Meticulous Research® has unveiled a new report titled “North America EV Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitor, Solid-state Batteries), Capacity (<50 kWh, 51-100 kWh, 101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Form, Application, End User, and Country – Forecast to 2031.” The study projects that the North America EV battery market will reach $73.70 billion by 2031, growing at an impressive CAGR of 34.4% between 2024 and 2031.
This growth is primarily driven by increasing investments from leading automotive OEMs in local battery manufacturing, the rising adoption of electric vehicles (EVs), and the continuous decline in battery prices.
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The report also highlights potential growth opportunities in alternative battery technologies, which could create new avenues for market stakeholders. However, the market faces challenges such as the high import costs for raw materials and the relatively low energy density of existing battery technologies, which may hinder market growth.
According to the report, the North America EV battery market is segmented by type, with lithium-ion batteries expected to dominate with a share of over 87.0% in 2024. This segment’s large market share is due to the higher energy density, compactness, durability, and lightweight nature of lithium-ion batteries, which are increasingly favored for EV applications. The lithium-ion segment is also projected to achieve the highest CAGR during the forecast period, driven by OEMs’ partnerships to advance lithium-ion battery technology and secure a stable supply chain.
In terms of capacity, the market is categorized into several segments, with the 51 kWh to 100 kWh segment anticipated to account for the largest share of over 91.0% in 2024. This growth is driven by the efforts of automotive OEMs to introduce long-range electric vehicles and government initiatives to phase out internal combustion engines by 2030. The 101 kWh to 300 kWh segment is expected to grow at the fastest rate, driven by global initiatives to electrify fleets and the increasing adoption of EVs in logistics and e-commerce sectors.
The report also segments the market by bonding type, with wire bonding expected to capture the largest share of over 79.0% in 2024. This is due to the high reliability, lower production costs, and ease of maintenance associated with wire bonding. However, the laser bonding segment is projected to experience the highest growth, thanks to its advantages in precision, speed, and efficiency in battery pack assembly.
In terms of form, the pouch segment is forecasted to lead the market with a share exceeding 41.0% in 2024, driven by its higher energy density and improved safety features. The segment is also expected to achieve the highest CAGR, as automotive and battery OEMs increasingly adopt pouch cells for their superior performance.
The report also examines the market based on application, with the electric cars segment anticipated to dominate with a share of over 90.0% in 2024. This growth is supported by rising environmental concerns, government initiatives to promote sustainable transportation, and the automotive industry’s transition towards eco-friendly vehicles. However, the light commercial vehicles segment is expected to grow at the fastest rate, driven by fleet operators’ transition to EVs and the expansion of EV manufacturers’ commercial vehicle offerings.
In terms of end users, the report projects that electric vehicle OEMs will account for the largest share of over 74.0% in 2024. This growth is attributed to the increasing adoption of EVs, significant investments in battery manufacturing, and the introduction of new EV models. The battery swapping stations segment is expected to experience the highest growth, driven by the expansion of battery-swapping services and the increasing number of such stations in major cities.
Geographically, the U.S. is expected to lead the North American EV battery market, with a share exceeding 98.0% in 2024. This dominance is driven by substantial investments in EV battery research and development, as well as government initiatives to support the development of EV infrastructure. The U.S. is also projected to register the highest CAGR of over 31.0%, fueled by government incentives and the competitive landscape of new EV model launches.
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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