EV Battery Market in North America Expected to Surge
A recent report published by Meticulous Research® titled ‘North America EV Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitor, Solid-state Batteries), Capacity, Bonding Type, Form, Application, End User, and Country - Forecast to 2031’ has projected the North America EV battery market to grow to $73.70 billion by 2031, at an exceptional CAGR of 34.4% from 2024 to 2031. The market’s growth is being driven by increased investments in the EV sector, as well as the rising adoption of electric vehicles. Additionally, falling battery prices are contributing to a more favorable market environment, enabling EVs to become more cost-competitive compared to traditional internal combustion engine vehicles.
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Investments in Battery Technology Shape Market Dynamics
The market’s expansion is further accelerated by the investments made in alternative and next-generation battery technologies, such as solid-state batteries and ultracapacitors. These innovations promise to deliver longer-lasting, more efficient energy solutions for electric vehicles. However, the high cost of importing raw materials for battery production remains a significant challenge, alongside the issue of relatively lower energy density in existing batteries. As stakeholders navigate these challenges, the growing focus on research and development is expected to drive breakthroughs in energy storage technologies, benefiting the overall market.
Dominance of Lithium-ion Batteries
Lithium-ion batteries are projected to continue their market dominance, capturing more than 87% of the market by 2024. Their higher energy density, durability, and lightweight properties make them the preferred choice for electric vehicles. The demand for lithium-ion batteries is further bolstered by automotive OEMs, who are focusing on partnerships to secure their supply chains and enhance their leadership in the electric mobility space. Lithium-ion batteries are expected to maintain the highest growth rate throughout the forecast period, fueled by technological innovations and strategic collaborations.
Demand for Longer Range and Higher Capacity Batteries
In terms of battery capacity, the 51-100 kWh segment is expected to lead the market, holding more than 91% of the share in 2024. This growth is driven by increasing demand for electric vehicles with longer driving ranges, especially as government policies push for the reduction of greenhouse gas emissions from traditional combustion engine vehicles. Meanwhile, the 101-300 kWh segment is anticipated to experience the highest growth rate, driven by the growing adoption of electric commercial vehicles for transportation, logistics, and other business operations requiring higher-capacity batteries.
Bonding Technology Evolution in Battery Production
Wire bonding is expected to remain the dominant bonding technology in 2024, accounting for over 79% of the market share. This method is preferred for its cost efficiency and superior performance, particularly in thermal management. However, laser bonding technology is expected to grow at the highest CAGR during the forecast period, as it offers increased precision, higher welding speeds, and greater efficiency in automated manufacturing processes. These advantages make laser bonding an attractive option for high-volume battery production, which is crucial as the demand for EV batteries continues to rise.
Conclusion
The North America EV battery market is set to grow rapidly over the coming years, driven by investments in new technologies, the expansion of electric vehicle adoption, and government support for cleaner transportation solutions. Lithium-ion batteries will continue to lead the market, while advancements in bonding technology and higher-capacity batteries will further shape the industry’s growth. Although challenges such as raw material costs remain, the outlook for the North America EV battery market remains positive, with significant opportunities for both established players and new entrants.
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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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