North America Electric Vehicle Market Size, Share, Growth Analysis, By Product(Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV).), By Vehicle Type(passenger cars, PCLT), By Speed(<125mph and >125mph), By End user(Private use and commercial use) - Industry Forecast 2024-2031

North America Electric Vehicle Market size was valued at USD 63.75 billion in 2022 and is poised to grow from USD 75.18 billion in 2023 to USD 281.25 billion by 2031, at a CAGR of 17.93% during the forecast period (2024-2031).

North America Electric Vehicle Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Tesla, Inc.', 'General Motors Company', 'Ford Motor Company', 'Rivian Automotive, LLC', 'Lucid Motors, Inc.', 'Fisker Inc.', 'Lordstown Motors Corp.', 'Nikola Corporation', 'Faraday Future Inc.', 'Canoo Inc.', 'Bollinger Motors', 'Karma Automotive LLC', 'Atlis Motor Vehicles, Inc.', 'Alpha Motor Corporation', 'ElectraMeccanica Vehicles Corp.', 'Lightning eMotors Inc.', 'Xos Trucks Inc.', 'Workhorse Group Inc.', 'Proterra Inc.', 'Lion Electric Co.', 'In July 2023, Seven of the world’s leading automakers, BMW Group, General Motors, Honda, Hyundai, Kia, Mercedes-Benz Group, Stellantis NV announced that they were creating a joint venture to accelerate the transition to electric vehicles in North America, by making EV charging more convenient, accessible and reliable. ', 'The advanced EV battery materials company Posco Future M, based in South Korea, and General Motors (GM) announced in June 2023 that they would be investing an additional $1 billion in their new cathode production facility in Ontario, Canada. The increased manufacturing of precursor materials (pCAM) and cathode active materials (CAM) in North America will be facilitated by the additional funding. The primary raw material, known as CAM, which is made up of lithium and one or more secondary metals, is responsible for a significant portion of the output and roughly 40% of the price of EV batteries. ', 'Ford said in March 2023 that, in order to meet strong consumer demand, it will boost electric vehicle production at its North American manufacturing facilities. Ford's Cuautitlan (Mexico), Detroit, and Kansas City plants will produce more Mustang Mach-E, F-150 Lightning, and E-Transit electric vehicles going forward. In February, sales of electric vehicles rose by 68 percent.  By the end of 2023, Ford intends to ramp up production of the F-150 Lightning at the Rouge Electric Vehicle Center, reaching a run rate of 150,000 units annually. The best-selling electric pickup truck in the US is the F-150 Lightning, with 15,617 sales in 2022 and 3,600 in the first two months of this year.'

Due to technological breakthroughs and the mass production of EV batteries in vast quantities, the cost of EV batteries has been declining over the past ten years. As a result, the price of electric vehicles has decreased. That factor influences the demand for electric vehicles.

Government programmes New emerging trends with regards to electric vehicles. The government has begun to support the growth and sales of the EV sector and associated charging infrastructure. Additionally, governments are encouraging the adoption of EVs by offering various incentives like reduced or free registration fees as well as exemptions from import taxes, purchase taxes, and road tolls.

Range anxiety is the fear of operating an electric vehicle and running out of power without being able to find a charging station in time to recharge the battery; examples of such infrastructure include Tesla superchargers, Volkswagen Electrify America, etc. The increased investments from public and private entities for electric charging infrastructure, as well as the expansion of electric charging stations across the U.S., are helping to build customer trust and help in mitigating the problem.