Press release
Meticulous Research® Unveils Comprehensive Analysis of North America EV Batteries Market
Projected to surge at a remarkable Compound Annual Growth Rate (CAGR) of 30% from 2021, the North America EV batteries market is poised to reach an impressive valuation of $22.79 billion by 2028. This growth trajectory is propelled by a confluence of factors, including strategic investments by automotive OEMs to fortify their battery supply chains, the global surge in EV adoption, and declining battery costs. Furthermore, burgeoning investments in alternative battery technologies present compelling growth prospects for market participants.
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Nevertheless, the market grapples with challenges such as the high import costs of raw materials for battery manufacturing, underscoring the need for strategic interventions to sustain growth momentum.
The report presents a comprehensive analysis, encompassing historical market data spanning 2019 and 2020, current estimates for 2021, and insightful forecasts up to 2028. Segmented based on type, capacity, bonding type, form, application, end user, and country, this study offers granular insights into market dynamics at both regional and country levels.
Key Insights:
Type Segmentation: The North America EV batteries market is segmented into various types, including lithium-ion, sealed lead acid, nickel-metal hydride, ultracapacitors, solid-state batteries, and others. Lithium-ion batteries dominate the market in 2021, attributed to their superior energy density, lightweight properties, and durability. Strategic collaborations between automotive and battery OEMs are driving advancements in lithium-ion battery technology.
Capacity Classification: Segmented by capacity, the market is categorized into less than 50kWh, 51kWh to 100kWh, 101kWh to 300kWh, and more than 300kWh. The 51kWh to 100kWh segment holds the largest share, driven by automotive OEM initiatives to introduce long-range, high-powered electric vehicles and governmental targets for phasing out internal combustion vehicles.
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Bonding Type: Wire bonding and laser bonding are the primary bonding types in the North America EV batteries market. Wire bonding commands a larger market share in 2021, owing to its cost-effectiveness, reliability, and thermal properties. Widely employed in battery cell connections and management systems, wire bonding offers robust performance across diverse operating conditions.
Form Factor: Prismatic, cylindrical, and pouch forms constitute the market's form factor segmentation. Prismatic batteries dominate the market, prized for their slim profiles, space efficiency, and adaptability in battery design. The versatility of prismatic cells makes them indispensable in electric vehicle applications.
Application Spectrum: The market's application landscape encompasses electric cars, light commercial vehicles, heavy commercial vehicles, e-scooters & motorcycles, and e-bikes. Electric cars lead the segment, propelled by government initiatives to decarbonize transportation and automotive OEM commitments to green technology. Investments in battery R&D to enhance car battery performance further bolster market growth.
End User Dynamics: Segmented into electric vehicle OEMs and battery swapping stations, the market witnesses a predominance of electric vehicle OEMs in 2021. Rising demand for personal EVs, coupled with significant OEM investments in battery manufacturing capacities, underscores the segment's dominance. Extended warranty coverages for EV batteries further stimulate demand from OEMs.
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Country Analysis: The United States commands the largest market share in 2021, buoyed by abundant raw material resources and a burgeoning EV adoption rate. Canada secures the second position, leveraging resource availability and concerted efforts by battery manufacturers to establish manufacturing facilities. Collaborative ventures and ambitious expansion plans underscore Canada's position as a key player in the North American EV batteries market.
Key Players:
Leading players driving innovation and growth in the North American EV batteries market include NOHMs Technologies, Inc., QuantumScape Corporation, American Battery Solutions, Inc., Clarios, Romeo Power, Inc., and Electrovaya Inc.
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Meticulous Market Research Pvt Ltd
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411057, India.
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We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition. Through our mixed bag of research offerings - syndicated research, custom research, and analyst engagement - we enable smart decision making to enhance business performance for global organizations. Our focus is also on finding answers to the challenging questions that global business leaders face on a daily basis. Each year, we deliver more than 300 syndicate studies and 60+ consulting projects across eight industry verticals in 20+ geographic markets.
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