Introduction to the Electric Car Market in North America

Meticulous Research® has published an in-depth report titled, ‘North America Electric Car Market by Propulsion Type, Power Output, End Use, and Geography - Forecast to 2031.’ The report provides a comprehensive overview of the electric car market in North America and its expected growth.

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Growth Projections for 2031

The report forecasts that the North America electric car market will reach $419.39 billion by 2031, with a CAGR of 22.9%. In terms of volume, the market is expected to grow to 9.4 million units by 2031. The growth is supported by tax credits, shifting consumer perceptions, and favorable government policies.

Opportunities and Constraints

Although growth is strong, issues like supply chain vulnerabilities and interoperability problems hinder further expansion. However, opportunities for market players arise from improved battery technology and an increasing focus on job creation in the EV sector.

Propulsion Type Segmentation

The market is segmented into BEV, PHEV, and HEV. BEVs are expected to dominate the market due to increasing government regulations and rising consumer demand for clean, zero-emission vehicles.

Power Output Segmentation

In 2024, the less than 100kW segment is projected to lead in terms of power output, driven by the demand for light electric cars in urban areas and for shared mobility services.

End User Analysis

The private use segment is expected to account for the largest share of the market in 2024 due to strong consumer interest in fuel-efficient, environmentally friendly vehicles and government-backed incentives.

Geographical Market Insights

The U.S. is forecasted to lead the North America electric car market, with high adoption rates of electric cars. The government’s role in providing subsidies and incentives, especially in states like California, is a major driving force.

Conclusion

In conclusion, the North America electric car market is set for exponential growth, driven by government policies, consumer demand, and technological advancements, although some challenges, such as supply chain and infrastructure, remain.

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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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