Meticulous Research® has published a new report entitled "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," which predicts that the North American EV battery market will grow to $73.70 billion by 2031, registering a CAGR of 34.4% between 2024 and 2031.

This growth is attributed to substantial investments by major automotive OEMs in regional battery manufacturing, the rising adoption of electric vehicles, and the continued decline in battery costs.

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The report also outlines growth opportunities in alternative battery technologies, which may provide new avenues for market participants. However, the market faces challenges such as high import costs for raw materials and the lower energy density of current batteries, which could constrain growth.

Lithium-ion batteries are expected to dominate the North American EV battery market, accounting for over 87.0% of the market share in 2024. This is largely due to their superior energy density, compactness, and durability, making them the preferred choice for electric vehicles. The lithium-ion segment is also forecasted to achieve the highest CAGR during the forecast period, driven by strategic partnerships among OEMs to develop advanced lithium-ion batteries and secure a stable supply chain.

Regarding capacity, the market is segmented into several ranges, with the 51 kWh to 100 kWh segment expected to capture the largest share of over 91.0% in 2024. This growth is driven by the efforts of automotive OEMs to launch long-range electric vehicles and government policies aimed at phasing out internal combustion engines by 2030. The 101 kWh to 300 kWh segment is anticipated to grow at the fastest pace, driven by global initiatives to electrify fleets and the increasing adoption of EVs in logistics and e-commerce.

The report further categorizes the market by bonding type, with wire bonding expected 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 projected to experience the highest growth, thanks to its precision, speed, and efficiency in battery pack assembly.

In terms of form, the pouch segment is expected 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 forecasted to register the highest CAGR as automotive and battery OEMs increasingly adopt pouch cells for their superior performance.

The report also segments the market by application, with the electric cars segment anticipated to dominate with a share of over 90.0% in 2024. This growth is supported by rising environmental concerns, government initiatives to encourage sustainable transportation, and the automotive industry's transition to eco-friendly vehicles. However, the light commercial vehicles segment is expected to grow at the fastest rate, driven by fleet operators' shift to EVs and the expansion of EV manufacturers' commercial vehicle offerings.

Geographically, the U.S. is expected 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 research and development, as well as government initiatives to support the development of EV infrastructure. The U.S. is also projected to register the highest CAGR of over 31.0%, fueled 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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