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It is anticipated that the North American electric vehicle market will expand at a CAGR. At a CAGR of 25.7% over the forecast period, this market is anticipated to reach millions of units by volume from millions of units. Supportive government policies and regulations, rising environmental concerns, and rising adoption of electric mobility are to blame for this market’s expansion.
The developing reception of independent driving vehicles, expanding reception of electric vans and trucks for conveyance and expanding pattern of shared portability are offering rewarding learning experiences for this market’s development.
The electric commercial vehicle market in North America accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
The widespread economic downturn has been brought on by the COVID-19 pandemic. In an effort to contain the infection, a number of nations implemented stringent lockdowns, which resulted in the closure of manufacturing facilities, disruptions in supply chains, and delays in production schedules. Technology supply chains have been significantly affected globally.
The United States was severely affected by COVID-19, causing significant damage to life, resources, and the economy. The first and second quarters of saw a decline in EV adoption, while the third quarter saw a slight increase. Buyer conduct has changed altogether since the pandemic.
To reduce the risk of infection, people have avoided public transportation and shared mobility, and distance travelled has also decreased as a result of remote work. This has adversely impacted the reception of EVs. Leading investors have planned to double their investments in autonomous vehicles that will have a positive impact on the electric vehicle market over the forecast period.
In the second quarter, sales of zero-emission vehicles (ZEVs) in Canada decreased. Electric Mobility Canada (EMC) claims that only 9,069 units were sold between April and June. Vehicles with hydrogen fuel cells, plug-in hybrids, and battery electric motors are all included in that total.
Compared to the 18,032 units sold in the second quarter of 2019, the 2020 sales results show a decrease of more than 50%.Additionally, EVs’ overall light vehicle market share decreased from 3.4% Due to the widespread economic shutdowns that have been in effect across the majority of Canada since the middle of March.
EV sales were down by 45% in the second quarter and 34% in the first half The North America electric vehicle market study includes forecasts, estimated current data for 2022, and historical market data in terms of value and volume. The type of vehicle, the type of propulsion, the power output, the charging standard, the end use, and geography make up the market’s segments.
Additionally, the study evaluates industry rivals and examines the national market.
