North America Electric Vehicle Market

Author : Andrea Sony | Published On : 11 May 2022

Market Volume of Electric Vehicles (EV) Production in North America reached 681,251 in 2021. According to a new market research report titled “North America Electric Vehicle Market by Vehicle Type (Passenger Vehicle, LCV, HCV, Two-wheeler, e-Scooters & Bikes); Propulsion Type (BEV, FCEV, HEV); Power Output (Less Than 100kW, 100 kW to 250 kW); End Use, and Charging Standard- Forecast to 2028,” published by Meticulous Research®, the electric vehicle market in North America is expected to grow at a CAGR of 37.4% from 2021 to 2028 to reach $396.94 billion by 2028. By volume, this market is expected to grow at a CAGR of 22.8% from 2021 to 2028 to reach 5.8 million units by 2028.The North America Electric Vehicle Market is expected to record a CAGR of 39.4% from 2022 to 2029 to reach $570.47 billion by 2029 from an estimated $55.81 billion in 2022. By volume, this market is expected to reach 7.62 million units by 2029 from an estimated 1.54 million units in 2022, at a CAGR of 25.7% during the forecast period. The growth of this market is attributed to supportive government policies and regulations, rising environmental concerns, increasing adoption of electric mobility. The growing adoption of autonomous driving vehicles, increasing adoption of electric vans and trucks for delivery and increasing trend of shared mobility are offering lucrative growth opportunities for this market's growth.