Battery Electric Vehicles - North America

North America

Highlights

The Battery Electric Vehicles market in North America is anticipated to achieve a revenue of US$105.1bn by the year 2024.
This projection is based on an expected annual growth rate (CAGR 2024-2029) of 11.56%, leading to a market volume of US$181.6bn by 2029.
Furthermore, it is estimated that unit sales in the Battery Electric Vehicles market will reach 2.21m vehicles by 2029.
In 2024, the volume weighted average price of Battery Electric Vehicles market in North America is expected to be US$82.0k.
In an international context, China is forecasted to generate the highest revenue, amounting to US$211bn in 2024.
In North America, the Battery Electric Vehicle market is rapidly growing, driven by increasing government incentives and consumer demand for environmentally-friendly transportation options.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Battery Electric Vehicles market in North America is experiencing significant growth and development.

Customer preferences: Customers in North America are increasingly showing a preference for Battery Electric Vehicles (BEVs) due to their environmental benefits and cost savings. BEVs produce zero tailpipe emissions, reducing air pollution and contributing to a cleaner environment. Additionally, the lower operating costs of BEVs, compared to traditional gasoline-powered vehicles, make them an attractive option for many consumers. The increasing availability of charging infrastructure across North America also makes owning a BEV more convenient and practical for customers.

Trends in the market: One of the key trends in the BEV market in North America is the growing number of vehicle models available to consumers. Major automakers are expanding their electric vehicle lineups, offering a wider range of options to cater to different customer needs and preferences. This trend is driven by the increasing demand for BEVs and the advancements in battery technology, which have made it possible to produce electric vehicles with longer driving ranges and faster charging times. Another trend in the market is the collaboration between automakers and technology companies. Partnerships between traditional automakers and tech giants are becoming more common as they work together to develop and improve electric vehicle technology. These collaborations aim to accelerate the adoption of BEVs by leveraging the expertise and resources of both industries.

Local special circumstances: North America has a well-developed automotive industry, with several major automakers headquartered in the region. This has created a favorable environment for the growth of the BEV market, as these companies have the manufacturing capabilities and expertise to produce electric vehicles at scale. Additionally, government incentives and regulations promoting the adoption of electric vehicles have also played a role in driving the market growth in North America.

Underlying macroeconomic factors: The growing focus on sustainability and environmental protection is a key macroeconomic factor driving the development of the BEV market in North America. Governments and consumers are increasingly prioritizing clean energy solutions, and electric vehicles are seen as a crucial component of the transition towards a greener future. Additionally, advancements in battery technology and falling battery prices have made electric vehicles more affordable and viable for a larger segment of the population. These factors, combined with the increasing availability of charging infrastructure, are fueling the growth of the BEV market in North America.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).