Guidehouse Research Projects North American PEV Sales to Exceed 11 Million Each Year by 2034

Market Growth Projections: The North American plug-in electric vehicle (PEV) market is expected to grow from 2.6 million sales in 2025 to 11.3 million by 2034, with a compound annual growth rate (CAGR) of 17.5%.

Driving Factors: Key factors driving this growth include consumer acceptance, an expanding public charging network, lower total ownership costs, and strategic investments in technology and battery production.

Legislative Impact: Federal legislation like the Infrastructure Investment and Jobs Act and the Inflation Reduction Act has encouraged supply chain investments, although potential policy uncertainties could affect future adoption rates.

Research Insights: Guidehouse Research's report analyzes PEV trends across North America, including projections by vehicle type and class, while highlighting the importance of battery electric vehicles (BEVs) for long-term growth despite some automakers shifting focus to hybrid models.