According to TechSci Research report, “North America Electric Passenger Car Market By Vehicle Type, By Technology Type, By Driving Range, By Country, Competition Forecast & Opportunities, 2013-2023”, North America electric passenger cars is projected to cross $ 31.5 billion, by 2023 on account of rising concerns towards growing air pollution levels coupled with rising inclination towards adopting electric vehicles across the region. Moreover, growing affordability and expanding product portfolio of electric vehicles is further pushing demand for electric passenger cars across North America. Additionally, government support towards electric passenger cars in form of subsidies along with technological advancements in automotive industry is further expected to compliment the overall North America electric passenger car market over the next five years.
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With an expanding volume share of over 50%, sedans held the lion’s share in North America electric passenger car market, followed by the hatchback and SUV segments, as of 2017. The dominance of sedan segment can be attributed to their rising affordability and growing product portfolio of this segment. North America electric passenger car market is witnessed to be largely concentrated in the United States, with a volume share of over 90%, as of 2017, on the back of the country’s extensive charging infrastructure and a major push towards electric automobiles in the country. United States is followed by Canada with the second largest share in the region’s electric passenger car market.
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Nissan, Tesla, Volkswagen, BMW, Renault, Audi, etc., are few of the major electric car manufacturers which have established their presence in the region. Their continued investments in the research and development activities to manufacture technologically advanced as well as more efficient electric passenger cars is further anticipated to intensify competition in North America electric passenger car market over the course of the next five years. “Ongoing research and development activities by various automobile manufacturers coupled with emergence of technologically advanced and environment friendly automobiles is propelling growth in North America electric passenger car market. Moreover, numerous advantages associated with electric vehicles in comparison to conventional automobiles, such as less carbon footprint, lower maintenance cost, etc., is further likely to push demand for electric passenger cars across North America in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“North America Electric Passenger Car Market By Vehicle Type, By Technology Type, By Driving Range, By Country, Competition Forecast & Opportunities, 2013-2023” has analyzed the potential of electric passenger car market across the region, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by North America electric passenger car market.
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