North America Zero Emission Vehicle Market Size, Share & Industry Trends Analysis Report By Price (Mid-Priced and Luxury), By Vehicle Class, By Vehicle Drive Type, By Top Speed, By Vehicle Type (BEV, PHEV, FCEV), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Zero Emission Vehicle Market would witness market growth of 18.6% CAGR during the forecast period (2022-2028).
Currently, the majority of zero emission vehicles use an extremely effective electric drive system that combines high voltage storage batteries, a fast charging system, and one or more on board electric power production technologies, like solar panels or brake regeneration. For example, General Motors introduced the BrightDrop EV600 commercial delivery EV and the off-road EV super truck (GMC Hummer EV Edition) in December 2021.
Electric vehicles accounted for the whole net increase in worldwide auto sales in 2021. Sales were strongest in China, where they nearly tripled compared to 2020 to 3.3 million, and in Europe, where they grew by two-thirds year over year to 2.3 million. Sales of electric vehicles in the United States accounted for 10% of global sales in 2021 and more than doubled from 2020 to reach 630 000. US came in third after China and Europe, which together accounted for more than 85% of the market.
Demand in California, which presently houses around 42% of the entire stock of zero-emission heavy-duty vehicles in the United States and Canada, is a major factor in the strength of the regional zero emission vehicle market. This market for zero-emission buses and trucks in the United States could increase by more than 10-fold by 2025, based on zero-emission sales requirements and projected sales volumes, thanks to California's Advanced Clean Trucks regulation and a multi-state commitment to work together on medium- and heavy-duty vehicle electrification.
The US market dominated the North America Zero Emission Vehicle Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $109,313.8 million by 2028. The Canada market is poised to grow at a CAGR of 21.3% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 20.2% during (2022 - 2028).
Based on Price, the market is segmented into Mid-Priced and Luxury. Based on Vehicle Class, the market is segmented into Passenger Cars, Commercial Vehicles, and Two Wheelers. Based on Vehicle Drive Type, the market is segmented into All Wheel Drive, Front Wheel Drive, and Rear Wheel Drive. Based on Top Speed, the market is segmented into More Than 125 MPH, 100 to 125 MPH, and Less Than 100 MPH. Based on Vehicle Type, the market is segmented into BEV, PHEV, FCEV, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Motor Co., BMW Group, Toyota Motor Corporation, Mercedes-Benz Group AG (Daimler AG), Ford Motor Company, Hyundai Motor Company, Tesla, Inc., Nissan Motor Corporation, BYD Company Ltd., and Tata Motors Limited.
Scope of the Study
Market Segments Covered in the Report:
By Vehicle Class
- Passenger Cars
- Commercial Vehicles
- Two Wheelers
By Vehicle Drive Type
- All Wheel Drive
- Front Wheel Drive
- Rear Wheel Drive
By Top Speed
- More Than 125 MPH
- 100 to 125 MPH
- Less Than 100 MPH
By Vehicle Type
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- General Motor Co.
- BMW Group
- Toyota Motor Corporation
- Mercedes-Benz Group AG (Daimler AG)
- Ford Motor Company
- Hyundai Motor Company
- Tesla, Inc.
- Nissan Motor Corporation
- BYD Company Ltd.
- Tata Motors Limited
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