Electric Vehicles - Americas

Americas

In 2024, the projected revenue in the Electric Vehicles market in the Americas is expected to reach €84.9bn.
This market segment is anticipated to grow at an annual rate of 18.03% (CAGR 2024-2028), resulting in a projected market volume of €164.8bn by 2028.
By 2028, the unit sales of Electric Vehicles market in the Americas are expected to reach 2.79m vehicles.
The volume weighted average price of Electric Vehicles market in the Americas in 2024 is projected to be €58.6k.
From an international perspective, it is evident that in China is expected to generate the highest revenue in the Electric Vehicles market, reaching €291,600m in 2024.
In the Americas, the electric vehicle market is gaining traction, with countries like the United States and Canada leading the way in adoption and infrastructure development.

Key regions: United States, Germany, Netherlands, China, United Kingdom

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Analyst Opinion

The Electric Vehicles market in Americas is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this expansion.

Customer preferences in the Americas are shifting towards more sustainable and environmentally friendly transportation options. As consumers become more conscious of the impact of traditional vehicles on the environment, they are increasingly opting for electric vehicles. The desire to reduce carbon emissions and dependence on fossil fuels is driving the demand for electric vehicles in the region.

Trends in the market are also playing a crucial role in the growth of the Electric Vehicles market in Americas. Governments across the region are implementing policies and incentives to promote the adoption of electric vehicles. These measures include tax credits, subsidies, and the installation of charging infrastructure.

Additionally, technological advancements in battery technology and the increasing availability of electric vehicle models are making electric vehicles more accessible and appealing to consumers. Local special circumstances further contribute to the development of the Electric Vehicles market in Americas. For example, the high population density in urban areas is driving the demand for electric vehicles as a solution to reduce congestion and improve air quality.

Additionally, the vast size of the region and the availability of renewable energy sources make it an ideal market for electric vehicles. Underlying macroeconomic factors also play a role in the growth of the Electric Vehicles market in Americas. The region's strong economic growth and increasing disposable income levels are enabling more consumers to afford electric vehicles.

Additionally, the declining costs of electric vehicle production and the increasing economies of scale are making electric vehicles more affordable and competitive with traditional vehicles. In conclusion, the Electric Vehicles market in Americas is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As consumers prioritize sustainability and governments implement policies to promote electric vehicles, the market is poised for further expansion in the coming years.

Methodology

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).