North America Electric Car Market is Expected to Reach $419.39 Billion by 2031

o North America Electric Car Market is Expected to Reach $419.39 Billion by 2031

Global XXX Market 2024 - 2031 Meticulous Research a leading global market research company, published a research report titled, North America Electric Car Market by Propulsion Type (BEV, PHEV, HEV), Power Output (Less than 100kW, 100 kW to 250 kW, More than 250 kW), End Use (Private, Commercial), and Geography - Forecast to 2031. The North American electric car market is on the verge of unprecedented growth, projected to reach $419.39 billion by 2031, with a CAGR of 22.9% from 2024 to 2031. In terms of volume, the market is expected to hit 9.4 million units by 2031, growing at a CAGR of 20.3% during the same period. This surge is driven by several critical factors, including the extension of tax credits, shifting consumer perceptions, and supportive government policies. Changing Consumer Perception Regarding EVs Consumer demand is a significant catalyst for the growth of electric vehicles (EVs). The barriers to adoption are diminishing rapidly, making e Mobility a more viable and realistic option for many. Enhanced battery technology has significantly improved the driving range of EVs, while various government subsidies and incentives have made them more affordable. Utilities are playing a proactive role in supporting the EV ecosystem by investing in charging infrastructure, offering special rates and incentives to EV owners, and partnering with automakers to promote EV adoption. Energy providers are also exploring innovative business models to integrate EVs into the grid and manage their impact on the electricity network. A study by the Consumer Federation of America highlighted that the awareness of EV benefits among the U.S. population increased from 67% in 2020 to 75% in 2022. The inclination to purchase EVs is also rising, with about 20% of U.S. residents considering an EV for their next car in 2022, up from 16% in 2020. The increasing investment in charging infrastructure is further facilitating a shift in consumer preferences towards EVs, supporting the market's growth in North America during the forecast period. Supportive Government Policies Government regulations aimed at phasing out fossil fuel-powered vehicles, investments in public EV charging infrastructure, and initiatives like subsidies and tax rebates are pivotal in supporting market growth. The U.S. government aims to have 50% of all new vehicles sold by 2030 to be zero-emissions vehicles. Major automakers like Ford, GM, and Stellantis have also pledged to target 40-50% electric sales by 2030. The Bipartisan Infrastructure Law (BIL) marks a historic investment in U.S. infrastructure, allocating significant funds to build a national network of EV charging points and expand the domestic EV industry. The federal government has committed $7.5 billion to EV charging, $10 billion to clean transportation, and $7 billion to EV Page 1 of 4 Meticulous Research| sales@meticulousresearch.com

Global XXX Market 2024 - 2031 component manufacturing. Additionally, the Department of Energy has earmarked $2 billion for supporting domestic EV manufacturing. On the demand side, the Inflation Reduction Act (IRA) reinstates a $7,500 consumer tax credit for EV purchases, extending the credit to both new and used EVs. It also supports electrifying heavy-duty vehicles and funds EV charging infrastructure. Vehicles must meet specific requirements, such as undergoing final assembly in North America, to qualify for these credits. Several states are also implementing policies to make EVs accessible to low-income and disadvantaged communities. For instance, Virginia introduced a rebate program offering a $2,500 rebate for new or used EV purchases for low-income customers, with additional rebates for further financial assistance. Such policies will significantly boost the market growth during the forecast period. Trends in the North America Electric Car Market Increasing Trend of Contract Manufacturing Contract manufacturing is becoming a strategic approach for EV manufacturers to reduce costs, scale production, improve efficiency, and stay competitive. Companies involved in contract manufacturing are expanding their capabilities to include complete EV production. This approach helps EV manufacturers lower production costs, expedite time to market, and achieve scalability without hefty investments in manufacturing infrastructure. Contract manufacturing also addresses significant challenges in EV manufacturing, such as high R&D costs, scalability, profitability, and sustainability. Although in its nascent stage, contract EV manufacturing has the potential to grow rapidly and support the automotive sector's transition from internal combustion engines (ICE) to EVs. 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 Page 2 of 4 Meticulous Research| sales@meticulousresearch.com

Global XXX Market 2024 - 2031 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. Download @ https://www.meticulousresearch.com/download-sample-report/cp_id=5216 Sample Report Here 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 Page 3 of 4 Meticulous Research| sales@meticulousresearch.com

Global XXX Market 2024 - 2031 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? Contact Meticulous Email- sales@meticulousresearch.com Contact Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Us: Research Sales- +1-646-781-8004 Page 4 of 4 Meticulous Research| sales@meticulousresearch.com