PUBLISHER: Grand View Research | PRODUCT CODE: 1631137
PUBLISHER: Grand View Research | PRODUCT CODE: 1631137
North America Electric Vehicles Market Size, Share & Trends Analysis Report By Product (BEV, PHEV), By Vehicle (PCLT (Passenger Cars, Light Trucks), Commercial Vehicles), By Country (U.S., Canada, Mexico), And Segment Forecasts, 2025 - 2030
North America Electric Vehicles Market Growth & Trends:
The North America electric vehicles market size is anticipated to reach USD 60.53 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 10.0% from 2025 to 2030. Favorable initiatives to promote the adoption of electric vehicles coupled with rising crude oil prices are anticipated to drive the demand for Electric Vehicles (EVs). Electric vehicles generate power using an electric motor instead of an internal combustion engine that burns a mix of fuels and gases for power generation. The increasing advantages of electric vehicles over conventional vehicles such as zero fuel emission, better performance, and lower total cost of ownership are expected to contribute to the growing demand for electric vehicles in the coming years.
The growing preference for electric vehicles is prompting leading automotive manufacturers to launch electric vehicles. For instance, General Motors, a U.S.-based automotive company, has announced its plan to launch electric vehicles for personal use in the next few years. By 2025, the company will launch 30 EVs worldwide, and around two-third will be available in North America. The market's lucrative nature is expected to encourage more conventional vehicle manufacturers to shift into the electric vehicle space.
The outbreak of the COVID-19 pandemic has changed the overall business scenario for 2020 as well as for the next few years to come. Several industries and industry verticals have witnessed a significant setback due to the pandemic, and the automobile industry is no exception to that. The slumped business scenario has negatively impacted the production and sales of electric vehicles across North America. The electric bus sales in North America in 2020 totaled around 500 units, which was significantly lesser units recorded in 2019, registering a year-on-year decline of over 10% primarily due to the pandemic. However, with increasing government initiatives to adopt electric vehicles, the market is likely to witness significant growth over the forecast period.
In 2020, the U.S. captured around 70% of the electric vehicle demand in North America and is estimated to register a CAGR exceeding 30% from 2021 to 2028. This share is attributed to the rising demand for electric vehicles in the U.S. Moreover, new initiatives are being taken up by charging network companies, automotive manufacturers, and policymakers, and they have launched a new non-profit organization named Veloz. The new organization aims at attracting marketing, innovation, investment, and driving the regional market growth.
North America Electric Vehicles Market Report Highlights:
- In terms of product, the PHEV segment is estimated to register the highest CAGR of over 35% from 2025 to 2030 owing to the increasing demand for electric buses and trucks across the logistics and transportation industry
- In terms of vehicle type, the PCLT segment emerged as the largest segment in 2024 and is anticipated to retain its dominance over the forecast period
- Canada is projected to register the fastest CAGR exceeding 40% from 2025 to 2030 as the government in the country is focused on advancing the programs to support electric vehicle adoption
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segment Snapshot
- 2.3. Competitive Landscape Snapshot
Chapter 3. North America Electric Vehicles Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.2. Market Dynamics
- 3.2.1. Market Driver Analysis
- 3.2.2. Market Restraint Analysis
- 3.2.3. Industry Challenge
- 3.3. Industry Analysis Tools
- 3.3.1. PORTER's Analysis
- 3.3.1.1. Bargaining power of the suppliers
- 3.3.1.2. Bargaining power of the buyers
- 3.3.1.3. Threats of substitution
- 3.3.1.4. Threats from new entrants
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Economic and social landscape
- 3.3.2.3. Technological landscape
- 3.3.1. PORTER's Analysis
Chapter 4. North America Electric Vehicles Market: Product Estimates & Trend Analysis
- 4.1. North America Electric Vehicles Market, By Product: Key Takeaways
- 4.2. Product Movement Analysis & Market Share, 2024 & 2030
- 4.3. Market Estimates & Forecasts, By Product, 2018 - 2030 (Units, USD Million)
- 4.3.1. Battery Electric Vehicle (BEV)
- 4.3.1.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (Units, USD Million)
- 4.3.2. Plug-In Hybrid Electric Vehicle (PHEV)
- 4.3.2.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (Units, USD Million)
- 4.3.1. Battery Electric Vehicle (BEV)
Chapter 5. North America Electric Vehicles Market: Vehicle Estimates & Trend Analysis
- 5.1. North America Electric Vehicles Market, By Vehicle: Key Takeaways
- 5.2. Vehicle Movement Analysis & Market Share, 2024 & 2030
- 5.3. Market Estimates & Forecasts, By Vehicle, 2018 - 2030 (Units, USD Million)
- 5.3.1. PCLT
- 5.3.1.1. Market revenue estimates and forecasts, 2018 - 2030 (Units, USD Million)
- 5.3.1.2. Passenger Cars
- 5.3.1.2.1. Market revenue estimates and forecasts, 2018 - 2030 (Units, USD Million)
- 5.3.1.3. Light Trucks
- 5.3.1.3.1. Market revenue estimates and forecasts, 2018 - 2030 (Units, USD Million)
- 5.3.2. Commercial Vehicle
- 5.3.2.1. Market revenue estimates and forecasts, 2018 - 2030 (Units, USD Million)
- 5.3.1. PCLT
Chapter 6. North America Electric Vehicles Market: Country Estimates & Trend Analysis
- 6.1. North America Electric Vehicles Market: Country Outlook
- 6.2. Country Marketplaces: Key Takeaways
- 6.3. Market Estimates & Forecasts, By Country, 2018 - 2030 (Units, USD Million)
- 6.4. U.S.
- 6.4.1. Market Estimates and Forecasts, 2018 - 2030 (Units, USD Million)
- 6.5. Canada
- 6.5.1. Market Estimates and Forecasts, 2018 - 2030 (Units, USD Million)
- 6.6. Mexico
- 6.6.1. Market Estimates and Forecasts, 2018 - 2030 (Units, USD Million)
Chapter 7. Competitive Landscape
- 7.1. Company Categorization
- 7.2. Company Market Positioning
- 7.3. Company Heat Map Analysis
- 7.4. Company Profiles/Listing
- 7.4.1. BYD Motors Inc.
- 7.4.1.1. Company overview
- 7.4.1.2. Financial performance
- 7.4.1.3. Product portfolio
- 7.4.1.4. Recent developments/strategic initiatives
- 7.4.2. Daimler Truck AG
- 7.4.2.1. Company overview
- 7.4.2.2. Financial performance
- 7.4.2.3. Product portfolio
- 7.4.2.4. Recent developments/strategic initiatives
- 7.4.3. Ford Motor Company
- 7.4.3.1. Company overview
- 7.4.3.2. Financial performance
- 7.4.3.3. Product portfolio
- 7.4.3.4. Recent developments/strategic initiatives
- 7.4.4. General Motors
- 7.4.4.1. Company overview
- 7.4.4.2. Financial performance
- 7.4.4.3. Product portfolio
- 7.4.4.4. Recent developments/strategic initiatives
- 7.4.5. Lucid
- 7.4.5.1. Company overview
- 7.4.5.2. Financial performance
- 7.4.5.3. Product portfolio
- 7.4.5.4. Recent developments/strategic initiatives
- 7.4.6. MITSUBISHI MOTORS CORPORATION
- 7.4.6.1. Company overview
- 7.4.6.2. Financial performance
- 7.4.6.3. Product portfolio
- 7.4.6.4. Recent developments/strategic initiatives
- 7.4.7. Nissan Motor Co., Ltd.
- 7.4.7.1. Company overview
- 7.4.7.2. Financial performance
- 7.4.7.3. Product portfolio
- 7.4.7.4. Recent developments/strategic initiatives
- 7.4.8. Tesla
- 7.4.8.1. Company overview
- 7.4.8.2. Financial performance
- 7.4.8.3. Product portfolio
- 7.4.8.4. Recent developments/strategic initiatives
- 7.4.9. TOYOTA MOTOR CORPORATION
- 7.4.9.1. Company overview
- 7.4.9.2. Financial performance
- 7.4.9.3. Product portfolio
- 7.4.9.4. Recent developments/strategic initiatives
- 7.4.10. Volkswagen Group
- 7.4.10.1. Company overview
- 7.4.10.2. Financial performance
- 7.4.10.3. Product portfolio
- 7.4.10.4. Recent developments/strategic initiatives
- 7.4.1. BYD Motors Inc.
List of Tables
- Table 1. North America electric vehicles market: Key market driver analysis
- Table 2. North America electric vehicles market: Key market restraint analysis
- Table 3. North America electric vehicles market estimates & forecast, by product (Units, USD Million)
- Table 4. North America electric vehicles market estimates & forecast, by vehicle (Units, USD Million)
- Table 5. North America electric vehicles market estimates & forecast, by country (Units, USD Million)
- Table 6. U.S. electric vehicles market estimates and forecast, 2018 - 2030 (Units, USD Million)
- Table 7. U.S. electric vehicles market estimates and forecast, by product, 2018 - 2030 (Units, USD Million)
- Table 8. U.S. electric vehicles market estimates and forecast, by vehicle, 2018 - 2030 (Units, USD Million)
- Table 9. Canada electric vehicles market estimates and forecast, 2018 - 2030 (Units, USD Million)
- Table 10. Canada electric vehicles market estimates and forecast, by product, 2018 - 2030 (Units, USD Million)
- Table 11. Canada electric vehicles market estimates and forecast, by vehicle, 2018 - 2030 (Units, USD Million)
- Table 12. Mexico electric vehicles market estimates and forecast, 2018 - 2030 (Units, USD Million)
- Table 13. Mexico electric vehicles market estimates and forecast, by product, 2018 - 2030 (Units, USD Million)
- Table 14. Mexico electric vehicles market estimates and forecast, by vehicle, 2018 - 2030 (Units, USD Million)
- Table 15. Recent developments & impact analysis, by key market participants
- Table 16. Company heat map analysis, 2024
- Table 17. Companies implementing key strategies
List of Figures
- Fig. 1 North America electric vehicles market segmentation
- Fig. 2 Market research process
- Fig. 3 Information procurement
- Fig. 4 Primary research pattern
- Fig. 5 Market research approaches
- Fig. 6 Value chain-based sizing & forecasting
- Fig. 7 Parent market analysis
- Fig. 8 Market formulation & validation
- Fig. 9 North America electric vehicles market snapshot
- Fig. 10 North America electric vehicles market segment snapshot
- Fig. 11 North America electric vehicles market competitive landscape snapshot
- Fig. 12 Market research process
- Fig. 13 Market driver relevance analysis (Current & future impact)
- Fig. 14 Market restraint relevance analysis (Current & future impact)
- Fig. 15 North America electric vehicles market estimates & forecast, by product (Units, USD Million)
- Fig. 16 Battery Electric Vehicle (BEV) market estimates & forecasts, 2018 - 2030 (Units, USD Million)
- Fig. 17 Plug-In Hybrid Electric Vehicle (PHEV) market estimates & forecasts, 2018 - 2030 (Units, USD Million)
- Fig. 18 North America electric vehicles market estimates & forecast, by vehicle (Units, USD Million)
- Fig. 19 PCLT market estimates & forecasts, 2018 - 2030 (Units, USD Million)
- Fig. 20 Passenger cars market estimates & forecasts, 2018 - 2030 (Units, USD Million)
- Fig. 21 Light trucks market estimates & forecasts, 2018 - 2030 (Units, USD Million)
- Fig. 22 Commercial vehicle market estimates & forecasts, 2018 - 2030 (Units, USD Million)
- Fig. 23 Strategy framework
- Fig. 24 Company categorization
