North America Electric Vehicle Market study by Data Bridge Market Research provides details about the market dynamics affecting this market, Market scope, Market segmentation and overlays shadow upon the leading market players highlighting the favourable competitive landscape and trends prevailing over the years.
North America Electric Vehicle Market report provides top to bottom assessment of the market with respect to income and developing business sector. The report encompasses several market dynamics while also evaluating the growth rate and the market value based on market dynamics and growth inducing factors. The industry analysis report is mainly explored under four major areas which are market definition, market segmentation, competitive analysis and research methodology. North America Electric Vehicle Market business report also covers strategic profiling of the major players in the market, comprehensive analysis of their fundamental competencies, and thereby keeping competitive landscape of the market in front of the client.
Electric vehicle market was valued at USD 11.3 billion in 2022 and is expected to reach the value of USD 60.36 billion by 2030, at a CAGR of 23.3% during the forecast period of 2023-2030.
A vehicle propelled by one or more electric motors is known as an electric vehicle (EV). It can be powered by a collection system, extravehicular sources of electricity, or a self-contained battery (sometimes charged by solar panels, or by converting fuel to electricity using fuel cells or a generator). Electric vehicles have several advantages over conventional fuel-powered vehicles, including low operating costs, zero carbon emissions, and others because they are powered by electricity. Consumers' changing attitudes toward electric vehicles are boosting market growth as they become more concerned about environmental pollution.
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Electric Vehicle Market Dynamics
Drivers
- Favourable government policies and investments
Governments around the world are increasing their investments in electric mobility. Government regulations to phase out fossil-fuel-powered vehicles, government investments to improve public EV charging infrastructure, and initiatives in the form of subsidies and tax rebates to encourage EV adoption are expected to support market growth. Governments are investing in charging infrastructure, either directly in public charging stations or indirectly through subsidies for private charging stations at homes and workplaces.
- Growth in vehicle sales
One of the major factors driving the growth of the electric vehicle market is the increase in EV sales around the world. Due to the rising environmental consciousness, consumer preference is rapidly shifting toward passenger and commercial electric vehicles (EV). The increase in production and sales of luxury cars around the world as a result of rising disposable income accelerates market growth. The increased demand for these improved vehicles drives up vehicle production.
Opportunities
- High adoption from transportation sector
High demand for electric vehicles in the automotive and transportation sectors creates profitable opportunities for market participants from 2023 to 2030. Furthermore, government initiatives pertaining to EVs will accelerate the growth of the electric vehicle market.
North America Electric Vehicle Market Scope
The electric vehicle market is segmented on the basis of component, propulsion type, charging station type, class, power train, and vehicle type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
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Electric Vehicle Market Regional Analysis/Insights
The North American electric vehicle market is expanding due to increased concern about pollution-free environments, and it is expected to grow at a significant rate from 2023 to 2030 due to an ageing population.
For example, the government of California and nine other states, including New York, Oregon, Connecticut, Maine, New Jersey, Maryland, Massachusetts, Rhode Island, and Vermont, have adopted a zero-emission mandate under the Clean Air Act (Section 177). The goal is to sell 15% of zero-emission vehicles (ZEVs).
Competitive Landscape and Electric Vehicle Market Share Analysis
Some of the major players operating in the electric vehicle market are:
- Ford Motor Company (U.S.)
- General Motors (U.S.)
- AUDI AG (Germany)
- Kia Motors Corporation (South Korea)
- Groupe Renault (France)
- Groupe PSA (France)
- SAIC Motor Corporation Limited (China)
- Tesla (U.S.)
- Daimler AG (Germany)
- BMW AG (Germany)
- Hyundai Motor Company (South Korea)
- BYD Company Ltd. (China)
- Continental AG (Germany)
- TOYOTA MOTOR CORPORATION (Japan)
- Nissan Motor Co., LTD. (Japan)
- Volkswagen AG (Germany)
- AB Volvo (Sweden)
- Honda Motor Co., Ltd. (Japan)
Highlights of TOC:
Chapter 1: Market overview
Chapter 2: Global North America Electric Vehicle Market
Chapter 3: Regional analysis of the Global North America Electric Vehicle Market industry
Chapter 4: North America Electric Vehicle Market segmentation based on types and applications
Chapter 5: Revenue analysis based on types and applications
Chapter 6: Market share
Chapter 7: Competitive Landscape
Chapter 8: Drivers, Restraints, Challenges, and Opportunities
Chapter 9: Gross Margin and Price Analysis
Key takeaways from the North America Electric Vehicle Market report:
- Detailed considerate of North America Electric Vehicle Market-particular drivers, Trends, constraints, Restraints, Opportunities and major micro markets.
- Comprehensive valuation of all prospects and threat in the
- In depth study of industry strategies for growth of the North America Electric Vehicle Market-leading players.
- North America Electric Vehicle Market latest innovations and major procedures.
- Favorable dip inside Vigorous high-tech and market latest trends remarkable the Market.
- Conclusive study about the growth conspiracy of North America Electric Vehicle Market for forthcoming years.
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