North America’s Electric Vehicle Battery Industry to be Worth $73.70 Billion by 2031
North America EV Battery Market: A Growth Perspective
Meticulous Research® has published an insightful report 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.’ This report indicates that the North America EV battery market is projected to reach $73.70 billion by 2031, experiencing a remarkable CAGR of 34.4% from 2024 to 2031. The growth in this market is primarily attributed to the significant investments in battery manufacturing facilities, the rising popularity of electric vehicles, and the declining costs of battery technologies that enhance consumer affordability.
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Investment Trends in Alternative Battery Technologies
The ongoing advancements in alternative battery technologies are pivotal for the market's future. Investments in solid-state batteries and ultracapacitors are increasing, offering promising benefits such as improved energy densities and enhanced safety features. Despite the challenges posed by high raw material import costs and energy density limitations in current technologies, the industry is expected to witness significant R&D efforts aimed at overcoming these barriers, paving the way for innovative solutions and new market opportunities.
Lithium-ion Batteries: A Market Mainstay
Lithium-ion batteries are expected to maintain their dominance in the North America EV battery market, with projections indicating they will account for over 87% of the market share by 2024. Their high energy density, lightweight nature, and long service life make them the preferred choice for electric vehicles. The increasing demand for lithium-ion batteries is driven by partnerships between automotive OEMs and battery manufacturers, facilitating a steady supply chain that supports growing EV production. This segment is anticipated to experience the highest growth rate in the forecast period as companies innovate to meet consumer demands.
Capacity Segmentation and Consumer Demand
In terms of capacity, the market is expected to see significant growth in the 51-100 kWh segment, which is projected to hold over 91% of the total market in 2024. This growth is driven by consumer demand for electric vehicles capable of longer ranges and the government’s push to phase out internal combustion engine vehicles. Additionally, the 101-300 kWh capacity segment is expected to grow at the fastest pace during the forecast period, propelled by the adoption of electric vehicles for commercial applications that require higher battery capacities for efficient operations.
Evolving Bonding Technologies in Battery Production
Wire bonding technology is set to dominate the bonding technology segment, capturing over 79% of the market in 2024. Its reliability, lower production costs, and efficient thermal management properties make it a popular choice among manufacturers. However, laser bonding is projected to experience the highest growth rate due to its precision, speed, and efficiency in high-volume manufacturing processes. The evolution of these bonding technologies is expected to enhance the reliability and performance of EV batteries, further supporting market growth.
Conclusion
The North America EV battery market is on the cusp of significant growth, driven by technological innovations, increased investments, and the expanding adoption of electric vehicles. As lithium-ion batteries continue to lead the market, emerging technologies and improvements in manufacturing processes are expected to shape the future of battery production. Despite challenges such as raw material costs, the overall outlook for the North America EV battery market remains positive, offering ample opportunities for growth and development in the coming years.
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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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