long-distance capability. Both range segments include options with
regenerative braking systems and modern infotainment technologies. Automakers
work to enhance battery chemistry and energy density to extend ranges and reduce
charging times across all segments. Consumers assess their purchase decisions
based on lifestyle requirements, cost considerations, and available charging
infrastructure.
Mexico
experiences swift growth in its electric passenger car market during 2024,
driven by national efforts to advance sustainable transportation. Government
incentives support electric vehicle purchases and infrastructure development,
signaling strong policy commitment. Local manufacturing initiatives gain
momentum, as Mexican automotive suppliers increasingly focus on electric
vehicle components, batteries, and charging systems. Consumer interest rises
amid growing awareness of environmental benefits and long-term cost savings
linked to electric mobility. Urban centers face significant air quality
challenges, encouraging adoption of zero-emission vehicles to reduce pollution.
Mexico’s automotive industry adapts production lines for electric vehicles, creating
new jobs and fostering technological capabilities. Infrastructure expansion
brings public and private charging stations to major highways and city hubs,
making electric mobility practical for daily commuting and regional travel.
Companies invest in research and development to align product offerings with
local driving conditions, including adaptations for heat tolerance and
efficient battery performance. Supply chain collaborations with global battery
and component manufacturers strengthen Mexico’s position in the regional
electric vehicle landscape. Despite obstacles such as initial cost barriers and
limited charging in rural zones, the country’s market growth reflects
determination to embrace electric mobility. Mexico stands out as the fastest
growing region for electric passenger cars in 2024.
Major Market
Players Operating in North America Electric Passenger Car Market Are:
- Audi AG
- BAIC Motor Corporation Ltd.
- BMW AG
- BYD Company Limited
- Ford Motor Company
- General Motors Company
- Hyundai Motor Company
- Nissan Motor Company
- Tesla Inc.
- Volkswagen AG
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“The North
America electric passenger car market accelerates as governments prioritize
sustainable transportation and consumers pursue environmentally conscious
vehicles. Advances in battery technology lower costs and extend driving ranges,
while public and private investment expands charging networks across urban and
highway corridors. Automakers introduce innovative models featuring digital
connectivity and safety enhancements. Challenges remain, including mineral
supply constraints, grid infrastructure demands, and high vehicle costs. Mexico
emerges as a rapidly growing market, driven by supportive policies and local
manufacturing efforts. The industry moves steadily toward mass electrification,
shaping the region’s mobility landscape for the forecast period through 2030.”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
The report
titled “North America Electric Passenger Car Market – Industry Size, Share,
Trends, Opportunity, and Forecast By Vehicle (Hatchback, Sedan and SUV/MPV), By
Type (Battery Electric Vehicle and Plug-in Hybrid Electric Vehicle), By Range,
(Above 150 miles, Up to 150 miles), By Country, By Competition, 2020-2030F”,
assesses the market's future growth potential and provides data on market size,
trends, and forecasts. It aims to offer comprehensive market insights, helping
decision-makers make informed investment choices. The report also highlights
emerging trends, key drivers, challenges, and opportunities in the North
America Electric Passenger Car Market.
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