India Electric Vehicle Market – An Ecolo...
Posted in Automobile by Adolf on Feb 28,2022 1464
Although favoured more for private transportation and shared mobility services, Electric Vehicles (EVs) are still rare and were considered unique until a few years ago. However, the movement is gaining a grip as consumers become aware of the many benefits the new technology offers. EVs can help reduce pollution and offer a sustainable way to get around, provided the electricity production is also clean and not created from fossil fuels. With the effects of climate change and news of reaching the peak of world oil extraction, many countries are at the stage of replacing cars powered by fossil fuel.
The move from traditional fuel powered vehicles to electric vehicles (EVs) has been a slow but steady course. With new-age innovation and environmental awareness, EVs have been termed as safer, sleeker and more exciting to drive. However, some tech savvy consumers are still keeping a watch on the shifting trends and asking for more information before adopting the new technology. Electric vehicles (EV’s) are the newest find in the automobile sector encouraging a better drive experience and considering the environmental factor too. With the growth of this technology, which is best known for its eco-friendly features, the car makers are trying to provide a good deal of added technologies.
Growing sales of EVs are anticipated to drive the market in North America over the forecast period due to widespread and easily accessible charging infrastructures, public initiatives and support in terms of tax credits and profitable subsidies. Lower operating and maintenance costs, and increasing consumer awareness of environmental advantages further encourage customers to use EVs, which also contributes to the demand, thereby boosting the market sale. The automobile industry is one of the few segments that rarely experience a slowdown in its business and the growing scientific developments are creating new spaces for cars that are not only stylish looking but are also perform much better.
Assessing the North American Electric Cars Market
The North American Electric Cars Market provides an in-depth analysis of the North American electric cars market and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2028. The North American Electric Cars Market is expected to reach US$329.57 billion by 2028, at a CAGR of 35.2 % during the forecast period, 2021–2028. By volume, this market is expected to grow at a CAGR of 18.7 % from 2021 to reach 2.9 million units by 2028.
The study offers a comprehensive analysis of the North American electric cars market with respect to the propulsion type (hybrid vehicles, battery electric vehicles, and fuel cell electric vehicles), power output (less than 100 kW, and 100 kW to 250 kW), end use (private use, and commercial use), and geography. The study also evaluates industry competitors and analyses the market at the country level.
The growth of the electric car market is mainly attributed to the supportive government policies and regulations, the rising deployment of EV charging stations by shared mobility operators, and increasing investments in the EVs ecosystem. Hence, these are some of the key factors driving the growth of the North American electric cars market.
Based on propulsion type, the North American electric cars market is mainly segmented into hybrid vehicles, battery electric vehicles, and fuel cell electric vehicles. The hybrid vehicles segment is expected to account for the largest share of the North American electric cars market in 2021. The large market share of this segment is mainly attributed to the increase in stringent automotive emission regulations, consumer demand for highly fuel-efficient vehicles, and the lower cost of hybrid vehicles compared to battery electric vehicles. However, the fuel cell electric vehicles segment is expected to witness significant market growth.
Based on power output, the North American electric cars market is segmented into less than 100 kW and 100 kW to 250 kW. The less than 100 kW segment is expected to account for the largest share of the North American electric cars market in 2021. This segment's large market share is mainly attributed to the rising usage of light electric cars in the central business districts and the increased implementation of electric cars for shared mobility services. However, the 100 kW to 250 kW segment is expected to grow at the highest CAGR during the forecast period.
Based on end use, the North American electric cars market is segmented into private use and commercial use. The private use segment is expected to account for the largest share of the North American electric cars market in 2021. The large market share of this segment is mainly attributed to the increasing consumer demand for fuel-efficient and zero tailpipe emission vehicles, government incentives & tax rebates, low battery costs, and high fuel prices.
Based on country, the U.S. is estimated to account for the larger share of the North American electric cars market in 2021 both by value and volume. The large market share of this country is mainly attributed to the wider availability of electric car models, the growing number of mass-premium buyers shifting from fuel-based cars to electric cars, increasing adoption of electric cars, and investments by automotive OEMs. The U.S. has always been at the forefront of innovative technologies adoption, including electric cars globally.
The key players operating in the North American electric cars market are 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).