The Green Vehicle Revolution: North America Electric Car Market to be Worth $419.39 Billion
North America Electric Car Market Report Summary
Meticulous Research® has released a comprehensive report titled, ‘North America Electric Car Market by Propulsion Type, Power Output, End Use, and Geography – Forecast to 2031.’ This report delves into the significant factors influencing the electric car market across North America.
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Market Growth Forecast
The North America electric car market is anticipated to grow to $419.39 billion by 2031, with a CAGR of 22.9%. By volume, the market is projected to reach 9.4 million units. Key factors driving this growth include extended tax credits, changing consumer sentiment towards EVs, and favorable government policies.
Challenges and Emerging Opportunities
Despite promising growth, challenges such as interoperability issues between market players and supply chain insecurities persist. However, significant opportunities lie in battery advancements and job creation in the EV industry. The lack of robust charging infrastructure remains a major hurdle.
Propulsion Type Breakdown
The market is categorized into BEV, PHEV, and HEV segments. Battery electric vehicles (BEVs) are expected to hold the largest share by 2024 due to increasing environmental regulations and consumer demand for zero-emission vehicles.
Power Output Market Segmentation
The less than 100kW segment is forecasted to dominate the power output category due to the growing use of light electric cars in major cities and shared mobility services.
End Use Market Overview
In the end-use category, the private use segment is anticipated to lead the market due to rising consumer demand for fuel-efficient, zero-emission vehicles, and government incentives.
Geographic Segmentation and Key Markets
The U.S. is projected to lead the North America electric car market, driven by strong consumer interest, a diverse range of electric car models, and governmental incentives. States like California and Colorado are at the forefront of EV adoption.
Conclusion
In summary, while the North America electric car market faces challenges, such as limited charging infrastructure, it is poised for substantial growth due to government support, technology advancements, and evolving consumer preferences.
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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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