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 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.
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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

Report ID: SQMIR25A2288

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