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North America Electric Vehicles Market Size, Share & Trends Analysis Report by Product (BEV, PHEV), Vehicle Type (PCLT, Commercial Vehicles), Region, and Segment Forecasts, 2021-2028

  • ID: 5351632
  • Report
  • June 2021
  • Region: North America
  • 94 pages
  • Grand View Research
The North America electric vehicles market size is expected to reach USD 147.60 billion by 2028. It is anticipated to expand at a CAGR of 37.2% from 2021 to 2028. Favorable initiatives to promote the adoption of electric vehicles coupled with rising crude oil prices are anticipated to drive the demand for Electric Vehicles (EVs). Electric vehicles generate power using an electric motor instead of an internal combustion engine that burns a mix of fuels and gases for power generation. The increasing advantages of electric vehicles over conventional vehicles such as zero fuel emission, better performance, and lower total cost of ownership are expected to contribute to the growing demand for electric vehicles in the coming years.

The growing preference for electric vehicles is prompting leading automotive manufacturers to launch electric vehicles. For instance, General Motors, a U.S.-based automotive company, has announced its plan to launch electric vehicles for personal use in the next few years. By 2025, the company will launch 30 EVs worldwide, and around two-third will be available in North America. The market's lucrative nature is expected to encourage more conventional vehicle manufacturers to shift into the electric vehicle space.

The outbreak of the COVID-19 pandemic has changed the overall business scenario for 2020 as well as for the next few years to come. Several industries and industry verticals have witnessed a significant setback due to the pandemic, and the automobile industry is no exception to that. The slumped business scenario has negatively impacted the production and sales of electric vehicles across North America. The electric bus sales in North America in 2020 totaled around 500 units, which was significantly lesser units recorded in 2019, registering a year-on-year decline of over 10% primarily due to the pandemic. However, with increasing government initiatives to adopt electric vehicles, the market is likely to witness significant growth over the forecast period.

In 2020, the U.S. captured around 70% of the electric vehicle demand in North America and is estimated to register a CAGR exceeding 30% from 2021 to 2028. This share is attributed to the rising demand for electric vehicles in the U.S. Moreover, new initiatives are being taken up by charging network companies, automotive manufacturers, and policymakers, and they have launched a new non-profit organization named Veloz. The new organization aims at attracting marketing, innovation, investment, and driving the regional market growth.

North America Electric Vehicles Market Report Highlights

  • In terms of product, the PHEV segment is estimated to register the highest CAGR of over 35% from 2021 to 2028 owing to the increasing demand for electric buses and trucks across the logistics and transportation industry
  • In terms of vehicle type, the PCLT segment emerged as the largest segment in 2020 and is anticipated to retain its dominance over the forecast period
  • Canada is projected to register the fastest CAGR exceeding 40% from 2021 to 2028 as the government in the country is focused on advancing the programs to support electric vehicle adoption
Note: Product cover images may vary from those shown
Chapter 1 Methodology and Scope
1.1 Market Segmentation & Scope
1.2 Market Definition
1.3 Research Methodology
1.4 Information Procurement
1.5 Information Analysis
1.6 Market Formulation & Data Visualization
1.7 Data Validation & Publishing

Chapter 2 Executive Summary
2.1 Market Snapshot

Chapter 3 North America Electric Vehicle Market Variables, Trends & Scope
3.1 Penetration & Growth Prospect Mapping
3.2 Industry Value Chain Analysis
3.3 North America Electric Vehicle Market Dynamics
3.4 North America Electric Vehicle Industry Analysis - Porter’s
3.5 North America Electric Vehicle Industry Analysis - PEST
3.6 North America Electric Vehicle Market - COVID-19 Impact
3.7 North America Electric Vehicle Government Regulations
3.8 Commercial Plans for Electric Vehicle Adoption in North America
3.9 North America Electric Vehicle Market: Key Company Analysis, 2020

Chapter 4 North America Electric Vehicle Market: Product Segment Analysis
4.1 North America Electric Vehicle Market: By Product Segment Outlook & Market Share 2020 and 2028
4.2 Battery Electric Vehicle (BEV)
4.3 Plug-In Hybrid Electric Vehicle (PHEV)

Chapter 5 North America Electric Vehicle Market: Vehicle Type Segment Analysis
5.1 North America Electric Vehicle Market: By Vehicle Type Segment Outlook & Market Share 2020 and 2028
5.2 PCLT
5.3 Commercial Vehicle

Chapter 6 North America Electric Vehicle Market: Regional Segment Analysis
6.1 North America

Chapter 7 Competitive Landscape
7.1 Competition Dashboard
7.2 Company Profiles

List of Tables
Table 1 Government policies for key countries
Table 2 Clean Vehicle Rebate Project (CVRP) rebate amount
Table 3 U.S. federal tax credits
Table 4 U.S. federal legislation
Table 5 Commercial plans for electric vehicle adoption
Table 6 BEV market volume, by country, 2016-2028 (Units)
Table 7 BEV market value, by country, 2016-2028 (USD Million)
Table 8 PHEV market volume, by country, 2016-2028 (Units)
Table 9 PHEV market value, by country, 2016-2028 (USD Million)
Table 10 PCLT market volume, by country, 2016-2028 (Units)
Table 11 PCLT market value, by country, 2016-2028 (USD Million)
Table 12 Passenger cars market volume, by country, 2016-2028 (Units)
Table 13 Passenger cars market value, by country, 2016-2028 (USD Million)
Table 14 Light trucks market volume, by country, 2016-2028 (Units)
Table 15 Light trucks market value, by country, 2016-2028 (USD Million)
Table 16 Commercial vehicle market volume, by country, 2016-2028 (Units)
Table 17 Commercial vehicle market value, by country, 2016-2028 (USD Million)
Table 18 North America electric vehicle market volume, by product, 2016-2028 (Units)
Table 19 North America electric vehicle market value, by product, 2016-2028 (USD Million)
Table 20 North America electric vehicle market volume, by vehicle type, 2016-2028 (Units)
Table 21 North America electric vehicle market value, by vehicle type, 2016-2028 (USD Million)
Table 22 North America electric PCLT market volume, by vehicle type, 2016-2028 (Units)
Table 23 North America electric PCLT market value, by vehicle type, 2016-2028 (USD Million)
Table 24 U.S. electric vehicle market volume, by product, 2016-2028 (Units)
Table 25 U.S. electric vehicle market value, by product, 2016-2028 (USD Million)
Table 26 U.S. electric vehicle market volume, by vehicle type, 2016-2028 (Units)
Table 27 U.S. electric vehicle market value, by vehicle type, 2016-2028 (USD Million)
Table 28 U.S. electric PCLT market volume, by vehicle type, 2016-2028 (Units)
Table 29 U.S. electric PCLT market value, by vehicle type, 2016-2028 (USD Million)
Table 30 Canada electric vehicle market volume, by product, 2016-2028 (Units)
Table 31 Canada electric vehicle market value, by product, 2016-2028 (USD Million)
Table 32 Canada electric vehicle market volume, by vehicle type, 2016-2028 (Units)
Table 33 Canada electric vehicle market value, by vehicle type, 2016-2028 (USD Million)
Table 34 Canada electric PCLT market volume, by vehicle type, 2016-2028 (Units)
Table 35 Canada electric PCLT market value, by vehicle type, 2016-2028 (USD Million)

List of Figures
Fig. 1 North America electric vehicle market segmentation
Fig. 2 Market research process
Fig. 3 Primary research process
Fig. 4 Information analysis
Fig. 5 Data validation and publishing
Fig. 6 North America electric vehicle market snapshot
Fig. 7 Penetration & growth prospect mapping
Fig. 8 Industry value chain analysis
Fig. 9 Market driver analysis
Fig. 10 Average crude oil prices, January 2018 - March 2021 (USD per gallon)
Fig. 11 Market restraint analysis
Fig. 12 Market opportunity analysis
Fig. 13 Porter’s analysis
Fig. 14 PEST analysis
Fig. 15 North America electric vehicle market: By product segment outlook & market share, 2020 and 2028
Fig. 16 North America electric vehicle market: By vehicle type segment outlook & market share, 2020 and 2028
Fig. 17 Competition dashboard
Note: Product cover images may vary from those shown
  • BYD Company Ltd.
  • Daimler AG
  • Ford Motor Company
  • General Motors Company
  • Lucid
  • Mitsubishi Motors Corporation
  • Nissan Motor Company
  • Tesla
  • TOYOTA MOTOR CORPORATION
  • Volkswagen AG
Note: Product cover images may vary from those shown

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