North America Automotive High Performance Electric Vehicles Market Size (2024 - 2029)

North America Automotive High Performance EV Market Analysis

The North American automotive high-performance electric vehicles market was valued at USD 12.80 billion in 2021, and it is expected to reach USD 56.29 billion by 2027, registering a CAGR of 28% during the forecast period.

The COVID-19 pandemic hindered the growth of the market, as there was a disruption in the production of vehicles due to the supply chain collapse across the world. However, the market is expected to witness significant growth during the forecast period due to increasing awareness about the environmentally positive impacts of electric vehicles and various initiatives taken by governments of different countries.

Over the medium term, one of the latest trends gaining traction in this market is the development of fuel cell vehicle (FCV) technology for range extension in high-performance electric vehicles. Instead of an engine, this variant uses a fuel cell to extend the range of the battery by charging through an electric motor. Additionally, an increasing number of governments are promoting the adoption of FCVs. Therefore, this is likely to consequently augment the growth of the global HPEV market in the coming years.

Governments are providing monetary benefits such as zero to very less registration fees and exemption in import tax, purchase tax, and road tax. Apart from providing subsidies, governments are also making favorable policies for the development of charging infrastructure. The federal Internal Revenue Service (IRS) tax credit is USD 2,500 to USD 7,500 per new EV purchased for use in the United States.

Enactment of stringent emissions and fuel economy norms, and increasing government initiatives, in terms of subsidies and benefits for increasing the adoption rate of electric vehicles, are expected to witness major growth during the forecast period. The United States is 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 American region.

North America Automotive High Performance EV Industry Segmentation

Automotive high-performance electric vehicles run on an electric motor instead of an internal combustion engine. Such electric motors require a constant supply of energy from batteries to operate.

The North American automotive high-performance electric vehicles market has been segmented by drive type, vehicle type, and country.

Based on the drive type, the market is segmented into plug-in hybrid and battery electric vehicles.

Based on the vehicle type, the market is segmented into passenger cars and commercial vehicles.

Based on the country, the market is segmented into the United States, Canada, and the Rest of North America.

For each segment, the market sizing and forecast have been done on the basis of value (USD Billion).