Strong Growth Forecast for North America EV Battery Market
According to a new report by Meticulous Research® titled, ‘North America EV Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitor, Solid-state Batteries), Capacity, Bonding Type, Form, Application, End User, and Country – Forecast to 2031,’ the North America EV battery market is expected to reach a valuation of $73.70 billion by 2031. The market is anticipated to grow at a substantial CAGR of 34.4% from 2024 to 2031, driven by a combination of factors such as increasing investments in battery manufacturing, higher EV adoption rates, and falling battery costs, which make electric vehicles more attractive to consumers.
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Alternative Battery Technologies Offer New Opportunities
The rapid evolution of the EV battery market is also being fueled by growing investments in alternative battery technologies. With the shift toward sustainability, technologies like solid-state batteries are becoming increasingly relevant, offering longer lifespans and higher energy densities compared to traditional batteries. Nevertheless, the market faces hurdles, including the high import costs of raw materials and the relatively lower energy density of existing battery technologies. Despite these challenges, ongoing R&D efforts and innovations in battery chemistry are expected to unlock new growth opportunities in the North American market.
Lithium-ion Batteries to Retain Market Leadership
Lithium-ion batteries are expected to dominate the North America EV battery market, maintaining a stronghold with a market share exceeding 87% by 2024. Their higher energy density, compact form, and lightweight nature make them the battery of choice for EV manufacturers. As electric vehicle production ramps up, lithium-ion batteries are expected to experience the highest growth rate during the forecast period. Automotive OEMs are increasingly entering into partnerships with battery manufacturers to secure their supply chains and meet the rising demand for electric vehicles.
Growing Demand for Higher Battery Capacities
The market for EV batteries in North America is segmented by capacity, with the 51-100 kWh segment expected to account for the largest market share, representing more than 91% of the total in 2024. This growth is driven by the increasing demand for electric cars with extended ranges, as consumers seek vehicles that can travel longer distances on a single charge. Government initiatives to phase out internal combustion engine vehicles further contribute to this demand. At the same time, the 101-300 kWh segment is expected to grow at the highest CAGR during the forecast period, driven by the adoption of electric trucks and commercial vehicles, which require higher-capacity batteries to meet their operational needs.
Pouch Cells: The Future of EV Batteries
In terms of battery form, pouch cells are projected to lead the market, accounting for over 41% of the total market in 2024. Pouch batteries are favored due to their higher energy density, lower internal resistance, and superior safety features. This segment is also expected to experience the highest growth during the forecast period, as major automotive OEMs and battery manufacturers continue to adopt pouch technology for its performance advantages. As the industry moves toward more efficient and lightweight batteries, the adoption of pouch cells is expected to accelerate, shaping the future of EV battery design and performance.
Conclusion
In conclusion, the North America EV battery market is positioned for strong growth, driven by advancements in battery technology, increasing investments, and the expanding adoption of electric vehicles. Lithium-ion batteries are expected to remain the dominant technology, while the demand for higher-capacity batteries and new bonding techniques will further drive innovation. Although challenges such as raw material costs persist, the market’s growth potential remains robust, offering significant opportunities for key players in the EV battery industry.
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Key Players:
Some of the key players operating in the North America EV battery market are NOHMs Technologies, Inc. (U.S.), QuantumScape Corporation (U.S.), American Battery Solutions, Inc. (U.S.), Clarios (U.S.), Romeo Power, Inc. (U.S.), and Electrovaya Inc. (Canada).
Key questions answered in the report-
- Which are the high-growth market segments based on type, capacity, form, application bonding type, and end user?
- What was the historical market for EV batteries in North America?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, and opportunities in the North America EV battery market?
- Who are the major players, and what shares do they hold in the North America EV battery market?
- What is the competitive landscape like in the North America EV battery market?
- What are the recent developments in the North America EV battery market?
- What are the different strategies adopted by the major players in the North America EV battery market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the North America EV battery market, and how do they compete with the other players?
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