North America Electric Vehicle Battery Market Growth, Size, Trends, Demand and Future Outlook
North America Electric Vehicle Battery Market Size- By Battery Type, By Component, By Vehicle Type, By Propulsion Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Jan-2024 | Report ID: AMIN2432 | Pages: 1 - 154 | Formats*: |
| Category : Automotive & Transportation | |||
North America Electric Vehicle Battery Market Introduction and Overview
According to SPER Market Research, the North America Electric Vehicle Battery Market is estimated to reach USD 101.16 Billion by 2033 with a CAGR of 28%.
The report includes an in-depth analysis of the North America Electric Vehicle Battery Market, including market size and trends, product mix, applications, and supplier analysis. An electric vehicle (EV) is a car driven by one or more electric motors. It can be run on a collection system, electricity from sources other than vehicles, or a self-contained battery (which can occasionally be charged by solar panels, fuel cells, or a generator to turn fuel into electricity). Because they are powered by electricity, electric vehicles provide a number of benefits over conventional fuel-powered vehicles, such as cheap running costs and zero carbon emissions. As consumers' concerns about environmental pollution grow, their shifting attitudes towards electric vehicles are driving market expansion.
- May 2022: According to reports, CATL is nearing the end of the screening process for possible locations to start producing EV batteries in the US. The company is making its first foray into the second-biggest automotive market globally with this move, and the new facilities will supply cells to BMW AG and Ford Motor Company for their domestic EV production.
- March 2022: The announcement was made by Stellantis and LG Energy Solution of South Korea that they would be investing approximately USD 4 billion to construct an electric vehicle battery facility in Windsor, Ontario. With factory operations scheduled to begin in the first quarter of 2024, this plant will be the first of two intended battery plants to emerge from the joint venture between Stellantis—a company founded last year through the merger of Fiat Chrysler and PSA Group—and LG.
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Market Opportunities and Challenges
North America Electric Vehicle Battery Market Opportunities:
- High uptake in the transport industry: In the forecast period, there will be lucrative prospects for market participants due to the high demand for electric vehicles in the transportation and automotive industries. Furthermore, the market for electric vehicles will expand more quickly due to government activities related to EVs.
- Quick Technological Advancements: There are a lot of prospects for market expansion due to the continuous research and development in battery technology. Technological developments in battery energy density, charging speed, and durability can improve the efficiency and allure of electric vehicles, opening up new markets for electric vehicle batteries.
North America Electric Vehicle Battery Market Challenges:
- High initial costs: Market expansion is anticipated to be hampered by the high upfront cost of installing EV fast charging infrastructure and a deficiency of EV charging infrastructure. During the forecast period, the electric vehicle market is anticipated to face constraints from high car costs and inadequate standardisation of EV charging infrastructure.
- Limited Range and Charging Infrastructure: The market's ability to grow is hampered by the electric vehicles' short driving range and the absence of a robust charging infrastructure. Prospective electric vehicle purchasers continue to be concerned about range anxiety, or the dread of running out of battery power while travelling. To get around this restriction, charging stations must be more widely available and easier to get to.
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Market Competitive Landscape
The major key players in the North America Electric Vehicle Battery Market are: AKASOL, Contemporary Amperex Technology Co., Limited (CATL), East Penn Manufacturing Company, Electrovaya, ENVISION AESC GROUP LTD., Gotion Inc., LG Energy Solution, Panasonic Corporation, Samsung SDI, SK innovation Co. Ltd, Others. Due to the presence of multiple international competitors in the region, the electric vehicle battery market in North America is concentrated. Some of the industry's leading businesses concentrated on competing on the basis of the quality of the products they offered, while other significant players preferred to grow their manufacturing sites, R&D expenditures, infrastructure development, and take advantage of integration opportunities throughout the value chain.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Battery Type, By Component, By Vehicle Type, By Propulsion Type |
| Regions covered | Canada, United States and rest of North America |
| Companies Covered | AKASOL, Contemporary Amperex Technology Co., Limited (CATL), East Penn Manufacturing Company, Electrovaya, ENVISION AESC GROUP LTD., Gotion Inc., LG Energy Solution, Panasonic Corporation, Samsung SDI, SK innovation Co. Ltd, Others |
COVID-19 Impact on North America Electric Vehicle Battery Market
Since the COVID-19 was enforced to limit the virus's propagation, social distance and rigorous lockdowns had a detrimental effect on the market for electric vehicles. The demand for electric vehicles was impacted by poor consumer confidence, a partial company shutdown, and economic uncertainty. Both the supply chain and logistical operations suffered during the pandemic. In the post-pandemic environment, the market for electric vehicles is anticipated to grow faster due to the easing of regulations.
Key Target Audience
- Automobile Manufacturers
- Battery Manufacturers
- Charging Infrastructure Providers
- Consumers
- Energy Companies
- Research and Development (R&D) Entities
- Others
Our in-depth analysis of the North America Electric Vehicle Battery Market includes the following segments:
| By Battery Type: |
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| By Component: |
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| By Vehicle Type: |
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| By Propulsion Type: |
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Key Topics Covered in the Report
- North America Electric Vehicle Battery Market Size (FY’2023-FY’2033)
- Overview of North America Electric Vehicle Battery Market
- Segmentation of North America Electric Vehicle Battery Market By Battery Type (Lead-Acid Battery, Li-ion Battery, Other Battery Types)
- Segmentation of North America Electric Vehicle Battery Market By Component (Battery Cells & Packs, Infotainment System, On-Board Charger, Others)
- Segmentation of North America Electric Vehicle Battery Market By Vehicle Type (Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger Cars, Two Wheelers)
- Segmentation of North America Electric Vehicle Battery Market By Propulsion Type (Battery Electric Vehicles, Fuel cell electric vehicles, Hybrid electric vehicles, Plug-In Hybrid Electric Vehicles)
- Statistical Snap of North America Electric Vehicle Battery Market
- Expansion Analysis of North America Electric Vehicle Battery Market
- Problems and Obstacles in North America Electric Vehicle Battery Market
- Competitive Landscape in the North America Electric Vehicle Battery Market
- Impact of COVID-19 and Demonetization on North America Electric Vehicle Battery Market
- Details on Current Investment in North America Electric Vehicle Battery Market
- Competitive Analysis of North America Electric Vehicle Battery Market
- Prominent Players in the North America Electric Vehicle Battery Market
- SWOT Analysis of North America Electric Vehicle Battery Market
- North America Electric Vehicle Battery Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
4.2. COVID-19 Impacts of the North America Electric Vehicle Battery Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. North America Electric Vehicle Battery Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in North America Electric Vehicle Battery Market
7. North America Electric Vehicle Battery Market, By Battery Type (USD Million)
7.1. North America Electric Vehicle Battery Market Value Share and Forecast, By Battery Type, 2023-20337.2. Lead-Acid Battery7.3. Li-ion Battery7.4. Other Battery Types
8. North America Electric Vehicle Battery Market, By Component (USD Million)
8.1. North America Electric Vehicle Battery Market Value Share and Forecast, By Component, 2023-20338.2. Battery Cells & Packs8.3. Infotainment System8.4. On-Board Charger8.5. Others
9.1. North America Electric Vehicle Battery Market Value Share and Forecast, By Vehicle Type, 2023-20339.2. Heavy Commercial Vehicles9.3. Light Commercial Vehicles9.4. Passenger Cars9.5. Two Wheelers
10. North America Electric Vehicle Battery Market, By Propulsion Type (USD Million)
10.1. North America Electric Vehicle Battery Market Value Share and Forecast, By Propulsion Type, 2023-203310.2. Battery Electric Vehicles (BEVs)10.3. Fuel cell electric vehicles (FCEVs)10.4. Hybrid electric vehicles (HEVs)10.5. Plug-In Hybrid Electric Vehicles (PHEVs)
11. North America Electric Vehicle Battery Market Forecast, 2019-2033 (USD Million)
11.1. North America Electric Vehicle Battery Market Size and Market Share
12. North America Electric Vehicle Battery Market, By Battery Type, 2019-2033 (USD Million)
12.1. North America Electric Vehicle Battery Market Size and Market Share By Battery Type (2019-2026)12.2. North America Electric Vehicle Battery Market Size and Market Share By Battery Type (2027-2033)
13. North America Electric Vehicle Battery Market, By Component, 2019-2033 (USD Million)
13.1. North America Electric Vehicle Battery Market Size and Market Share By Component (2019-2026)13.2. North America Electric Vehicle Battery Market Size and Market Share By Component (2027-2033)
14. North America Electric Vehicle Battery Market, By Vehicle Type, 2019-2033 (USD Million)
14.1. North America Electric Vehicle Battery Market Size and Market Share By Vehicle Type (2019-2026)14.2. North America Electric Vehicle Battery Market Size and Market Share By Vehicle Type (2027-2033)
15. North America Electric Vehicle Battery Market, By Propulsion Type, 2019-2033 (USD Million)
15.1. North America Electric Vehicle Battery Market Size and Market Share By Propulsion Type (2019-2026)15.2. North America Electric Vehicle Battery Market Size and Market Share By Propulsion Type (2027-2033)
16. North America Electric Vehicle Battery Market, By Region, 2019-2033 (USD Million)
16.1. North America Electric Vehicle Battery Market Size and Market Share By Region (2019-2026)16.2. North America Electric Vehicle Battery Market Size and Market Share By Region (2027-2033)16.3. Canada16.4. United States16.5. Rest of North America
17. Company Profile
17.1. AKASOL
17.1.1. Company details17.1.2. Financial outlook17.1.3. Product summary17.1.4. Recent developments
17.2. Contemporary Amperex Technology Co., Limited (CATL)
17.2.1. Company details17.2.2. Financial outlook17.2.3. Product summary17.2.4. Recent developments
17.3. East Penn Manufacturing Company
17.3.1. Company details17.3.2. Financial outlook17.3.3. Product summary17.3.4. Recent developments
17.4. Electrovaya
17.4.1. Company details17.4.2. Financial outlook17.4.3. Product summary17.4.4. Recent developments
17.5. ENVISION AESC GROUP LTD.
17.5.1. Company details17.5.2. Financial outlook17.5.3. Product summary17.5.4. Recent developments
17.6. Gotion Inc.
17.6.1. Company details17.6.2. Financial outlook17.6.3. Product summary17.6.4. Recent developments
17.7. LG Energy Solution
17.7.1. Company details17.7.2. Financial outlook17.7.3. Product summary17.7.4. Recent developments
17.8. Panasonic Corporation
17.8.1. Company details17.8.2. Financial outlook17.8.3. Product summary17.8.4. Recent developments
17.9. Samsung SDI
17.9.1. Company details17.9.2. Financial outlook17.9.3. Product summary17.9.4. Recent developments
17.10. SK innovation Co. Ltd.
17.10.1. Company details17.10.2. Financial outlook17.10.3. Product summary17.10.4. Recent developments
17.11. Others
18. List of Abbreviations
19. Reference Links
20. Conclusion
21. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
North America Electric Vehicle Battery Market is projected to reach USD 101.16 billion by 2033, growing at a CAGR of 28% during the forecast period.
North America Electric Vehicle Battery Market grew in Market size from 2022. The Market is expected to reach USD 101.16 billion by 2033, at a CAGR of 28% during the forecast period.
North America Electric Vehicle Battery Market CAGR of 28% during the forecast period.
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North America Electric Vehicle Battery Market size is USD 101.16 billion from 2023 to 2033.
North America Electric Vehicle Battery Market Segment is covered By Battery Type, By Component, By Vehicle Type, By Propulsion Type.
The North America is anticipated to have the highest Market share in the North America Electric Vehicle Battery Market.
The key players in the Market include Companies Covered Amazon AKASOL, Contemporary Amperex Technology Co., Limited (CATL), East Penn Manufacturing Company, Electrovaya, ENVISION AESC GROUP LTD., Gotion Inc., LG Energy Solution, Panasonic Corporation, Samsung SDI, SK innovation Co. Ltd, Others.
An electric vehicle (EV) is a car driven by one or more electric motors. It can be run on a collection system, electricity from sources other than vehicles, or a self-contained battery (which can occasionally be charged by solar panels, fuel cells, or a generator to turn fuel into electricity).
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