North America Electric Vehicle Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Passenger Car and Commercial Vehicle), By Propulsion Type (Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV)), By Drive Type (All Wheel Drive, Front Wheel Drive, and Rear Wheel Drive), By Range (Up to 150 Miles, 151-300 Miles, and Above 300 Miles), By Component (Battery Pack & High Voltage Component, Motor, Brake, Wheel & Suspension, Body & Chassis, and Low Voltage Electric Component) and Country Forecast, 2023-2030

North America is the third largest region in the global electric vehicle market. It is projected to record a CAGR of 16.1% during the forecast period. The North America electric vehicle market size is projected to grow from USD 62.73 billion in 2022 to USD 228.47 billion by 2030.

The growing EV adoption in countries, such as the U.S. and Canada will drive the market growth during the forecast period. The COVID-19 pandemic hampered the market's growth due to raw material shortages and supply chain disruptions, which affects the production of these vehicles. However, the region’s electric vehicle market growth will pick up a significant pace during the forecast period of 2023-2030. This is due to the growing adoption of eco-friendly vehicles and supportive government initiatives. In the U.S., the average consumer and government spending increased in 2022. According to the Alternative Fuels Data Centre, almost 50,000 EV charging stations are currently in operation in the U.S. This development is expected to boost the market’s growth in the coming years.

This report on the North American market covers the following countries/regions –U.S., Canada, and Mexico.

LATEST TREND

Surging Global EV Sales to Advance the Market in Near Future

The key ongoing trend in this market is the rapid growth of EV sales and the increasing availability of EV models. There has been a growing demand for electric vehicles in North America due to environmental concerns and rising fuel prices. This trend is expected to continue as EV technology becomes more advanced and affordable. Several automakers have responded to this demand by expanding their EV offering, and new players have also entered the market. As a result, more electric vehicle models are available in North America than ever, ranging from affordable compact cars to luxury SUVs; this development propels the North America electric vehicle market growth during the forecast period.

DRIVING FACTORS

Favorable Government Policies and Infrastructure Investment Drive the Market Growth

The government around the region is raising investment in electric mobility. The U.S. is also a key country in the North American market. This is because the federal government announced its first targets, which include 50% EV sales by 2030 and 500,000 public charging stations. The EV charging infrastructure (station) is also expanding at a strong pace across the country.

For instance, in September 2022, the U.S. Transportation Department announced that it had approved electric vehicle charging network/station plans for all 50 states, Washington, D.C., and Puerto Rico, covering roughly 75,000 miles of highways. Canada is in the top five countries producing cobalt, copper, graphite, precious metals, nickel, and uranium and has the potential to expand in lithium, magnesium, and rare earth production; The above material is used in EVs component, and this development augments the North America electric vehicle market share during the forecast period.

RESTRAINING FACTORS

High Upfront Cost & Limited Driving Range Hamper the Market Growth

Electric vehicles are generally more expensive than their gas-powered counterparts, which makes them less accessible to a large portion of the population. Although the cost of EVs has decreased in recent years, it remains a major barrier to adoption. Another significant factor is the limited driving range of most EVs. Although many models can travel up to 300 miles on a single charge, this is still significantly less than the range of gas-powered cars. Range anxiety is a real concern for many drivers, and until EVs can match the range of gas-powered vehicles, many consumers will remain hesitant to make the switch. These factors can impact market growth to some extent.

KEY INDUSTRY PLAYERS

In terms of the competitive landscape, BYD Company Ltd., Daimler AG, and Tesla, Inc. (U.S.) are the key players in the North America market due to their strong product portfolios. They are also actively involved in R&D investments to speed up their product launches and obtain faster approvals. Other prominent players, such as A.B. Volvo and Toyota Motor Company are also leading the market due to their strong distribution network for their products. Some of the other major players include General Motors Company, Hyundai Motor Company, and others.

LIST OF KEY COMPANIES PROFILED:

• Tesla Inc. (U.S.)


• General Motors (U.S.)


• Nissan Motor Co., Ltd (Japan)


• Mercedes-Benz USA, LLC (U.S.)


• Volkswagen AG (Germany)


• BYD Company Ltd. (China)


• Ford Motor Company (U.S.)


• Honda Motor Co., Ltd. (Japan)


• Hyundai Motor Company (South Korea)


• Mitsubishi Motors Corporation (Japan)

KEY INDUSTRY DEVELOPMENTS:

• January 2023: Lucid Motors announced that the company had produced 7,180 vehicles instead of the original forecast of between 6,000 and 7,000. Lucid Group has been competing with Tesla by offering luxury electric vehicles.


• January 2022: GM introduced a new electric vehicle lineup, the Silverado EV plus Ultium EV platform. This development was in partnership with LG. GM’s EV platform will underpin the company’s all-electric Cadillac Celstiq. The Celestiq incorporates both IoT and artificial intelligence (AI)-driven features to rival Tesla’s high-end EVs.

REPORT COVERAGE

The market report provides qualitative and quantitative insights on the market and a detailed analysis of the market’s size & growth rate for all possible segments in the market. Along with the market’s forecast, the research report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of the number of EV’s, types of vehicles, regulatory scenario in key countries, new product launches, key industry developments – mergers, acquisitions & partnerships, and the impact of COVID-19 on the market.

Report Scope & Segmentation