Opportunities in the North America Electric Car Market
Creation of New Occupations and Job Roles
· The rapid expansion of the electric vehicle market is expected to create a surge in demand for labor across three main areas: the design and development of EV models, battery production, and the installation and maintenance of charging infrastructure. Key occupations will include computer and engineering roles, crucial for developing the software and hardware of electric cars.
· According to the U.S. Bureau of Labor Statistics, employment in relevant fields such as software development, electrical and electronics engineering, chemical engineering, urban and regional planning, and electrical power-line installation and repair is expected to grow significantly from 2021 to 2031. This increase in employment opportunities will further support the growth and adoption of electric cars in North America.
North America Electric Car Market Analysis: Key Findings
1. By Propulsion Type: Battery Electric Vehicles (BEVs) to Dominate
In 2024, battery electric vehicles (BEVs) are expected to account for approximately 65.0% of the North America electric car market. The growth of this segment is driven by stringent emission standards, rising demand for fuel efficiency, and increasing demand for zero-emission vehicles. The decline in battery prices and advancements in fast and ultra-fast charging technologies are also contributing factors.
The plug-in hybrid electric vehicles (PHEVs) segment is projected to witness the highest growth rate of around 28.1% during the forecast period. This growth is attributed to supportive government initiatives, stringent emission norms, and the growing need for improved fuel efficiency.
2. By Power Output: Less Than 100kW Segment to Lead
In 2024, the less than 100kW segment is expected to hold the largest share of approximately 60.0% of the North America electric car market. The segment's large share is due to the increasing use of light electric cars in urban centers, the demand for shared mobility services, and the reduction in battery prices.
3. By End Use: Private Use Segment to Witness Highest Demand
The private use segment is expected to account for the largest share of approximately 85.3% of the North America electric car market in 2024. The significant share is driven by the growing consumer demand for fuel-efficient and zero tailpipe emission vehicles, major government incentives, reduced taxes, and high fuel prices.
The commercial use segment is projected to grow at a rate of around 28.4% during the forecast period. The growth is attributed to the increasing use of electric cars in shared mobility services, corporate taxi fleets, and the growing demand for energy-efficient commuting.
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Geographical Analysis
In 2024, the U.S. is expected to dominate the North America electric car market, accounting for approximately 88.9% of the market share, followed by Canada. The large share is due to the greater availability of EV models, a growing number of buyers shifting from gasoline to electric cars, and substantial investments by automotive OEMs.
Canada is expected to register the highest growth rate of approximately 32.4% during the forecast period. The Canadian government has introduced numerous policies and incentives to boost EV adoption and reduce transportation emissions. The government aims to achieve 100% zero-emission vehicle sales by 2040, with intermediate targets set for 2025 and 2030. Attractive incentive plans for consumers purchasing EVs in Canada are also driving this growth.
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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