United States to Lead North America Electric Vehicle Market through 2028
Strict government initiatives, new technologies and rising focus on environment
sustainability are the driving force for North America electric vehicle market.
According to the TechSci
Research report, "North America Electric Vehicle Market- By
Country, Competition Forecast and Opportunities, 2018-2028F", North America Electric
Vehicle market is growing at rapid pace owing to low emission from the vehicle,
low maintenance cost and contributing towards the environmental situation there
is increase in demand of electric vehicle. The rise in electric vehicle is also
due to the sustained policy
support from the government part. Also, the electric vehicles come with new technologies which are
effective and efficient in the vehicle market.
An electric motor powers an
electric vehicle (EV) as opposed to an internal combustion engine, which
produces power by burning a mixture of fuel and gases. Therefore, to solve
issues such as increased pollution, global warming, the depletion of natural
resources, etc., such a vehicle is considered as a potential substitute for new-generation
automobiles.
The governments has installed EV charging stations,
created pollution standards, established deadlines for switching from ICE
vehicles to full or hybrid EVs, and other measures to assist the growth of EV
demand. There are around more than
50000+ Charging Station and 1 lakh+ charging ports present in the north America
which is enhance the EV market demand north America. Also, Consumer mindset has
also been shifted towards sustainable mobility with consumer buying more
Electric Vehicles.
Browse more thanXX market data Figures spread through XX Pages and an in-depth TOC on "North America electric Vehicle Market"
The
North America Electric Vehicle market can be segmented based on vehicle type, propulsion,
range, battery capacity and by region. Based on vehicle type, the passenger car
segment currently dominates North America electric vehicle market with highest
share among all vehicle type. This is due to the rising demand of the passenger
car with better driving experience, disposal income of consumers and low
emissions standards. In terms of propulsion type, FCEV has the fastest
growing segment in the forecasted years. In the forecasted period, the battery
electric vehicle segment will account for the highest volume of the market. Based
on range type, 201-400 miles accounted the highest growth rate. Based on battery
capacity type, market is segmented among Less Than 50 kWh, 51 kWh to 100 kWh,
101 kWh to 200 kWh, 201 kWh to 300 kWh, above 300 kWh. The widespread usage of
electric trucks and buses, particularly for applications in public
transportation and freight services, is primarily responsible for this market
segment's rapid expansion. A wide range of EVs, including passenger cars and
light commercial vehicles like vans, pickup trucks, and utility vehicles, have
power outputs between 100kW and 250kW. The surge in the EVs charging station
infrastructure and government measures towards the environmental sustainability
are driving up the use of EVs.
Some of the major players operating in
the North America electric vehicle market include:
- Tesla Inc.
- BMW Group
- BYD Company Ltd.
- Volkswagen AG
- Hyundai Motor Company
- AB Volvo
- Daimler AG
- Ford Motor Company,
- General Motors Company
- Honda Motor Co., Ltd.
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“Many companies are investing
in development in building the charging infrastructure to overcome the charging
barriers of EVs. Also, With the advancement in the technology, manufacturer’s are
rolling out the new Electric vehicles, with advanced features to provide better
safety, security, functionality and driving experience. Also, the concern
regarding the environmental pollution Government
is promoting the policy for Electric vehicle adoption which is further
increasing the penetration of electric vehicle."said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“North America Electric Vehicle Market By
Vehicle Type (Two Wheelers, Passenger Cars (PC) Light Commercial Vehicle (LCV),
Medium & Heavy Commercial Vehicle (M&HCV)), By Propulsion Type (Battery
Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell
Electric Vehicle (FCEV)), By Range (0-50 Miles, 51-150 Miles and 151-200 Miles,
201-400 Miles, and Above 400 Miles), By Battery Capacity (Less Than 50 kWh, 51
kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to 300 kWh, Above 300 kWh), By
Country, Competition Forecast and Opportunities, 2028F”, has evaluated
the future growth potential of North America electric Vehicle Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the North America Electric Vehicle Market.
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