North America Electric Vehicle Battery Market Report and Forecast 2024-2032

North America Electric Vehicle Battery Market Report and Forecast 2024-2032

North America Electric Vehicle Battery Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the North America electric vehicle battery market size reached a value of USD 10.78 billion in 2023. Aided by the accelerating adoption of electric vehicles and progressive energy storage technologies, the market is projected to further grow at a CAGR of 21.1% between 2024 and 2032 to reach a value of USD 63.39 billion by 2032.

Electric vehicle batteries, primarily lithium-ion based, are the powerhouse behind the propulsion of modern EVs, ranging from hybrid electric vehicles (HEVs) to fully electric passenger cars and commercial vehicles. These batteries are pivotal not only for mobility but also for the overall performance and efficiency of electric vehicles.

The North America electric vehicle battery market growth is driven by several key factors. The rising environmental awareness and stringent governmental regulations pushing for lower emissions are significantly influencing consumer preferences and driving the adoption of electric vehicles. This shift is directly impacting the demand for high-capacity and efficient vehicle batteries.

Moreover, advancements in battery technology, which include improvements in energy density, charge speeds, and lifecycle longevity, are making electric vehicles more appealing to a broader audience and fuelling the North America electric vehicle battery market expansion. Technological innovations are also leading to a decrease in battery costs, which historically have been a substantial barrier to EV adoption.

The growth of renewable energy integration into the grid further supports the EV battery market, as consumers and businesses alike look for sustainable energy solutions that complement their green transportation choices. The synergy between renewable energy and electric vehicles, facilitated by advancements in battery storage technology, is creating a robust environment for the EV battery sector's growth in North America.

The electric vehicle battery market in North America is also benefiting from the substantial investments by governments and private entities in EV infrastructure, such as charging stations. These developments are essential for supporting the increasing number of electric vehicles on the road, thereby driving the demand for EV batteries

The North market is witnessing rapid technological advancements. Innovations in solid-state battery technology, which promise higher safety and energy density compared to liquid lithium-ion solutions, are set to revolutionise the market. As per the North America electric vehicle battery market analysis, companies are investing heavily in research and development to overcome the challenges associated with solid-state batteries, such as manufacturing costs and scalability, with several expecting to commercialise these technologies within the forecast period.

Another notable trend is the shift towards sustainability in battery production and disposal processes. With environmental impact being a significant concern, manufacturers are increasingly focusing on reducing the carbon footprint of battery production and enhancing recycling processes to recover valuable materials from used batteries. As per the North America electric vehicle battery market outlook, this not only helps in reducing environmental damage but also addresses the issues related to the sourcing of raw materials like lithium, cobalt, and nickel, which are critical for battery production.

The United States dominates the North American market, propelled by a combination of policy support, high consumer awareness, and an established automotive sector looking to pivot to electric options. Initiatives such as federal tax incentives for electric vehicle buyers and commitments by states like California to phase out internal combustion engine vehicles by 2035 are significant drivers of the U.S. market.

In recent years, major players in the battery manufacturing sector and automotive giants have announced several partnerships and investments aimed at boosting production capacities which boosts the North America electric vehicle battery market share. These collaborations are not only enhancing the technological base of the market but are also helping in scaling up production to meet the growing demand. For instance, collaborations between automakers and tech companies are focusing on integrating artificial intelligence and machine learning into battery management systems to enhance performance and efficiency.

Market Segmentation

The market can be divided based on battery type, propulsion type, vehicle type, battery capacity, and country.

Market Breakup by Battery Type

• Lead-Acid
• Lithium-Ion
• Nickel-Metal-Hydride
• Others

Market Breakup by Propulsion Type

• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicle (HEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Fuel Cell Electric Vehicle (FCEV)

Market Breakup by Vehicle Type

• Two-Wheeler
• Passenger Vehicle
• Commercial Vehicle

Market Breakup by Battery Capacity

• Less than 100 KWH
• 101-200 KWH
• 201-300 KWH
• More than 300 KWH

Market Breakup by Country

• United States of America
• Canada

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the North America electric vehicle battery market. Some of the major players explored in the report by Expert Market Research are as follows:

• LG Energy Solution Ltd.
• Samsung SDI Co. Ltd.
• BYD Company Ltd.
• Panasonic Corporation
• Hitachi, Ltd.
• BorgWarner Inc.
• Toshiba Corporation
• SK Inc.
• Electrovaya Inc.
• East Penn Manufacturing Co.
• Clarios, LLC
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.