North America electric vehicles market will grow considerably at over 13% from 2019 to 2025. This is attributed to the presence of multiple players focusing on offering a wide range of electric vehicles. Favorable government policies, stringent pollution norms along with supporting charging infrastructure plays an important role in the regional share expansion over the study timeframe. The U.S. states including Colorado are adopting stringent emission norms to reduce greenhouse gases by 25% till 2025, thereby positively influencing the market growth over the study timeframe.
The rising concerns pertaining to vehicular emissions are expected to boost the global electric vehicles market over the forthcoming years. In 2018, carbon emissions were at an all-time high, with the automotive industry being a major contributor. Emissions from cars and trucks using fossil fuels continue to grow at an alarming rate in all parts of the world. A common factor among both developed and developing economies on these grounds has been the continuous rise in the use of oil in the transport sector.
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Electric automakers are increasingly adopting Lithium-ion batteries for powering battery electric vehicle owing to benefits offered including higher energy density, lower maintenance, self-discharge, and no requirements for priming. Electric automakers are also investing in R&D to significantly boost the amount of energy a battery cell can store and bring an electric vehicle’s performance range in line with a gasoline-powered vehicle, thereby escalating the electric vehicles market share over the study timeframe.
Improving vehicle engineering capabilities coupled with technical advancements in powertrain systems are propelling for the development of battery electric vehicles systems. The availability of simpler mechanical components, along with lower motor weight contribute significantly towards increasing the overall vehicle efficiency. Provision for charging alternatives at hospitality locations and workplaces will further assist in strengthening the electric vehicles market penetration.
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The heavy-duty vehicles will showcase a significant growth rate of over 9% from 2019 to 2025. This growth can be attributed to the adoption of electric trucks owing to rising pollution concerns from such vehicles. Industry players are focused on launching electric powertrain for trucks with focus on high driving range to attract a wide customer base. For instance, in October 2017, Volkswagen Group announced a funding of around USD 1.7 billion to develop electric drivetrain and cloud-based fleet management systems, thereby providing a positive outlook for the market expansion.
The Class 8/Long Haul trucks will account for a considerable share in the electric vehicles market. This can be attributed to the increasing adoption owing to the benefits offered by the technology including lower maintenance and operating costs, reduced noise and vibrations along with smoother driving experience. In addition, industry players are currently offering trucks with improved features for attracting a wide customer base. For instance, in 2017, Tesla unveiled its Semi Truck with automated driving technologies.
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Some of the key players in the electric vehicles market place include General Motors, Daimler AG, Honda Motor Co., Ltd., Groupe Renault, Volkswagen, Toyota Motor Corporation, BMW Group, and Hyundai Motor Company. New product launches and expansion of portfolio are among the prominent strategies adopted by industry players to enhance their market share.
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