North America EV Battery Market

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 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.

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FAQs

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).

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. 'BYD Company Ltd.', ' Tesla, Inc.   ', ' Panasonic Corporation   ', ' 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. '

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.

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.

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.

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North America EV Battery Market

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