The batteries within electric vehicles (EVs), also referred to as EV batteries, power their propulsion systems, allowing them to function independently of conventional internal combustion engines. Lithium-ion cells, which chemically store electrical energy and release it to power the vehicle's electric motor, are the usual components of these batteries. An electric vehicle's battery pack's size and efficiency have a significant impact on its performance and range. Batteries are designed and manufactured with longevity, charging speed, and energy density in mind.
According to SPER market research, ‘United States Electric Vehicle Battery Market Size- By Battery Type, By Battery Capacity, By Pack Type, By Vehicle Type, By Vehicle Category, By Sales Channel - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the United States Electric Vehicle Battery Market is predicted to reach USD 10.08 billion by 2033 with a CAGR of 5.68%.
Drivers:
One of the enduring market trends is rapid electrification. The global EV battery market is expected to increase as a result of the government's emphasis on building a robust network of EV charging stations and the EV ecosystem to promote the use of emission-free transportation. Global market dynamics are also being impacted by OEMs' concentration on electrification adoption on a larger scale.
For example, with regard to the number of vehicles sold in 2023, 18 of the top 20 manufacturers globally (together, they will represent almost 90% of global new car sales) have committed to increasing production of their current electric lineup and expanding the range of models offered.
Challenges:
There are several challenges facing the US electric vehicle (EV) battery sector as it expands and matures. One important factor that can deter potential buyers and drive up the overall cost of electric vehicles is the high cost of EV batteries. The country's poor EV charging infrastructure makes it more difficult for EVs to become widely adopted and may make buyers anxious about range anxiety and finding charging stations. As demand for electric vehicles (EVs) develops, supply chains for essential raw materials like cobalt and lithium are under pressure, which presents a challenge to the sustainability and scalability of battery manufacture.
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Impact of COVID-19 on United States Electric Vehicle Battery Market
The COVID-19 epidemic has a significant impact on the market expansion for EV batteries. Because the outbreak hindered the mining of resources like aluminum, nickel, cobalt, and lithium, the production of batteries was delayed. The disruption of supply chains and manufacturing facilities brought on by the scarcity of raw materials ultimately resulted in a drop in the sales of electric vehicles.
US Electric Vehicle Battery Market Key Players:
Additionally, some of the market key players are; Crown Battery Corporation, Tesla Motors Inc, Wanxiang Group Corporation, General Motors.
United States Electric Vehicle Battery Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Battery Type: Based on the Battery Type, United States Electric Vehicle Battery Market is segmented as; Lithium-ion Batteries, Lead Acid Batteries, Nickel Hydride batteries, Others.
By Battery Capacity: Based on the Battery Capacity, United States Electric Vehicle Battery Market is segmented as; Less than 25 kWh, 25 to 50 kWh, 51 to 100 kWh, More than 100 kwh.
By Pack Type: Based on the Pack Type, United States Electric Vehicle Battery Market is segmented as; Prismatic, Cylindrical, Pouches.
By Vehicle Type: Based on the Vehicle Type, United States Electric Vehicle Battery Market is segmented as; Hybrid Electric Vehicles, Plug-in-Hybrid Electric Vehicles, Battery Electric Vehicles.
By Vehicle Category: Based on the Vehicle Category, United States Electric Vehicle Battery Market is segmented as; Two Wheelers, Passenger vehicles, Commercial Vehicles.
By Sales Channel: Based on the Sales Channel, United States Electric Vehicle Battery Market is segmented as; OEMs, Aftermarket.
By Region: This research also includes data for Eastern, Western, Northern, Southern.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
United States EV Battery Market Revenue
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