North America Electric Vehicle Market Outlook, 2027

USA leads the North America Electric Vehicle Market with a larger market share in the year 2021. This report consist industry trends and major growing factors.

Featured Companies

  • 1. Arrival Limited
  • 2. Beijing Automobiles Industry Holding Corporative Limited
  • 3. Bentley Motors Limited
  • 4. Blue Bird Corporation
  • 5. BMW Group
  • 6. BYD Company Motors
  • More...

In North America, the adoption of electric vehicles has gained traction in several regions/countries due to increasing fuel prices. Electric vehicles act as a substitute for petrol and diesel vehicles and are powered by lithium-ion batteries that offer a hybrid charging facility. These vehicles are eco-friendly and do not cause any pollution. They do not emit harmful greenhouse gases while operating. The cost of electricity is much lower than the cost of fossil fuels. This reduces the cost of operation of electric vehicles as compared to other petrol and diesel vehicles. Thus, the rising crude oil prices and the depletion of fuel reserves are expected to drive electric vehicle demand.

According to the report titled "North America Electric Vehicle Market Outlook, 2027" published by Bonafide Research, the market stood at around USD 32 billion in 2021, which is anticipated to grow at more than 23% CAGR for 2022–2027. Commercial e-models are more eco-friendly, quieter, and efficient than ever before, but they cannot travel as far on a single charge as those with a combustion engine. Larger batteries would be needed to deliver a greater range. Recharging buses and trucks also takes longer than refueling them, and the charging infrastructure is not yet ideal. This has made the passenger vehicle hold a marginally unstable share with a clear dominance with a higher CAGR. The yearly consumption of the vehicle varied, thus portraying an unsteady market share. However, the BEV's market share remained high throughout the period, with the PHEV segment expected to exceed USD 25 billion by the end of the forecasted period.

The USA leads the market with a larger market share in terms of value in the year 2021. A new regulation by the US government requires electric motors to make an audible noise when travelling up to 19 mph. By September 2019, manufacturers have to equip all new hybrid and electric vehicles with sirens that meet the new safety standard. Mexico’s climate legislation targets emissions cuts of 50% by 2050 (from 2000 levels) and 35% renewable energy by 2024, which is to support the market over the forecast period and propel higher market growth. Developed countries in the region, including the USA and Canada, have invested a fortune in the development of highly advanced charging infrastructure, directly resulting in the increasing demand for EVs. Currently, the USA has the highest charging plug-ins at a count of 77358, followed by Canada and Mexico with 11657 plug-ins. The demand for long-range electric vehicles has been increasing in the North American region. This is because of the unavailability of charging stations for passengers traveling on highways in remote areas. Manufacturers have focused on improving the range of their products by increasing battery capacities.
Further, Tesla pioneered the concept of EVs and is developing cost-effective but high-performance vehicles to leverage the adoption in the region. The company hopes that the initiative will spur consumer acceptance and create a network of charging stations and service centers. The high cost of ownership, coupled with a lack of adequate charging infrastructure in the region, is the major challenges that the market could face in the forecast period. Favorable government initiatives, subsidies, and tax rebate programs to promote EV adoption will drive market growth. Additionally, several advantages of electric vehicles over conventional vehicles in terms of cost will also favour market growth over the forecast period. A decline in battery pack prices is also another factor expected to create significant growth opportunities for players operating in the market. According to a research paper published by the international council on clean transportation, battery pack prices in the U.S. are expected to drop from USD 11,500 in 2018 to USD 8,000 during the forecast period.

Electric vehicles are amongst the most prominent technologies that contribute to reducing air pollution. Thus, governments across the globe have proposed tax rebate programs to promote the adoption of electric vehicles. For instance, in the U.S., under the Clean Vehicle Rebate Project (CVRP), qualified applicants would be provided a rebate from the State of California, effective for applicants received on or after April 23, 2021. After meeting the eligibility requirements, the applicants would be eligible to receive cashback on a new electric vehicle based on the type selected. The applicant will receive a cashback of USD 2,000 on the purchase of a new battery electric vehicle and USD 1,000 on the purchase of a new plug-in hybrid electric vehicle.

The market has grown as a result of increased attention toward sustainable development and greater awareness of the negative consequences of using traditional automobiles. Furthermore, local authorities from several regions are providing subsidies to encourage the sale of electric vehicles in anticipation of overall infrastructural development. Increased investments from public and private entities in electric charging infrastructure such as Tesla superchargers, Volkswagen Electrify America, and others, as well as an increase in the number of electric charging stations across the United States, are helping to build customer trust and alleviate range anxiety (range anxiety is the fear of driving an electric vehicle and running out of power without being able to find a charging station in time to recharge the battery).The government of the United States has set a net-zero greenhouse gas emission target for 2050, aligned with significant impacts and enforced rigorous standards of CO2 emission limits for motorized vehicles. This acts as a driver for the market as automobile manufacturing companies are compelled to adopt, develop, and sell electric vehicles in the future.

Electric Vehicles (EVs) are more expensive and require a larger investment than internal combustion engines (ICEs). The cost difference between an electric automobile and a comparable internal combustion engine vehicle is as much as three to four times, making EVs a less tempting option for the average customer. This large gap in EV upfront prices is due to factors such as high research and development costs involved in battery production, a fragile raw material supply chain, and insufficient economies of scale. The cost of a lithium-ion cell is predicted to drop to USD 100 per kWh by 2021, according to General Motors Company (US). Falling component prices and the use of sophisticated technologies to increase the battery capacity are just a few of the factors driving down the prices. A lower price of lithium-ion cell makes electric vehicles cheap when compared to current prices, and this makes them more affordable to customers. The reduction in the cost of production of lithium-ion batteries will create a great opportunity for the larger adoption of these vehicles in the forecast period.

Several companies are focused on ultra-high-power charging systems due to the growing need to produce new electric passenger vehicles, e-bus, and e-truck models. For instance, in 2019, Tesla, Inc. (U.S.) introduced the third generation of its superchargers, called the ultra-fast "Supercharger V3," with a power output of up to 250kW. The supercharger allows for fast charging, reducing charging time by an average of approximately 50%. The growth of this market is attributed to supportive government policies and regulations, rising environmental concerns, and increasing adoption of electric mobility.
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-thirds of them will be available in North America.

However, leading investors have planned to double their investments in autonomous vehicles that can positively impact the electric car market in the forecast period. For instance, in March 2020, Waymo, Google’s self-driving car project, raised $2.3 billion from investors such as Silver Lake, Andreessen Horowitz, and AutoNation. In November 2020, California authorized paid robotaxi services by Waymo, one of the ride-hailing services in the state. In January 2019, Magna, a Canada-based auto supplier, partnered with Waymo to build a factory for manufacturing self-driving cars in southeast Michigan. The facility produces autonomous versions of the Chrysler Pacifica Hybrid minivan and Jaguar’s I-PACE electric SUV with Level 4 autonomous driving.
Truck manufacturers, such as Daimler, Tesla, and Navistar International Corp., are racing to overcome the challenges of replacing diesel engines with batteries, as international organizations have been improving and implementing stringent exhaust emissions and fuel economy norms. As a result, governments of different states and commercial vehicle makers are planning to invest in charging infrastructure development. For instance, in May 2021, a public engagement session conducted by the Minnesota Department of Transportation focused on improving the charging station facilities that can aid the services of electric delivery and freight trucks.

The market is highly competitive with the presence of several global as well as regional players. In 2020, the market was dominated by Tesla, General Motors Company, Toyota Motor Corporation, Nissan Motor Company, and Volkswagen AG. Organic growth remains the key strategy for the overall industry, focusing on product launches to expand product offerings and meet consumer demands. For example, in September 2020, Volkswagen AG announced the launch of ID.4, a fully electric-driven SUV generating zero local emissions. The company had planned to launch the car in the compact SUV segment.
Market players also focus on joint ventures and partnerships to increase the adoption of electric vehicles. For instance, in July 2020, General Motors partnered with EVgo to accelerate widespread adoption in the U.S. The company’s planned to add over 2,700 new fast chargers to expand the public fast-charging network over the next few years.

Recent Developments
• In June 2021, Tesla announced the rollout of the first production Tesla Model S Plaid. It’s a four-door electric car with an estimated range of 390 miles. The Plaid is the top-of-the-line Model S, with 1,020 horsepower and a 0-to-60-mph time of 2 seconds. The Plaid charges faster at Tesla superchargers, has a more spacious back seat, and a better entertainment system.
• In March 2022, Tesla announced the opening of its Tesla Gigafactory in Texas. The Gigafactory Texas is located near Austin and will manufacture Tesla Cybertruck, Tesla Semi, Model 3, and Model Y for the eastern United States market. The factory is the second-largest factory in terms of size in the U.S. and the second-largest in terms of volume.
• In June 2022, Volkswagen AG announced the operation of its North American battery engineering laboratory in Chattanooga. The company invested USD 22 million in developing and constructing the new flagship facility, and its main purpose is to test EV batteries and conduct high-voltage engineering activities.
• In May 2021, South Korean automotive company Hyundai Motor Group announced plans to invest USD 7.4 billion in the U.S. by 2025. The investments are aimed at producing electric vehicles, upgrading production facilities and furthering its investment in smart mobility solutions. Hyundai's investment plan comes as the administration of US President Joe Biden prioritizes strict regulations for electric vehicles, with the goal of replacing the 650,000 vehicles in federal fleets with US-made electric vehicles.
• The Canadian government is investing in EVs and charging infrastructure to build a clean energy future to strengthen the economy, creating job opportunities and promoting support for workers in the natural resource sectors. Natural Resources Canada (NRC) will provide USD 2.3 million to the British Columbia Hydro and Power Authority in June 2021 to help decarbonizes the environment by installing 47 EV fast chargers across the province. This fund was initiated through the Electric Vehicle and Alternative Fuel Infrastructure Deployment Initiative (AFIDI) of the NRC. Additionally, the Government of British Columbia is investing USD 1.2 million through the CleanBC Go Electric program towards the AFIDI initiative. These investments and initiatives are propelling the adoption of EVs in North America.

COVID-19 Impacts:
The COVID-19 pandemic severely impacted several sectors, including the automotive sector, with major manufacturers shutting down their operations completely or operating at reduced capacities following the directives issued by their respective governments. Uncertainty regarding the duration of the lockdown and supply-chain disruptions made it more difficult for players to anticipate the industry's recovery. This crisis caused structural shifts that had significant implications for the market. During COVID-19, the U.S. was hit severely, causing significant life, resource, and economic damage. The adoption of EVs fell in the first and second quarters of 2020, while a slight growth was witnessed post-second quarter. Consumer behavior has changed significantly since the pandemic. People avoid shared mobility and public transit to reduce the risk of infection, while the distance travelled is also decreased due to remote working. This negatively affected the adoption of EVs. However, leading investors have planned to double their investment in autonomous vehicles that positively impact the EV market in the forecast period.
The COVID-19 pandemic negatively impacted the North American EV market growth in 2020. Electric passenger car and light truck sales in the United States totaled over 200K units in 2020, significantly less than the units recorded in 2019, registering a year-on-year decline of more than 5%, owing primarily to the pandemic. According to the data published by Electric Mobility Canada (EMC), electric vehicle sales in Canada witnessed a decline in the second quarter of 2020, with only over 8,000 units sold between April and June. The results represent a drop of over 50% from the units sold during the same period in 2019. However, the overall sales of electric passenger cars and light trucks in Canada remained the same in 2020 compared to 2019.

Companies Mentioned:
Arrival Limited, Beijing Automobiles Industry Holding Corporative limited, Bentley Motors Limited, Blue Bird Corporation, BMW Group, BYD Company Motors, Citroen, Daimler AG, Ford Motors, General Motors, Hyundai, Irizar, Micro Mobility, NFI Group, Nikola Motor Company, Nio, Nissan Motor, PoleStar, Proterra, SAIC, Tata Motors, Tesla, Toyota Motor Corporation, Volkswagen, Workhorse Group, Yutong, Zacua, Zhejiang Geely Holding Group

Considered In the Report
• Geography: North America
• Base year: 2021
• Historical year: 2016
• Estimated Year: 2022
• Forecasted year: 2025

Countries covered:
• USA
• Canada
• Mexico

Aspects Covered In the Report
• Market Size By Value for the time period (2016-2027F)
• Market Size By Volume for the time period (2016-2027F)
• Market Share by Vehicle Type (Passenger & Light Commercial)
• Market Share by Propulsion Type (BEV & PHEV)
• Market Share by Sales Channel (2016, 2021 & 2027F)
• Market Share by Charging Type (Normal & Fast)
• Market Share by Country

Key Points Covered in this report:
• Market Evolution through value and volume CAGRs at different verticals
• Detailed discussion on the market dynamics that influence the market and the possible opportunities
• In sights on the market leader's performance including market shares, strategies, products, financial positions, etc

The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.

Intended Audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the electric vehicle industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.



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Companies Mentioned

  • Arrival Limited
  • Beijing Automobiles Industry Holding Corporative Limited
  • Bentley Motors Limited
  • Blue Bird Corporation
  • BMW Group
  • BYD Company Motors
  • Citroen
  • Daimler AG
  • Ford Motors
  • General Motors
  • Hyundai
  • Irizar
  • Micro Mobility
  • NFI
  • Nikola Motor Company
  • Nio
  • Nissan Motor
  • PoleStar
  • Proterra
  • SAIC
  • Tata Motors
  • Tesla
  • Toyota Motor Corporation
  • Volkswagen
  • Workhorse Group
  • Yutong
  • Zacua
  • Zhejiang Geely

Table of Contents

  • Table of Content
  • 1. Executive Summary
  • 2. Report Methodology
  • 3. Market Structure
  • 3.1. Market Considerate
  • 3.2. Market Definition
  • 4. Economic /Demographic Snapshot
  • 5. Global Electric Vehicles Market Outlook
  • 5.1. Market Size
  • 5.1.1. By Value
  • 5.1.2. By Volume
  • 5.2. Market Share
  • 5.2.1. By Region
  • 5.2.2. By Country
  • 5.2.3. By Company
  • 5.2.4. By Vehicle Type
  • 5.2.5. By Propulsion Type
  • 5.2.6. By Charging Type
  • 5.2.7. By Vehicle Class
  • 5.3. Global BEV Market Outlook
  • 5.3.1. Market Size By Value
  • 5.3.2. Market Size By Volume
  • 5.4. Global PHEV Market Outlook
  • 5.4.1. Market Size By Value
  • 5.4.2. Market Size By Volume
  • 6. North America Electric Vehicles Market Outlook
  • 6.1. Market Size
  • 6.1.1. By Value
  • 6.1.2. By Volume
  • 6.2. Market Share
  • 6.2.1. By Country
  • 6.2.2. By Vehicle Type
  • 6.2.3. By Propulsion Type
  • 6.2.4. By Charging Type
  • 6.3. North America BEV & PHEV Market Outlook
  • 6.3.1. By Value
  • 6.3.2. By Volume
  • 6.4. US Market Electric Vehicle Market Outlook
  • 6.4.1. Market Size
  • 6.4.2. Market Share
  • 6.4.2.1. By Vehicle Type
  • 6.4.2.2. By Propulsion Type
  • 6.5. Canada Market Electric Vehicle Market Outlook
  • 6.5.1. Market Size
  • 6.5.2. Market Share
  • 6.5.2.1. By Vehicle Type
  • 6.5.2.2. By Propulsion Type
  • 6.6. Mexico Market Electric Vehicle Market Outlook
  • 6.6.1. Market Size
  • 6.6.2. Market Share
  • 6.6.2.1. By Vehicle Type
  • 6.6.2.2. By Propulsion Type
  • 7. Market Dynamics
  • 7.1. Key Drivers
  • 7.2. Key Challenges
  • 8. Market Trends and Developments
  • 8.1. XXXXX
  • 8.2. XXXXX
  • 8.3. XXXXX
  • 8.4. XXXXX
  • 9. Competitive Landscape
  • 9.1. Porter's Five Forces
  • 10. Company Profile
  • 10.1. Beijing Automobiles Industry Holding Corporative limited
  • 10.2. BMW Group
  • 10.3. BYD Company Motors
  • 10.4. Daimler AG
  • 10.5. Ford Motors
  • 10.6. General Motors
  • 10.7. Hyundai
  • 10.8. Nissan Motor
  • 10.9. SAIC
  • 10.10. Tesla
  • 10.11. Toyota Motor Corporation
  • 10.12. Volkswagen
  • 10.13. Zhejiang Geely Holding Group
  • 10.14. Arrival Limited
  • 10.15. Bentley Motors Limited
  • 10.16. Blue Bird Corporation
  • 10.17. Citroen
  • 10.18. Irizar
  • 10.19. Micro Mobility
  • 10.20. NFI Group
  • 10.21. Nikola Motor Company
  • 10.22. Nio
  • 10.23. PoleStar
  • 10.24. Proterra
  • 10.25. Tata Motors
  • 10.26. Workhorse Group
  • 10.27. Yutong
  • 10.28. Zacua
  • 11. Strategic Recommendations
  • 12. Disclaimer

List of Tables

Table 1: Top 10 Counties Economic Snapshot 2020
Table 2: Economic Snapshot of Other Prominent Countries 2020
Table 3: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 4: Global Electric Vehicle Market Share – By Region By Value (2016, 2021 & 2027F)
Table 5: Global Electric Vehicle Market Share – By Region By Volume (2016, 2021 & 2027F)
Table 6: Global Electric Vehicle Market Share – By Country By Value (2016, 2021 & 2027F)
Table 7: Global Electric Vehicle Market Share – By Country By Value (2016, 2021 & 2027F)
Table 8: Global Electric Vehicle Market Share By Company (2020)
Table 9: Global Electric Vehicle Market Share – By Type By Value (2016, 2021 & 2027F)
Table 10: Global Electric Vehicle Market Share – By Type By Volume (2016, 2021 & 2027F)
Table 11: Global Electric Vehicle Market Share – By Propulsion By Value (2016, 2021 & 2027F)
Table 12: Global Electric Vehicle Market Share – By Propulsion By Volume (2016, 2021 & 2027F)
Table 13: Global Electric Vehicle Market Share – By Vehicle Class By Value (2016, 2021 & 2027F)
Table 14: Global Electric Vehicle Market Share – By Vehicle Class By Volume (2016, 2021 & 2027F)
Table 15: Global BEV Market Size By Value 2016 to 2027F (In USD Billion)
Table 16: Global BEV Market Size By Volume 2016 to 2027F (In USD Billion)
Table 17: Global PHEV Market Size By Value 2016 to 2027F (In USD Billion)
Table 18: Global PHEV Market Size By Volume 2016 to 2027F (In USD Billion)
Table 19: North America Electric Vehicle Market Share – By Country By Value (2016, 2021 & 2027F)
Table 20: North America Electric Vehicle Market Share – By Country By Volume (2016, 2021 & 2027F)
Table 21: North America Electric Vehicle Market Share – By Type By Value (2016, 2021 & 2027F)
Table 22: North America Electric Vehicle Market Share – By Type By Volume (2016, 2021 & 2027F)
Table 23: North America Electric Vehicle Market Share – By Propulsion By Value (2016, 2021 & 2027F)
Table 24: North America Electric Vehicle Market Share – By Propulsion By Volume (2016, 2021 & 2027F)
Table 25: US Electric Vehicles Market Size (Value & Volume) 2016 to 2027F
Table 26: US Electric Vehicle Market Share – By Type By Value (2016, 2021 & 2027F)
Table 27: US Electric Vehicle Market Share – By Type By Volume (2016, 2021 & 2027F)
Table 28: US Electric Vehicle Market Share – By Propulsion By Value (2016, 2021 & 2027F)
Table 29: US Electric Vehicle Market Share – By Propulsion By Volume (2016, 2021 & 2027F)
Table 30: Canada Electric Vehicles Market Size (Value & Volume) 2016 to 2027F
Table 31: Canada Electric Vehicle Market Share – By Type By Value (2016, 2021 & 2027F)
Table 32: Canada Electric Vehicle Market Share – By Type By Volume (2016, 2021 & 2027F)
Table 33: Canada Electric Vehicle Market Share – By Propulsion By Value (2016, 2021 & 2027F)
Table 34: Canada Electric Vehicle Market Share – By Propulsion By Volume (2016, 2021 & 2027F)
Table 35: Mexico Electric Vehicles Market Size (Value & Volume) 2016 to 2027F
Table 36: Mexico Electric Vehicle Market Share – By Type By Value (2016, 2021 & 2027F)
Table 37: Mexico Electric Vehicle Market Share – By Type By Volume (2016, 2021 & 2027F)
Table 38: Mexico Electric Vehicle Market Share – By Propulsion By Value (2016, 2021 & 2027F)
Table 39: Mexico Electric Vehicle Market Share – By Propulsion By Volume (2016, 2021 & 2027F)
Table 40: Key Facts of Beijing Automobiles Industry Holding Corporative Limited
Table 41: Key Facts of BMW Group
Table 42: Key Facts of BYD Company Motors
Table 43: Key Facts of Daimler AG
Table 44: Key Facts of Ford Motors
Table 45: Key Facts of General Motors
Table 46: Key Facts of Hyundai
Table 47: Key Facts of Nissan Motor
Table 48: Key Facts of SAIC
Table 49: Key Facts of Tesla
Table 50: Key Facts of Toyota Motor Corporation
Table 51: Key Facts of Volkswagen
Table 52: Key Facts of Zhejiang Geely Holding Group
Table 53: Key Facts of Arrival Limited
Table 54: Key Facts of Bentley Motors Limited
Table 55: Key Facts of Blue Bird Corporation
Table 56: Key Facts of Citroen
Table 57: Key Facts of Irizar
Table 58: Key Facts of Micro Mobility
Table 59: Key Facts of NFI Group
Table 60: Key Facts of Nikola Motor Company
Table 61: Key Facts of Nio
Table 62: Key Facts of PoleStar
Table 63: Key Facts of Proterra
Table 64: Key Facts of Tata Motors
Table 65: Key Facts of Workhorse Group
Table 66: Key Facts of Yutong
Table 67: Key Facts of Zacua

List of Figures

Figure 1 : Global Electric Vehicles Market Size – By Value 2016 to 2027F (In USD Billion)
Figure 2 : Global Electric Vehicles Market Size – By Volume 2016 to 2027F (In Thousand Units)
Figure 3: Global Electric Vehicle Market Share – By Charging Type By Volume (2016, 2021 & 2027F)
Figure 4 : North America Electric Vehicles Market Size – By Value 2016 to 2027F (In USD Billion)
Figure 5 : North America Electric Vehicles Market Size – By Volume 2016 to 2027F (In Thousand Units)
Figure 6: North America Electric Vehicle Market Share – By Charging Type By Volume (2016, 2021 & 2027F)
Figure 7 : North America BEV & PHEV Market Size – By Value 2016 to 2027F (In USD Billion)
Figure 8 : North America BEV & PHEV Market Size – By Volume 2016 to 2027F (In USD Billion)
Figure 9: Porter's Five Force Model for Electric Vehicle Industry

Market Research FAQs

The North America market stood around USD 21 Billion in 2021 which is anticipated to grow with more than 24% CAGR for 2022-2027

Just less than 1% of all the cars in the US are fully electric vehicles (EVs). This number doesn't account for partial electric and hybrid vehicles. In 2020, electric and hybrid vehicles saw a huge jump in sales, approximately 76% for hybrids and 83% for fully electric cars.

As of December 2021, cumulative sales in the U.S. totaled 2.32 million highway legal plug-in electric cars since 2010, led by all-electric cars.

Across the whole year, 86,000 battery-electric and plug-in hybrids were sold, accounting for 5.2 per cent of new registrations. That compares with 54,000 in 2020, making up 3.5 per cent of total vehicle registrations. Five years ago, electric vehicles made up fewer than one in 100 new cars sold.

As per recent news from the Canadian Government, Canada is all set to go all-electric vehicles by 2035.
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North America Electric Vehicle Market Outlook, 2027

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