North America EV Battery Market Set to Reach $73.70 Billion by 2031, Driving Major Growth in the Automotive Industry

Meticulous Research®, a leading provider of market intelligence and research services, has published its latest report revealing that the NORTH AMERICA EV BATTERY MARKET is on track to soar to $73.70 billion by 2031. The market is projected to grow at an impressive compound annual growth rate (CAGR) of 34.4% from 2024 to 2031. The report highlights key factors fueling this remarkable growth, including significant investments by top-tier automotive original equipment manufacturers (OEMs), an increased adoption of electric vehicles, and the continuous decline in battery costs.

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Key Market Drivers :

The surge in North America's EV battery market is being propelled by several critical trends:

1. Expansion of Battery Manufacturing Capabilities: Leading automotive OEMs are making strategic investments to establish state-of-the-art battery manufacturing facilities across North America. This not only ensures a localized supply chain but also addresses the growing demand for electric vehicles in the region.

2. Growing Adoption of Electric Vehicles: With consumers increasingly embracing electric vehicles due to environmental concerns, government incentives, and the rapid advancement in EV technology, the demand for efficient and affordable batteries has grown exponentially.

3. Declining Battery Prices: Advances in technology and economies of scale have led to a notable reduction in the cost of EV batteries, further incentivizing the mass adoption of electric vehicles.

However, challenges persist. High import costs for raw materials and lower energy density in existing battery technologies present ongoing hurdles that may impact the market's expansion. Yet, with increasing investments in alternative battery technologies, there remain significant growth opportunities for stakeholders in this evolving industry.

Battery Type Segment Insights :

Based on battery type, the North America EV battery market is segmented into lithium-ion batteries, sealed lead acid batteries, nickel-metal hydride batteries, ultracapacitors, solid-state batteries, and other types. In 2024, lithium-ion batteries are projected to dominate the market, accounting for more than 87% of the total share. This dominance is attributed to the higher energy density, compactness, durability, and lightweight characteristics of lithium-ion batteries, which have become essential in electric vehicle applications.

This segment is also anticipated to post the highest CAGR over the forecast period. Key OEMs are increasingly collaborating on developing and securing the supply chain for lithium-ion batteries, positioning them as leaders in EV battery technology for the future.

Capacity Analysis :

The market is further divided by battery capacity into four segments: less than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 300 kWh, and more than 300 kWh. The 51 kWh to 100 kWh segment is expected to account for over 91% of the market share by 2024. This dominance is driven by a push from leading automotive OEMs to introduce electric cars with extended ranges and higher power outputs, in line with government initiatives to phase out internal combustion engine vehicles by 2030.

On the other hand, the 101 kWh to 300 kWh segment is set to record the highest CAGR, fueled by increasing government efforts to electrify vehicle fleets and the adoption of EVs by logistics and transportation companies.

Bonding Type and Form Factor Insights :

The report also examines market segmentation based on bonding types, including wire bonding and laser bonding. Wire bonding is expected to hold a dominant position, with over 79% of the market share in 2024, thanks to its reliability, lower production costs, and thermal relief benefits. However, laser bonding is projected to experience the highest CAGR during the forecast period, owing to its advantages in high-speed, precise, and automated battery production processes.

Regarding form factor, pouch batteries are expected to lead with a 41% share of the market. The pouch form offers significant benefits, including higher energy density, improved safety performance, and lower internal resistance, making it an attractive option for EV manufacturers. This segment is also forecasted to register the highest growth rate over the coming years as OEMs increasingly prioritize the use of pouch cells for their high energy efficiency.

Applications and End-User Segments :

Among application categories, electric cars are expected to account for over 90% of the EV battery market in 2024. The growing demand for environmentally friendly vehicles, alongside government initiatives to decarbonize transportation, is driving this sector's expansion. OEMs are increasingly transitioning their product portfolios to focus on electric vehicles as consumer preferences shift towards greener alternatives.

Additionally, the light commercial vehicle segment is predicted to grow at the highest rate during the forecast period, driven by fleet operators transitioning to electric vehicles for efficiency and cost benefits. Manufacturers are also expanding their offerings in this category to capture a growing market.

In terms of end users, electric vehicle OEMs will maintain the largest share at 74%, largely due to heightened consumer interest in personal EVs and manufacturers' investments in securing battery supply chains for future models. However, battery swapping stations are projected to experience the highest growth as the adoption of battery-swapping services increases across major cities in North America.

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Country-Specific Outlook :

Geographically, the United States is expected to dominate the North American EV battery market, accounting for more than 98% of the market share by 2024. The U.S. is also anticipated to witness the highest CAGR of 31% during the forecast period. This growth is driven by significant R&D investments, government incentives, and the aggressive expansion of EV charging infrastructure across the country. Additionally, competition among industry leaders to introduce new EV models is intensifying, further propelling market growth.

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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