North America E-SUV Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

North America E-SUV Market Growth

The Government of Canada has set a target to achieve carbon neutrality by the year 2050 and has made significant financial commitments in the budgets for 2021, 2022, and 2023 to support infrastructure development and the transition to a green economy. U.S. automakers' Canadian subsidiaries have declared considerable investments, with General Motors contributing US$785 million, Ford investing US$1.5 billion, and Stellantis committing US$1.14 billion, all aimed at adapting their production lines for electric vehicle manufacturing. Furthermore, in early 2022, GM Canada, Ford Motors Canada, and Stellantis Canada revealed their intentions to establish their facilities dedicated to the production of batteries for electric vehicles.

Across the United States, the demand for electric vehicles has experienced a consistent upward trajectory, with registrations increasing from 280,000 units in 2016 to 2.4 million in 2022. Notably, the period from 2021 to 2022 witnessed a remarkable 68% year-over-year growth in electric vehicle registrations within the United States. The escalating concerns regarding environmental issues are propelling the adoption of electric SUVs (E-SUVs), as consumers aim to lower their carbon emissions and address climate change. E-SUVs present a more environmentally friendly option compared to conventional vehicles, catering to the rising preference for sustainable and eco-conscious transportation alternatives.

Key Trends and Developments

North America E-SUV Market Trends

In North America, the combination of federal and state incentives, including tax credits and rebates, alongside rigorous emissions regulations, reduces the cost of electric SUVs and promotes their uptake. These initiatives render electric vehicles economically appealing while supporting environmental objectives. Additionally, recent advancements in battery technology, featuring extended ranges and quicker charging options, significantly improve the functionality and attractiveness of electric SUVs. These developments overcome earlier challenges, rendering electric SUVs more appropriate for daily use and broadening their market opportunities.

North America E-SUV Industry Segmentation

North America E-SUV Market Share

Based on country, the market is segmented into the United States and Canada. The United States is projected to grow at a CAGR of 15.4% during the forecast period of 2025-2034 due to the thriving automotive sector and the growing focus on decarbonisation in the transportation sector.

Leading Companies in the North America E-SUV Market

Major players are focusing on the adoption of cutting-edge technologies to gain a competitive edge in the market.

BYD Co. Ltd.

BYD Co. Ltd., established in 1995, is based in Shenzhen, China. The company specialises in electric vehicles, battery production, and renewable energy solutions, positioning itself as a significant entity in the international electric vehicle market.

SAIC Motor Corp. Ltd.

SAIC Motor Corp. Ltd. was founded in 1955 and is located in Shanghai, China. The company engages its...

AB Volvo

AB Volvo was established in 1927 and is headquartered in Gothenburg, Sweden. It is a leading produce...

Toyota Motor Corporation

Toyota Motor Corporation, founded in 1937, is based in Aichi Prefecture, Japan. As a global frontrun...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other major players in the market are Tesla Inc., BMW AG, Volkswagen AG, Mercedes-Benz Group AG, Nissan Motor Co. Ltd., and Hyundai Motor Co., among others