In its latest report titled "North America EV Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitor, Solid-state Batteries), Capacity (<50 kWh, 51-100 kWh, 101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Form, Application, End User, and Country - Forecast to 2031," Meticulous Research® predicts the North America EV battery market will reach $73.70 billion by 2031, growing at a robust CAGR of 34.4% from 2024 to 2031.
The report attributes this growth to the increasing investments by key automotive OEMs in local battery manufacturing, the rising adoption of electric vehicles, and the declining costs of batteries.
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The report also identifies growth opportunities in alternative battery technologies, which could create new prospects for industry players. However, the market faces challenges, including the high import costs of raw materials and the relatively low energy density of current batteries, which may limit growth.
According to the report, lithium-ion batteries are expected to dominate the market, holding over 87.0% of the share in 2024. This dominance is due to their higher energy density, durability, and lightweight nature, making them ideal for electric vehicles. The lithium-ion battery segment is also forecasted to achieve the highest CAGR during the forecast period, driven by OEMs' efforts to advance lithium-ion battery technology and secure a consistent supply chain.
In terms of capacity, the market is segmented into several categories, with the 51 kWh to 100 kWh range expected to capture the largest share of over 91.0% in 2024. This is driven by the efforts of automotive OEMs to introduce long-range electric vehicles and government initiatives aimed at eliminating internal combustion engines by 2030. The 101 kWh to 300 kWh segment is projected to grow at the fastest pace, driven by global initiatives to electrify fleets and the increasing use of EVs in logistics and e-commerce.
The report further categorizes the market by bonding type, with wire bonding anticipated to hold the largest share of over 79.0% in 2024. This is due to its high reliability, lower production costs, and ease of maintenance. However, the laser bonding segment is expected to experience the highest growth, thanks to its precision, speed, and efficiency in battery pack assembly.
Regarding form, the pouch segment is predicted to lead the market with a share exceeding 41.0% in 2024, driven by its higher energy density and improved safety features. The segment is also expected to register the highest CAGR, with automotive and battery OEMs increasingly adopting pouch cells for their superior performance.
The report also examines the market based on application, with the electric cars segment expected to dominate with a share of over 90.0% in 2024. This growth is supported by environmental concerns, government initiatives to encourage sustainable transportation, and the automotive industry's move towards eco-friendly vehicles. However, the light commercial vehicles segment is projected to grow at the fastest rate, driven by fleet operators' shift to EVs and the expansion of EV manufacturers' commercial vehicle offerings.
In terms of geography, the U.S. is projected to lead the North American EV battery market with a share exceeding 98.0% in 2024. This dominance is driven by significant investments in EV battery R&D and government initiatives to develop EV infrastructure. The U.S. is also expected to register the highest CAGR of over 31.0%, supported by government incentives and the competitive landscape of new EV model launches.
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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