Market Volume of Electric Vehicles (EV) Production in North America (2018 – 2021)
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Market Volume of Electric Vehicles (EV) Production in North America reached 681,251 in 2021
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This represents an increase of 7.9% as compared to 631,560 in 2020
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The indicator recorded a historical growth (CAGR) of 22.8% between 2018 and 2021
Market Volume of Electric Vehicles (EV) Production in North America (2018 – 2021)
Over the past 20 years, the focus of environmental targets in the automotive industry has shifted from exhaust pollutants NOX, particulates, and hydrocarbons, to reducing greenhouse gases (GHGs), with the most significant being CO2. The shift precipitated in 1997 when the Kyoto Protocol Climate Change Agreement was signed obliging developed and industrialized countries to reduce CO2 emissions by an average of 5.2% by 2012. The European Union countries pledged to cut emissions by 8%, while North American countries such as the US and Canada promised to reduce their emissions by 7% and 6%, respectively, by 2012.
An electric vehicle (EV) is a vehicle that is powered by an electric motor rather than a combustion engine. There are three main types of vehicles powered by electric motors: Battery electric vehicles (BEVs), Hybrid and Plug-in hybrid electric vehicles (HEVs, PHEVs), and Fuel cell electric vehicles (FCEVs).
In 2015, 3.2 million electrified vehicles – hybrids as well as cars with plugs – were produced worldwide, according to GlobalData figures. By 2020, this number rose dramatically to 8.3 million units. Dozens of new EVs and hybrids are expected to go on sale as legacy automakers ramp up their electrification strategies, with overall electrified vehicle production hitting 27.3 million units in 2025 and 54.5 million units by 2035.
Globally, in 2021, North America emerged as one of the leading producers of EVs. Europe, Asia-Pacific, the Middle East, and Africa are the other leading regions in the EV production market. North America’s EV production volume grew single-digit in 2021 to reach 631,560 units. The region posted a double-digit compound annual growth rate (CAGR) during 2018–21.
The West is making significant efforts to ensure global competitiveness in the EV market. These include the build-out of lithium-battery manufacturing facilities in North America by companies such as LG Energy Solution, SK Innovation, Panasonic, and Tesla.
A crucial barrier that needs to be tackled for the wider acceptance of EVs is improving the state of charging networks. No EV charging network churns out profit today, and both capital and operating costs are substantial as all rush to establish wide footprints and boost the usage as EVs become more common on the roads.
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