+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

PRINTER FRIENDLY

North America Automotive High Performance Electric Vehicles Market - Growth, Trends, and Forecast (2019 - 2024)

  • ID: 4515606
  • Report
  • June 2019
  • Region: North America
  • 60 pages
  • Mordor Intelligence
1 of 5

Enquire about COVID-19 updates for this product.

Enquire Now

FEATURED COMPANIES

  • BMW
  • Ford Motor Company
  • Hyundai Motors
  • Mitsubishi
  • Peugeot
  • Tesla Inc.
  • MORE
Market Overview

The North American automotive high-performance electric vehicles market is expected to register a CAGR of 31.32%, during the forecast period, 2019-2024.

Growing awareness about vehicle emissions, lower operating and maintenance costs, along with increasing government initiatives to encourage the use of electric vehicles, are some of the factors aiding in driving the growth of high-performance electric vehicles market significantly. North America is leading the global market in the manufacture of these vehicles.

Initiatives taken by the governments of various countries, to increase the adoption rate of electric vehicles, like that of building convenient charging stations, have added to the growth of the electric high-performance vehicles (EHPV) market in the region. EVs are also exempted from excise tax, which varies from 6-8% (depending on the vehicle weight) in various states of the region.

Scope of the Report

The North American automotive high-performance electric vehicle market has been segmented by drive type, vehicle type, and geography.

Key Market Trends

Increasing Demand for Long Range Electric Vehicles

After the rise in energy conservation awareness around the world, the US Congress established minimum-efficiency levels for electric motors in their 1992 Energy Policy Act (EP Act). In 2007, the Energy Independence and Security Act (EISA) was made into a law. The National Electrical Manufacturers Association (NEMA) took an active part in providing EISA with increased motor efficiency levels. As a result, new motor efficiency regulations were made for general-purpose electric motors.

Electric high-performance vehicles can be differentiated from other EVs on aspects, including longer range of distance i.e., over 150 miles in a single charge, high acceleration, and their ability to attain a speed of over 90 miles per hour with faster acceleration of 0 to 60 miles per hour, unlike that of EVs, which can range at speeds varying from 40-65 miles per hour. While purely electric cars do have some limitations, usually including lower range and higher weight, unlike normal gasoline-powered cars, they do hold the advantage of having all of their torque available from a standstill.

The demand for long-range electric vehicles has been increasing in the North American region. This is due to the unavailability of charging station for passengers traveling on highways in remote areas. Manufacturers have focused on improving the range of their products by increasing battery capacities.

United States Leading the North American Market

As the United States is the potential market for High-Performance Electric Vehicles, high energy Li-ion batteries and advanced powertrain parts contribute a major role in propelling this market.

The most successful US electric vehicle companies are GM, Tesla, and Chevrolet. Recently, the biggest lithium-ion battery factory named Gigafactory situated in Nevada, United States is taking up the production of electric motors for the latest Tesla models. The Gigafactory is still under construction, and Tesla plans on producing high-performance lithium-ion batteries and electric motors through it.

The Energy Improvement and Extension Act of 2008 also allowed tax credits for new plug-in electric drive motor vehicles. Most states in the United States also have additional incentives for electric vehicle owners. Following this announcement by the government, Charge Point, a market leader in EV charging announced a USD 20 million commitment toward the deployment of community charging and a nation-wide network of high-speed charging stations.

Initiatives, such as the Hawaii clean energy program and Richmond electric vehicle program, are anticipated to improve the EV adoption rates in the country. The Northeast Electric Vehicle Network, which was initiated in 2011 is expected to boost the adoption of EVs in Maryland, Delaware, Massachusetts, New Hampshire, New York, New Jersey, Vermont, Rhode Island, Connecticut, and communities in Maine.

A new regulation by the US government requires electric motors to make an audible noise when traveling in reverse or forward at up to 19 mph. This is not required at higher speeds because of other noises from tires and the wind, which provide a warning. The rule, once implemented, will prevent about 2,400 pedestrian injuries a year. By September 2019, manufacturers have to equip all new hybrid and electric vehicles with sounds that meet the new safety standard.

Competitive Landscape

Tesla, Daimler (Mercedes-Benz), BMW, Hyundai, Nissan, and Chevrolet are the most prominent players in the high-performance electric vehicles market. OEMs are focusing on developing cost-effective electric vehicles that have better range.

Tesla pioneered the concept of EHPV, supporting and encouraging their development. They are developing cost-effective, but high-performance electric vehicles to leverage the adoption of electric vehicles in the region. The company hopes that the initiative will spur consumer acceptance and create a network of supporting businesses, such as EV charging stations and service centers. The high cost of ownership, coupled with lack of adequate charging infrastructure in many states are some of the major challenges that the market can face in the forecast period.

This report will be delivered within 2 business days.
Note: Product cover images may vary from those shown
2 of 5

FEATURED COMPANIES

  • BMW
  • Ford Motor Company
  • Hyundai Motors
  • Mitsubishi
  • Peugeot
  • Tesla Inc.
  • MORE
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Current Market Scenario
4.2 Technology Trends
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Market Drivers
4.5 Market Restraints

5 MARKET SEGMENTATION
5.1 By Drive Type
5.1.1 Plug-In Hybrid Electric Vehicle
5.1.2 Pure Electric Vehicle
5.2 By Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America

6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Mergers & Acquisitions
6.3 Company Profiles
6.3.1 BMW
6.3.2 Daimler (Mercedes-Benz)
6.3.3 General Motors
6.3.4 Nissan
6.3.5 Ford Motor Company
6.3.6 Renault
6.3.7 Tesla Inc.
6.3.8 Hyundai Motors
6.3.9 Volkswagen AG
6.3.10 Mitsubishi
6.3.11 Kia
6.3.12 Peugeot

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown
3 of 5

Loading
LOADING...

4 of 5
  • BMW
  • Daimler (Mercedes-Benz)
  • General Motors
  • Nissan
  • Ford Motor Company
  • Renault
  • Tesla Inc.
  • Hyundai Motors
  • Volkswagen AG
  • Mitsubishi
  • Kia
  • Peugeot
Note: Product cover images may vary from those shown
5 of 5

Loading
LOADING...

Adroll
adroll