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North America Electric Vehicle Battery Market Size, Share: By Battery Type: Lead-Acid, Lithium-Ion, Nickel-Metal-Hydride, Others; By Propulsion Type: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Others; By Vehicle Type; By Battery Capacity; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
North America Electric Vehicle Battery Market Outlook
The North America electric vehicle battery market size reached approximately USD 10.78 billion in 2023. The market is further projected to grow at a CAGR of 21.1% between 2024 and 2032, reaching a value of USD 63.39 billion by 2032.
Key Trends in the Market
Electric vehicle batteries refer to rechargeable batteries that are used for powering the electric motors in a hybrid electric vehicle or battery electric vehicle. These batteries are designed to provide high energy density and power to weight ratio. The batteries, through an electrochemical reaction, convert chemical energy to electrical energy.
- The increasing efforts by the governments in the region to boost the adoption of electric vehicles is aiding the North America electric vehicle battery market growth. These initiatives include rising construction of charging stations to enhance consumer convenience and growing efforts to increase the affordability of electric vehicles.
- Increasing awareness about the various negative environmental effects associated with the utilisation of traditional fuel operating vehicles is encouraging the regional population to adopt electric vehicles, propelling the electric vehicle battery demand.
- The provision of incentives by the government to boost the manufacture of various components and parts of electric vehicles, including batteries, is also providing lucrative growth opportunities to the market.
North America Electric Vehicle Battery Market Analysis
On the basis of battery type, the market is divided into lead-acid, lithium-ion, and nickel-metal-hydride, among others. Based on propulsion type, the market is classified into battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV).
On the basis of vehicle type, the market is segregated into two-wheeler, passenger vehicle, and commercial vehicle. Based on battery capacity, the market is categorised into less than 100 KWH, 101-200 KWH, 201-300 KWH, and more than 300 KWH.
On the basis of country, the North America electric vehicle battery market segmentation includes United States of America and Canada.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- 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
Market Share by Battery Type
Lithium-ion batteries are anticipated to account for a significant North America electric vehicle battery market share over the forecast period. This growth can be attributed to the high energy efficiency offered by the batteries, good-high temperature performance, and high power to weight ratio, among others. Additionally, most of the components of the batteries can be recycled, further bolstering their adoption.
Market Share by Propulsion Type
Battery electric vehicles (BEV) is anticipated to witness significant growth in the coming future. This growth can be attributed to the growing efforts of major automobiles OEMs towards the reduction of greenhouse gas emissions. They are also investing towards the transformation of their product line-ups into environment friendly, clean, and green vehicles, boosting the North America electric vehicle battery market demand.
Competitive Landscape
BYD Company Ltd., headquartered in Shenzhen, China, is a motor vehicle manufacturing company that specialises in electric vehicle batteries, electric forklifts, LED lighting, electric vehicles, and energy storage, among others.
Panasonic Corporation is a multinational electronics company that was founded in 1918 and is headquartered in Osaka, Japan. The company is known for providing a wide range of integrated solutions across various sectors including energy and utilities and automotive, among others.
Hitachi, Ltd., headquartered in Tokyo, Japan, is an electronics and appliance manufacturing company that was founded in 1910. The company specialises in electric vehicle batteries, electronics systems and equipment, and automotive systems, among others.
Other North America electric vehicle battery market key players include LG Energy Solution Ltd., Samsung SDI Co. Ltd., BorgWarner Inc., Toshiba Corporation, SK Inc., Electrovaya Inc., East Penn Manufacturing Co., and Clarios, LLC, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Battery Type |
|
| Breakup by Propulsion Type |
|
| Breakup by Vehicle Type |
|
| Breakup by Battery Capacity |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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
Key Questions Answered in the Report
The market reached a value of approximately USD 10.78 billion in 2023.
The market is projected to grow at a CAGR of 21.1% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 63.39 billion by 2032.
The major market drivers include increasing awareness about the various negative environmental effects associated with the utilisation of traditional fuel operating vehicles and rising initiatives to reduce greenhouse gas emissions.
The key trends fuelling the growth of the market include rising construction of charging stations and provision of incentives by the government to boost the manufacture of various components and parts of electric vehicles.
The major countries in the market are United States of America and Canada.
The propulsion types include battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV).
The key players in the market are 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., and Clarios, LLC, among others.
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