North America Automotive High-Performance Electric Vehicles Market - Growth, Trends, and Forecast (2018 - 2023)
The North America automotive high-performance electric vehicles (EV) market is expected to register a CAGR close to 40% during 2018 to 2023 (the forecast period). Electric high-performance vehicles can be differentiated from other EVs on aspects, including longer range of distance i.e., over 150 miles in a single charge, high acceleration, and their ability to attain a speed of over 90 miles per hour with faster acceleration of 0 to 60 miles per hour, unlike that of EVs, which can range at speeds varying from 40-65 miles per hour. While purely electric cars do have some limitations, usually including lower range and higher weight, unlike normal gasoline powered cars, they do hold the advantage of having all of their torque available from a standstill. An electric high-performance vehicle (EHPV) is propelled by electricity, and is equipped with advanced electric vehicle powertrain components and Li-ion batteries with high energy density. Growing awareness about vehicle emissions, lower operating and maintenance costs, along with increasing government initiatives to encourage the use of electric vehicles, will also help in driving the growth of high-performance electric vehicles significantly. North America is leading the global market in the manufacture of these vehicles. The government and private players are focused on providing battery electric vehicles and using eco-friendly transport, resulting in increased demand for EHPV. Initiatives taken by the governments of various countries, to increase adoption of electric vehicles, like that of building convenient charging stations, have added to the growth of the EHPV market in the region. EVs are also exempted from excise tax, which varies from 6-8% (depending on the vehicle weight) in various states of the region. Tesla pioneered the concept of EHPV, supporting and encouraging their development. They are developing cost-effective but high-performance electric vehicles to leverage the adoption of electric vehicles in the region. The company hopes that the initiative will spur consumer acceptance and create a network of supporting businesses, such as EV charging stations and service centers. The high cost of ownership, coupled with lack of adequate charging infrastructure in many countries, is one of the challenges that the market can face in the forecast period.
Key Developments in the Market
March 2018: The new BMW Motorrad BoxerCup to start in spring 2018.
March 2018: Tesla Roadster rival Rimac to partner with China for battery and electric motor factory.
January 2018: Kia motors launched 4d virtual test drives for the all-new stinger sports sedan.
Major Players: BMW, DAIMLER, GENERAL MOTORS, NISSAN, FORD, RENAULT, RIMAC, TESLA MOTORS, KIA, MITSUBISHI, PEUGEOT, VOLKSWAGEN, VENTURI, among others.
Reasons to Purchase this Report
The report analyses how the increasing climate change concerns will impact automotive high-performance electric vehicles market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The vehicle type that is expected to dominate the market
The countries that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
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