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Report
North America Electric Vehicle Battery Market Report and Forecast 2024-2032
Market Report I 2024-04-16 I 176 Pages I EMR Inc.
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.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Electric Vehicle Battery Market Overview
8.1 Key Industry Highlights
8.2 Global Electric Vehicle Battery Historical Market (2018-2023)
8.3 Global Electric Vehicle Battery Market Forecast (2024-2032)
8.4 Global Electric Vehicle Battery Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 North America Electric Vehicle Battery Market Overview
9.1 Key Industry Highlights
9.2 North America Electric Vehicle Battery Historical Market (2018-2023)
9.3 North America Electric Vehicle Battery Market Forecast (2024-2032)
10 North America Electric Vehicle Battery Market by Battery Type
10.1 Lead-Acid
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Lithium-Ion
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Nickel-Metal-Hydride
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Others
11 North America Electric Vehicle Battery Market by Propulsion Type
11.1 Battery Electric Vehicle (BEV)
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Hybrid Electric Vehicle (HEV)
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Plug-In Hybrid Electric Vehicle (PHEV)
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Fuel Cell Electric Vehicle (FCEV)
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
12 North America Electric Vehicle Battery Market by Vehicle Type
12.1 Two-Wheeler
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Passenger Vehicle
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Commercial Vehicle
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
13 North America Electric Vehicle Battery Market by Battery Capacity
13.1 Less than 100 KWH
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 101-200 KWH
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 201-300 KWH
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 More than 300 KWH
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
14 North America Electric Vehicle Battery Market by Country
14.1 United States of America
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Canada
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter's Five Forces Analysis
15.2.1 Supplier's Power
15.2.2 Buyer's Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators of Demand
15.4 Key Indicators of Price
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 LG Energy Solution Ltd.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Samsung SDI Co. Ltd.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 BYD Company Ltd.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Panasonic Corporation
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Hitachi, Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 BorgWarner Inc.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Toshiba Corporation
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 SK Inc.
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Electrovaya Inc.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 East Penn Manufacturing Co.
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Clarios, LLC
16.2.11.1 Company Overview
16.2.11.2 Product Portfolio
16.2.11.3 Demographic Reach and Achievements
16.2.11.4 Certifications
16.2.12 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric Vehicle Battery Market: Key Industry Highlights, 2018 and 2032
2. North America Electric Vehicle Battery Market: Key Industry Highlights, 2018 and 2032
3. North America Electric Vehicle Battery Historical Market: Breakup by Battery Type (USD Billion), 2018-2023
4. North America Electric Vehicle Battery Market Forecast: Breakup by Battery Type (USD Billion), 2024-2032
5. North America Electric Vehicle Battery Historical Market: Breakup by Propulsion Type (USD Billion), 2018-2023
6. North America Electric Vehicle Battery Market Forecast: Breakup by Propulsion Type (USD Billion), 2024-2032
7. North America Electric Vehicle Battery Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
8. North America Electric Vehicle Battery Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
9. North America Electric Vehicle Battery Historical Market: Breakup by Battery Capacity (USD Billion), 2018-2023
10. North America Electric Vehicle Battery Market Forecast: Breakup by Battery Capacity (USD Billion), 2024-2032
11. North America Electric Vehicle Battery Historical Market: Breakup by Country (USD Billion), 2018-2023
12. North America Electric Vehicle Battery Market Forecast: Breakup by Country (USD Billion), 2024-2032
13. North America Electric Vehicle Battery Market Structure
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