The North America Electric Vehicle Market is expected to record a CAGR of 39.4% from 2022 to 2029 to reach $570.47 billion by 2029 from an estimated $55.81 billion in 2022. By volume, this market is expected to reach 7.62 million units by 2029 from an estimated 1.54 million units in 2022, at a CAGR of 25.7% during the forecast period. The growth of this market is attributed to supportive government policies and regulations, rising environmental concerns, and increasing adoption of electric mobility. The growing adoption of autonomous driving vehicles, increasing adoption of electric vans and trucks for delivery, and the increasing trend of shared mobility are offering lucrative growth opportunities for this market’s growth. However, the range anxiety of electric vehicles is expected to obstruct the growth of this market to some extent. The high cost of electric vehicles is a major challenge that can obstruct the growth of this market.
Here are the top 10 companies operating in the North America Electric Vehicle Market
Tesla, Inc.
The company operates through two reportable segments: Automotive and Energy Generation and Storage. Tesla, Inc. manufactures electric vehicles and other components at the Fremont Factory (U.S.), Bay Area in California, Gigafactory Nevada (U.S.), Gigafactory New York (U.S.), Gigafactory Shanghai (China), and is planning to build a Gigafactory in Berlin, Germany for the European Market. Tesla, Inc. has upgraded its powertrain system and developed autopilot and full self-driving (“FSD”) hardware and neural net, which helps achieve leading range, recharging flexibility, superior acceleration, and handling and safety characteristics. As of December 2021, the company had a headcount of 99,290 employees across the world.
BMW Group
Founded in 1916 and headquartered in Munich, Germany, BMW is the world’s leading premium manufacturer of automobiles and motorcycles. BMW stands for Bayerische Motoren Werke, a German multinational corporation that produces luxury vehicles and motorcycles. BMW consists of four brands BMW (Germany), MINI (Germany), Rolls-Royce (U.K.), and BMW Motorrad (Germany). BMW is the world’s leading manufacturer of premium automobiles and motorcycles and a provider of premium financial and mobility services. BMW Group sets trends in production technology and sustainability as an innovation leader with an intelligent material mix, a technological shift towards digitalization, and resource-efficient production. With its subsidiaries and a strong distribution network, the company has its presence across Europe, Asia, the Americas, and other regions.
The company operates through four reportable segments: Automotive, Motorcycles, Financial Services, and Other Entities. In 2020, the BMW Group delivered 2,325,179 automobiles which consisted of BMW, MINI, and Rolls-Royce Motor Cars, and 169,272 motorcycles globally. Of this, 192,662 were electrified vehicles (BEVs+PHEVs). BMW has 31 production facilities and assembly facilities in 15 countries. As of December 2021, the company had a headcount of 118,909 employees across the world.
BYD Company Ltd.
Founded in 1995 and headquartered in Shenzhen, China, BYD Company Ltd. is an automobile company that offers traditional fuel-engine vehicles, new energy vehicles, handset components, assembly services, rechargeable batteries, and photovoltaics. BYD Company Ltd. offers various products and solutions for passenger vehicles, commercial vehicles, rail transit, batteries, and electronics. BYD Company Ltd. also provides product design, component manufacturing, and assembly services for products such as handsets, tablets, notebook computers, and other consumer electronics products. With its subsidiaries and a strong distribution network, the company has its presence across The People’s Republic of China, Asia-Pacific, the U.S., and other countries.
The company operates through three reportable segments: Rechargeable Batteries and Photovoltaic, Handset Components and Assembly Services, and Automobiles and Related Products. BYD Company Ltd. caters to diverse industrial segments such as electronics, automobiles, new energy, and rail transit and has established over 30 industrial parks worldwide. As of December 2020, the company had a headcount of 224,300 employees across the world.
Volkswagen AG
Founded in 1937 and headquartered in Berlin, Germany, Volkswagen AG is a German multinational automotive manufacturing corporation and the largest carmaker. Volkswagen Group consists of twelve brands from seven European countries: Volkswagen (Germany), Audi (Germany), SEAT (Spain), ŠKODA (Czechia), Bentley (U.K.), Bugatti (France), Lamborghini (Italy), Porsche (Germany), Ducati (Italy), Volkswagen Commercial Vehicles (Germany), Scania (Sweden), and MAN (Germany). Volkswagen Group offers a wide range of financial services, including dealer and customer financing, leasing, banking and insurance activities, and fleet management. With its subsidiaries and a strong distribution network, the company has its presence across North America, Europe, South America, and Asia-Pacific.
The company operates through four reportable segments: Passenger Cars and Light Commercial Vehicles, Commercial Vehicles, Power Engineering, and Financial Services. Volkswagen operates through 118 production plants in 20 European countries and an additional ten countries in the Americas, Asia, and Africa. As of December 2021, the company had a headcount of 118,673 employees across the world.
Hyundai Motor Company
Founded in 1967 and headquartered in Seoul, Korea, Hyundai Motor Company is a South Korean multinational automotive manufacturer. Hyundai Motor Company produces compact and luxury cars, SUVs, minivans, trucks, buses, and other commercial vehicles. Hyundai Motor Company generates more than one-third of its sales from South Korea, but its vehicles are also popular in China and India. With its subsidiaries and a strong distribution network, the company has its presence across Korea, North America, Asia, Europe, and other regions.
The company operates through three reportable segments: Vehicle, Finance, and Others. Hyundai Motor Company has technical centers in North Korea, South Korea, America, Europe, Japan, India, and China.
Meticulous Research in its latest publication on North America Electric Vehicle Market has predicted the growth of 39.4% during the forecast year 2022-2029.
AB Volvo
Founded in 1927 and headquartered in Gothenburg, Sweden, AB Volvo is a Swedish multinational manufacturing company that offers transport and infrastructure solutions, trucks, buses, construction equipment, power solutions for marine and industrial applications, and financing and services. AB Volvo provides various services such as automation, electromobility, connectivity, and traffic safety. Volvo Group’s brand portfolio consists of 12 brands—Volvo (Sweden), Volvo Penta (Sweden), UD Trucks (Japan), Terex Trucks (U.S.), Renault Trucks (France), Prevost (Canada), Nova Bus (Canada), Mack (U.S.), Arquus (France), SDLG (China), Eicher (India) and Dongfeng Trucks (China). With its subsidiaries and a strong distribution network, the company has its presence across Europe, North America, South America, Asia, Africa, and Oceania.
The company operates through six reportable segments: Trucks, Group Functions & Other, Financial Services, Volvo Penta, Buses, and Construction Equipment. AB Volvo has production units in 18 countries. In addition to vehicles and machines, AB Volvo offers insurance, rental services, spare parts, repairs, preventive maintenance, service agreements, and assistance services. As of December 2021, the company had a headcount of 95,850 employees globally.
Daimler AG
Founded in 1998 and headquartered in Stuttgart, Germany, Daimler AG is one of the leading global suppliers of premium and luxury cars. The company is also one of the world’s largest manufacturers of commercial vehicles. Daimler AG offers financing, leasing, fleet management, investments, insurance brokerage, and innovative mobility services. Daimler AG offers passenger cars, trucks, vans, buses, and services. With its subsidiaries and a strong distribution network, the company has its presence across Europe, Asia, North America, and other markets.
The company operates through five reportable segments: Mercedes-Benz Cars & Vans, Daimler Trucks & Buses, and Daimler Mobility. Daimler AG has sold 2,528 million vehicles worldwide. Daimler AG has three business units Mercedes-Benz AG, Daimler Truck AG, and Daimler Mobility AG. As of December 2021, the company had a headcount of 172,425 employees worldwide.
Ford Motor Company
Founded in 1903 and headquartered in Michigan, the U.S., Ford Motor Company is an American multinational automaker that designs, manufactures, markets, and services a full line of Ford trucks, utility vehicles, and cars. The company sells automobiles and commercial vehicles under the Ford brand and most luxury cars under the Lincoln brand. Ford Motor Company works in the service and parts, commercial, mobility, community, and other spaces. With its subsidiaries and a strong distribution network, the company has its presence across the U.S., Canada, the U.K., Germany, and other countries.
The company operates through three reportable segments Automotive, Ford Credit, and Mobility. Ford Motor Company has built iconic vehicles, including the Ford Model T, Continental, Mustang, Ford F-series, and Ford Bronco. The company also manufactures many other products, such as airplanes, radios, refrigerators, postal machines, weather satellites, and medical supplies. Currently, Ford Motor Company has operations across North America and in over 125 countries worldwide. As of December 2021, the company had a headcount of 183,000 employees globally.
General Motors Company
Founded in 1908 and headquartered in Michigan, United States, General Motors Company is one of the world’s largest auto manufacturers. The company designs, builds, and sells trucks, crossovers, cars, and automobile parts worldwide. General Motors also provides automotive financing services through General Motors Financial Company, Inc. (U.S.). General Motors consists of 6 brands—Buick (U.S.), Cadillac (U.S.), Chevrolet (U.S.), GMC (U.S.) Baojun (China), and Wuling (China). With its subsidiaries and a strong distribution network, the company has its presence across North America, South America, Europe, Asia-Pacific, and the Middle East & Africa.
The company operates through five reportable segments: GMNA, GMI, Corporate, Cruise, and GM Financial. General Motors has 122 facilities and 4,232 dealers in the U.S. As of December 2021, the company had a headcount of 157,000 employees globally.
Honda Motor Co., Ltd.
Founded in 1948 and headquartered in Tokyo, Japan, Honda Motor Co., Ltd. is a Japanese public multinational company that offers automobiles, motorcycles, and power equipment. Honda Motor Co., Ltd. provides products from diverse segments, such as automobiles, motorcycles, power products, Honda jets, and aero engines. As of March 2020, Honda Motors had sold 19.28 million units of motorcycles, 4.85 million units of automobiles, and 5.70 million units of power products. With its subsidiaries and a strong distribution network, the company has its presence across Japan, North America, Europe, Asia, and other regions.
The company operates through four reportable segments: motorcycle business, automobile business, financial service business, life creation and other businesses. Honda Motors has delivered over 6 million power products to customers in over 150 countries and regions. As of March 2021, the company had a headcount of 211,374 employees globally.
Popular Mentions: Nissan Motor Co., Ltd., Jaguar Land Rover Automotive PLC, Faraday & Future Inc., Zero Electric Vehicles Inc. and Rivian, LLC
Authoritative Research on the North America Electric Vehicle Market – Opportunity Analysis and Industry Forecast (2022-2029)
Need more information? Meticulous Research®’s new report covers each of these companies in much more detail, providing analysis on the following:
- Recent financial performance
- Key products
- Significant company strategies
- Partnerships and acquisitions
The Comprehensive report provides market size estimates, market share analysis, revenue numbers, and coverage of key issues and trends.
