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The North American EV Batteries Market: Meticulous Research® Uncovers the Reasons for Market Growth at a CAGR of 30.2% to Reach $22.79 Billion by 2028

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The North American EV Batteries Market: Meticulous Research® Uncovers the Reasons for Market Growth at a CAGR of 30.2% to Reach $22.79 Billion by 2028

November 17
15:29 2021
The North American EV Batteries Market: Meticulous Research® Uncovers the Reasons for Market Growth at a CAGR of 30.2% to Reach $22.79 Billion by 2028
The North America Electric Vehicle Battery Market is expected to reach a value of $22.79 billion by 2028, at a CAGR of 30.2% during the forecast period 2021-2028.
North America EV Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitor, Solid-state Batteries), Capacity (300 kWh), Bonding Type (Wire, Laser), Form, Application, End User, and Country – Forecast to 2028

Electric vehicle batteries are used to power the electric motors of battery electric vehicles (BEV) or hybrid electric vehicles (HEV). EV batteries are made up of numerous cells which are inserted into a module to provide protection from external shocks such as heat or vibration. EV batteries with high power and high energy density provide an optimal driving range to vehicles.

Meticulous Research®, in its latest publication on the North American EV batteries market, states that the market will grow at a CAGR of 30.2% from 2021–2028 to reach $22.79 billion.

The growth of this market is attributed to factors such as increasing investments by leading automotive OEMs to set up battery manufacturing facilities in the region, increasing adoption of EVs, and decreasing battery prices. Also, the increasing investments in alternative battery technologies provide significant growth opportunities in this market. However, the less energy density of batteries and high import costs of raw materials for battery manufacturing is a major challenge for the growth of the North American EV batteries market.

To provide efficient analysis, Meticulous Research® has segmented this market based on type ( lithium-ion battery, sealed lead acid battery, nickel-metal hydride battery, ultracapacitors, solid-state batteries, and other batteries), capacity (less than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 300 kWh, and more than 300 kWh), bonding type (wire bonding and laser bonding), form (prismatic, cylindrical, and pouch), application (electric cars, light commercial vehicles, heavy commercial vehicles, e-scooters and motorcycles, and e-bikes), end user (electric vehicle OEMs, and battery swapping stations), and country.

Download Free Sample Report Copy Here : https://www.meticulousresearch.com/download-sample-report/cp_id=5219

Scope of the Report

North America EV Battery Market, by Type

  • Lithium-ion Battery
  • Sealed Lead Acid Battery
  • Nickel-Metal Hydride Battery
  • Ultracapacitors
  • Solid-State Batteries
  • Other Batteries

North America EV Battery Market, by Capacity

  • Less Than 50 kWh
  • 51 kWh to 100 kWh
  • 101 kWh to 300 kWh
  • More Than 300 kWh

North America EV Battery Market, by Bonding Type

  • Wire Bonding
  • Laser Bonding

North America EV Battery Market, by Form

  • Prismatic
  • Cylindrical
  • Pouch

North America EV Battery Market, by Application

  • Electric Cars
    • Battery Electric Vehicles
      • Lithium-ion Battery
      • Nickel-Metal Hydride Battery
      • Ultracapacitors
      • Solid-State Batteries
      • Other Batteries
    • Plug-in Hybrid Electric Vehicles
      • Lithium-ion Battery
      • Ultracapacitors
      • Solid-State Batteries
      • Other Batteries
    • Pure Hybrid Electric Vehicles
      • Lithium-ion Battery
      • Nickel-Metal Hydride Battery
      • Ultracapacitors
      • Solid-State Batteries
      • Other Batteries
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
  • E-scooters & Motorcycles
  • E-bikes

North America EV Battery Market, by End User

  • Electric Vehicle OEMs
  • Battery Swapping Stations

North America EV Battery Market, by Country

  • U.S.
  • Canada

 

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Based on type, the lithium-ion battery segment is expected to account for the largest share of the North American EV batteries market in 2021. The large market share of this segment is mainly attributed to its higher energy density, lightweight feature, compactness, and durability. Various automotive OEMs are partnering with battery OEMs to develop lithium-ion batteries to secure a battery supply chain for their existing and upcoming electric vehicles and achieve technology leadership in EV batteries.

Based on capacity, the 51kWh to 100kWh segment is expected to account for the largest share of the North American EV batteries market in 2021. The large market share of this segment is mainly attributed to increasing initiatives by leading automotive OEMs to launch long-range and more powerful electric cars, increasing adoption of electric cars in developing economies, and targets set by governments across the region to phase out internal combustion engine vehicles by 2030.

Based on bonding type, the wire bonding segment is expected to account for a larger share of the North American EV batteries market in 2021. The large market share of this segment is mainly attributed to the higher reliability of wire bonding technology, lower production cost, better thermal relief properties, lower scrap production, and easy replaceability of faulty wire bonds. Wire bonding can handle extreme temperature ranges, shock, and vibrations over increasingly longer lifetimes. Hence, wire bonding is increasingly utilized in battery cell-to-cell connections, battery cell-to-busbar connections, and battery management system (BMS) interconnects.

Based on form, the prismatic segment is expected to account for the largest share of the North American EV batteries market in 2021. The large market share of this segment is attributed to its thin profile, which provides better space utilization and flexibility in battery design, and high-power quality. Prismatic cells offer better layering options than other types of cells, due to which they are commonly utilized in EV batteries. Additionally, prismatic cells are highly stable since they are encased in steel or aluminum casing.

Based on application, the electric cars segment is expected to account for the largest share of the North American EV batteries market in 2021. The large market share of this segment is mainly attributed to the growing concerns regarding the negative environmental effects of vehicular emissions, supportive government initiatives to decarbonize transportation, and the increasing efforts by major automotive OEMs to reduce greenhouse gas emissions and transform their products line-ups into green and clean, environment-friendly vehicles. Additionally, Battery OEMs are increasingly investing in the R&D of new battery technologies to cost-effectively reduce the battery size of EVs to improve their performance and power-to-weight ratio.

Based on end user, the electric vehicle OEMs segment is expected to account for the largest share of the North America EV batteries market in 2021. The large market share of this segment is mainly attributed to the increasing consumer adoption of EVs for personal use, increasing investment by automotive OEMs in EV battery manufacturing capacities to create a secure supply chain for their future electric vehicles, and the increasing launch of new EV models by automotive OEMs. Additionally, all major EV OEMs currently offer warrant coverages for batteries for eight to ten years, due to which customers buy replacement batteries for older EVs from OEMs, further supporting the battery demand by EV OEMs.

To gain more insights into the market with a detailed table of content and figures, click here : https://www.meticulousresearch.com/product/north-america-ev-battery-market-5219

Based on country, the U.S. is expected to account for the largest share of the North American EV batteries market in 2021. The country’s large market share is mainly attributed to the rising adoption of electric vehicles in this region, availability of raw material resources for the production of cobalt and lithium, and increasing investments in EV battery development to support the increasing demand for EV batteries.

The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence for key players operating in this market, including 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). 

Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here-https://www.meticulousresearch.com/custom-research

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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