USD 1.82 billion
North America EV Battery Market Size, Share, Growth Analysis, By Battery type(Lead-Acid battery, Lithium-ion battery, and other), By Vehicle type(Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV)), By Region - Industry Forecast 2024-2031
Report ID:
SQMIR25A2288 |
Region:
Regional |
Published Date: February, 2024
Pages:
265
|Tables:
63
|Figures:
75
North America EV Battery Market Insights
North America EV Battery Market size was valued at USD 1.82 billion in 2019 and is poised to grow from USD 2.37 billion in 2023 to USD 19.3 billion by 2031, growing at a CAGR of 30% in the forecast period (2024-2031).
The need for the creation of sustainable transportation systems has been fuelled by factors including growing global pollution levels and the depletion of fossil resources. To address the rising concern for environmental sustainability, the car industry has adopted cutting-edge technology. An eco-friendly business potential for the automobile sector exists with the electrification of infrastructure for both commercial and passenger transportation. In order to electrify a car, the traditional fuels of gasoline and diesel must be replaced with an electric energy source, such as batteries. The electric car provides a driving experience that is both zero-emission and extremely effective.
The expansion of the North American electric vehicle battery market is linked to the rise in innovations and the development of superior battery systems with significant power delivery capabilities. To cut greenhouse gas emissions and battle climate change, the car industry has boosted the use of electric vehicle battery solutions and developments. For instance, General Motors declared intentions to invest $1 billion in the construction of production facilities for electric vehicles in Mexico. The expenditure is part of General Motors' aspirations to electrify all of its vehicle offerings by 2031. Sales of electric vehicles are increasing across North America as a result of the presence of industry giants like Tesla, General Motors, and other electric car producers In the North American area, the demand for battery packs is also greatly increased by the expanding electrification for several transportation applications. For instance, the American government disclosed plans to electrify mail vehicles across the country. Electrification will reduce American costs. Department of the Postal Service The market for electric car batteries in North America is expanding as a result of factors including reduced operating costs and less pollution produced by electric automobiles.
North America EV Battery Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
battery electric vehicles
Fastest Growth
plug-in hybrid electric vehicles
Growth Rate
30% CAGR
North America EV Battery Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
To get more reports on the above market click here to Buy The Report
North America EV Battery Market Segmental Analysis
The battery market for electric vehicles in North America is divided into segments by battery type, propulsion type, vehicle type, and nation. According to battery type, North American Electric Vehicle Battery Market is separated into Lead-Acid battery, Lithium-ion battery, and other. According to the type of Vehicle Type, It is segregated into: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV). The North American Electric Vehicle Battery Market is examined throughout the US, Canada, and Mexico from a regional perspective.
North American Electric Vehicle Battery Market Analysis by Battery Type
In 2021, the lithium-ion market dominated the whole EV battery market. The most important factor that has accelerated the use of lithium-ion batteries in electric cars is their superior energy density and lightweight design. In hybrid and electric automobiles all throughout the world, lithium-ion batteries are widely employed. The dominance of this sector in the worldwide EV battery market is a result of the increasing acceptance and sales of hybrid and electric cars around the globe.
Throughout the projection period, lead acid batteries are anticipated to grow quickly in popularity. This can be linked to lead acid batteries becoming more and more popular because they are significantly more affordable than lithium-ion batteries. Additionally, the mining and refinement of lithium are quite expensive, and intensive mining may exhaust the lithium reserves. As a result, lead acid batteries can be a viable lithium-ion battery substitute. This market is therefore anticipated to expand at the greatest CAGR.
North American Electric Vehicle Battery Market Analysis by Vehicle Type
In 2021, the passenger car category contributed the most money to the worldwide EV battery market, depending on the kind of vehicle. Governments in a number of nations, including Canada, India, and Japan, are providing subsidies to consumers to promote the use of electric passenger vehicles. The growing awareness of the advantages of EVs, rising disposable income, rising standards of living, rising need for personal commuting solutions, and growing urbanization all contribute to the expectation that the market for passenger vehicles would stay strong throughout the projected period. The dominance of this market is due to the significant global uptake of passenger electric cars.
Throughout the projected period, the commercial vehicle category is anticipated to be the most opportunistic. The market for commercial electric cars is expanding quickly, particularly in emerging nations. Since the typical emissions from commercial vehicles are greater than those from passenger cars, the government is seeking to adopt more commercial electric vehicles to cut down on carbon emissions.
North America EV Battery Market By propulsion 2021 (%)
To get detailed analysis on other segments, Request For Free Sample Report
North America EV Battery Market Regional Insights
The North American market for electric vehicle batteries is anticipated to be dominated by the United States, which will also have the fastest rate of growth. The rising use of electric cars in this region, the availability of cobalt and lithium raw material resources, and rising investment in EV battery research to meet rising EV battery demand are all aspects that have been linked to the fast growth of this nation.
The second-fastest growth throughout the projection is anticipated in Canada. The availability of cobalt, lithium, and other raw material deposits, as well as efforts by battery manufacturers to establish battery production factories, are reasons credited with this country's success. For instance, Martinrea, a car manufacturer, and NanoXplore, a producer of graphene, established a joint venture named VoltaXplore to create electric vehicle (EV) batteries with features including faster charging times, longer range, longer lifespan, and lower operating temperatures. The factory has a daily capacity of up to 1,000 batteries. The UK-based Britishvolt cell manufacturing firm intends to develop a 60GWh facility in Quebec. While the Canadian firm Stromvolt plans to build a 10GWh facility in Ontario.
North America EV Battery Market By Geography, 2021-2028
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
North America EV Battery Market Dynamics
North American Electric Vehicle Battery Market Drivers
Conscious Awareness about Safeguarding Environment to Boost Market Growth
- The market has expanded as a result of increased focus on sustainable development and growing awareness of the drawbacks of driving conventional cars. Additionally, in preparation of general infrastructure development, local governments from various areas are offering incentives to promote the purchase of electric cars.
- Range anxiety is the fear of operating an electric vehicle and running out of power without being able to find a charging station in time to replenish the battery. Range anxiety is being reduced as a result of increased investments from public and private entities in electric charging infrastructure, such as the Tesla supercharger, Volkswagen Electrify America, etc.
- The US government has established strict CO2 emission restrictions for motorized vehicles and a net-zero greenhouse gas emission target for 2050, both of which are in line with considerable implications. Due to the need for automakers to accept, create, and market electric vehicles in the future, this functions as a market driver.
North American Electric Vehicle Battery Market Restraints
Concerns related to Pricing to Hinder Market Growth
- Internal Combustion Engines (ICE) are more costly and demand a higher investment than Electric Vehicles (EVs) (ICEs). When compared to comparable internal combustion engine vehicles, an electric car can cost up to three or four times as much, which makes them less appealing to the ordinary consumer. Due to issues including costly research and development costs associated with battery manufacture, a shaky supply chain for raw materials, and insufficient economies of scale, EV upfront pricing has a significant disparity.
Request Free Customization of this report to help us to meet your business objectives.
North America EV Battery Market Competitive Landscape
With several regional and international companies, the industry is quite competitive. Tesla, General Motors Company, Toyota Motor Corporation, Nissan Motor Company, and Volkswagen AG led the market in 2020. In order to enhance product choices and satisfy customer demand, new releases continue to be the primary approach for the industry as a whole. For instance, Volkswagen AG announced the release of ID.4, a completely electric SUV with zero local emissions, in September 2020. The automobile will be introduced by the firm in the small SUV market.
To enhance the adoption of electric cars, market participants also concentrate on partnerships and joint ventures. For instance, General Motors and EVgo collaborated in July 2020 to hasten the adoption of electric vehicles in the United States. Approximately the following several years, the firms intended to install over 2,700 more fast chargers to the public fast-charging network.
North American Electric Vehicle Battery Market Top Player's Company Profiles
-
Tesla, Inc.
-
-
LG Chem Ltd.
-
Samsung SDI Co., Ltd.
-
Contemporary Amperex Technology Co. Limited (CATL)
-
Envision AESC Group Limited
-
A123 Systems, LLC
-
Hitachi Chemical Co., Ltd.
-
GS Yuasa Corporation
-
EnerSys
-
East Penn Manufacturing Company, Inc.
-
Johnson Controls International plc
-
Exide Technologies
-
Saft Groupe S.A.
-
Toshiba Corporation
-
Mitsubishi Electric Corporation
-
Sumitomo Electric Industries, Ltd.
-
NEC Energy Solutions, Inc.
-
Valence Technology, Inc.
North American Electric Vehicle Battery Market Recent Developments
- In June 2021, Tesla announced the release of the first Model S Plaid in production. It is a four-door electric vehicle with a supposedly 390 mile range. The top-tier Model S, the Plaid, has 1,020 horsepower and a 0-to-60 mph speed of 2 seconds. The Plaid features a roomier back seat, a better entertainment system, and charges more quickly at Tesla superchargers.
- In March 2022, The Tesla Gigafactory Texas is scheduled to open in, according to Tesla. The Model 3, Model 3, and Model Y will be produced at the Gigafactory Texas, which is close to Austin and will serve the eastern United States market. The facility is the second-largest plant in terms of both size and volume in the United States.
- In June 2022, The opening of Volkswagen AG's North American Battery engineering lab in Chattanooga was announced. The new flagship facility was developed and built with a USD 22 million investment by the corporation, and its primary function is to test EV batteries and high voltage engineering tasks.
North America EV Battery Key Market Trends
- Battery OEMs are investing in the research and development of new battery technologies to make cars' batteries smaller and so open up new market prospects. To utilize General Motors' future Ultium batteries, Honda has partnered with the automaker. The Prologue SUV, which is expected to be on sale in 2024, is the first car co-developed with GM. The aforementioned elements are very likely to have a substantial impact on the market sector for battery electric vehicles during the course of the study period.
North America EV Battery Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our North America EV Battery Market analysis, as gasoline is a fossil fuel, it is not a renewable source of energy and is likely to run out in the future. To encourage sustainable growth, it is essential to find and use alternate fuel sources. This calls for the use of electric vehicles, which are less expensive than conventional cars and don't require fuel.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 1.82 billion |
| Market size value in 2031 | USD 19.3 billion |
| Growth Rate | 30% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on North America EV Battery Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on North America EV Battery Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the North America EV Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the North America EV Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the North America EV Battery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the North America EV Battery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
