North America Electric Vehicle Battery Market Report and Forecast 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