Market Research Report
North America Automotive High Performance Electric Vehicles Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
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|Published||Content info||60 Pages
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|North America Automotive High Performance Electric Vehicles Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
|Published: May 13, 2021||Content info: 60 Pages||
The North American automotive high-performance electric vehicles market is anticipated to register a CAGR of around 31%, during the forecast period (2021-2026).
The COVID-19 Pandemic has hindered the growth of North America Automotive High Performance EV Market as there was disruption in production of vehicles due to lockdowns and travel restrictions across the region. However, market is expected to witness significant growth during the forecast period due to increasing awareness about environmental concerns and various initiatives taken by government.
One of the latest trends gaining traction in this market is the development of fuel cell vehicle (FCV) technology for range extension in HPEVs. Instead of an engine, this variant uses a fuel cell to extend the range of battery by charging through an electric motor. Also, an increasing number of governments are promoting the adoption of FCVs; this will consequently augment the growth of the global HPEV market in the coming years.
United States likely to dominate the High-performance Electric vehicle (HPEV) market during the forecast period as it is the largest manufacturer of HPEV in the North America region. The country also holds significant share in market due to the presence of major players such as Daimler AG, GM Motors and Tesla leading the market.
Growing Demand For High Performance Electric Commercial Vehicles
The demand for long-range Electric vehicles has been increasing in the North American region. This is due to the unavailability of charging station for passengers traveling on highways in remote areas. Manufacturers have focused on improving the range of their products by increasing battery capacities.
Geographies around the world are witnessing an increase in demand for fuel efficient and low emission vehicles. Limited range of electric vehicles is a major factor that is restraining the growth of market. OEMs are now manufacturing electric cars with higher mobility range that goes beyond 200 miles in a single charge. Tesla leads the market when it comes to producing high-performance vehicles.
Truck manufacturers, such as Daimler, Tesla, and Navistar International Corp. are racing to overcome the challenges of replacing diesel engines with batteries, as international organizations have been improving and implementing stringent exhaust emissions and fuel economy norms. As a result, commercial vehicle manufacturers and logistics companies are manufacturing their battery-based commercial vehicles. For instance,
United States Expected To Lead The Market
The growing demand of high performance electric vehicles in the United States can be attributed to the growing environmental concerns (owing to rising exhaust emissions), enactment of stringent emissions and fuel economy norms are increasing the adoption rate of electric vehicles.As United States is one of the potential market for High-Performance Electric Vehicles, high energy Li-ion batteries and advanced powertrain parts contribute a major role in propelling this market.
The most successful US electric vehicle companies are GM, Tesla, and Chevrolet. Recently, the biggest lithium-ion battery factory named Gigafactory situated in Nevada, United States is taking up the production of electric motors for the latest Tesla models. The Gigafactory is still under construction, and Tesla plans on producing high-performance lithium-ion batteries and electric motors through it.
The Energy Improvement and Extension Act of 2008 also allowed tax credits for new plug-in electric drive motor vehicles. Most states in the United States also have additional incentives for electric vehicle owners. Following this announcement by the government, Charge Point, a market leader in EV charging announced a USD 20 million commitment toward the deployment of community charging and a nation-wide network of high-speed charging stations.
Initiatives, such as the Hawaii clean energy program and Richmond electric vehicle program, are anticipated to improve the EV adoption rates in the country. The Northeast Electric Vehicle Network is expected to boost the adoption of EVs in Maryland, Delaware, Massachusetts, New Hampshire, New York, New Jersey, Vermont, Rhode Island, Connecticut, and communities in Maine.
A new regulation by the US government requires electric motors to make an audible noise when traveling in reverse or forward at up to 19 mph. This is not required at higher speeds because of other noises from tires and the wind, which provide a warning. The rule, once implemented, will prevent about 2,400 pedestrian injuries a year. By September 2019, manufacturers have to equip all new hybrid and electric vehicles with sounds that meet the new safety standard.
The North America Automotive High Performance Electric Vehicles market is dominated by several players such as Tesla, General Motors Company, Nissan Motors, Mercedes-Benz,Toyota Motor Corporation and Hyundai Motors. These Companies are expanding their business by new innovative technologies such as increase in range of kilometers per single charge, so that they can have edge over their competitors. For instance,