Meticulous Research® has published an insightful report titled, ‘North America Electric Car Market by Propulsion Type, Power Output, End Use, and Geography - Forecast to 2031.’ This report provides an exhaustive analysis of the electric car market trends in North America.
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Market Forecast and Key Drivers
According to the report, the North America electric car market is projected to grow to $419.39 billion by 2031, with a CAGR of 22.9%. Volume-wise, it is expected to reach 9.4 million units by 2031. Key drivers include tax credits, changing consumer preferences, and government support.
Market Constraints and Opportunities
While the market is growing, interoperability issues and supply chain challenges pose restraints. However, advances in battery technology and increased job creation in the EV sector provide significant growth opportunities.
Propulsion Type Analysis
The market is segmented into BEV, PHEV, and HEV. The battery electric vehicle segment is forecasted to capture the largest market share in 2024, driven by stricter emission regulations and consumer demand for zero-emission vehicles.
Power Output Analysis
Based on power output, the less than 100kW segment is expected to account for the largest market share in 2024. The demand for light electric cars in major urban centers contributes to this growth.
End Use Segmentation
The electric car market is divided into private and commercial use. The private segment is anticipated to lead, spurred by consumer interest in environmentally-friendly and cost-efficient vehicles.
Regional Market Segmentation
The U.S. is forecasted to dominate the North America electric car market, with a strong presence of electric car models and supportive government incentives.
Conclusion
In conclusion, the North America electric car market is poised for significant growth, driven by advancements in technology, government policies, and increasing consumer demand, despite existing challenges.
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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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