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Passenger vehicle dominates the North America Electric Vehicle Market with an anticipated CAGR of 28.37% by volume. .- Actual Market Research
Jan, 28
2021

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Passenger vehicle dominates the North America Electric Vehicle Market with an anticipated CAGR of 28.37% by volume. .- Actual Market Research

 

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From being the highest contributor in 2013, the North American market dropped to a share of less than 15% lagging behind Asia and Europe in the year 2019. According to the report titled “North America Electric Vehicle Market Outlook, 2025” published by Actual Market Research, the market is expected to decline further by 0.70% in shares yet reach a market of over 1000 Thousand Units by the end of the forecasted period.

The yearly consumption of the vehicle differed, thus portraying an unsteady market share. However, the share of the BEV dominated the market, while the PHEV segment expected to cross a value of over USD 20 Billion by the end of the forecasted period. The pioneer of the EV concept Tesla is mainstreaming its resources towards developing cost effective, but high-performance vehicles to leverage the adoption in the region, by creating a network of charging stations and service centers.

The high costs of ownership, coupled with a lack of adequate charging infrastructure in the region, are the major challenges that the market can face in the forecast period. Developed countries in the region including the USA and Canada have invested a fortune in the highly advanced charging infrastructure, directly resulting in the increasing demand for EVs. Currently, the USA has the highest charging plug-ins at a count of 77358, followed by Canada and Mexico with 11657 plug-ins.

Recharging electric commercial takes a longer time, and the charging infrastructure is not yet ideal. This has made the passenger vehicle hold to a marginally unstable share with a clear dominance with an anticipated CAGR of 28.37% by volume. The demand for long-range electric vehicles specially designed for commercial purposes has been increasing in the North American region. This has forced the manufacturers to focus on improving the range of their products by increasing battery capacities coupled with luxury features.

Tesla, Daimler (Mercedes-Benz), BMW, Hyundai, Nissan, and Chevrolet are the most prominent players in the high-performance electric vehicles market. Growing awareness about vehicle emissions, lower operating and maintenance costs, increasing government initiatives to encourage the use are some factors aiding in driving the growth of the high-performance electric vehicles market significantly. EVs are also exempted from excise tax, which varies from 6 to 8% (depending on the vehicle weight) in various states of the region.