Report Overview: North America Electric Car Market

Meticulous Research® has published an insightful research report titled, ‘North America Electric Car Market by Propulsion Type, Power Output, End Use, and Geography - Forecast to 2031.’ The report focuses on the key factors influencing the electric car industry in North America.

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Market Forecast for 2031

The North America electric car market is expected to grow to $419.39 billion by 2031, at a CAGR of 22.9%. By volume, the market is projected to reach 9.4 million units. Growth drivers include extended tax credits, changing consumer preferences, and favorable government policies.

Challenges and Emerging Opportunities

While there are hurdles, such as interoperability issues and supply chain concerns, improvements in battery technology and the creation of new roles in the electric vehicle sector present substantial opportunities.

Market Segmentation by Propulsion Type

The propulsion type segment is categorized into BEV, PHEV, and HEV. The BEV segment is projected to dominate the market in 2024 due to stricter environmental standards and rising demand for zero-emission vehicles.

Power Output Market Segmentation

The less than 100kW segment is expected to lead the market by power output, driven by demand for light electric cars in city business districts and shared mobility services.

End Use Segmentation

The private use segment is anticipated to capture the largest market share by 2024, largely due to government incentives, rising fuel prices, and consumer preference for environmentally friendly vehicles.

Geographic Market Breakdown

The U.S. is forecasted to dominate the North America electric car market by 2024. Key factors include government support and the availability of various electric car models, particularly in states like California and Colorado.

Conclusion

In summary, the North America electric car market is positioned for significant growth, driven by consumer demand and government support. Challenges remain, but opportunities abound for industry players to capitalize on this expanding market.

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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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