North America EV Battery Market Share, Revenue, Trends, Scope, Key Players, Growth Drivers, Challenges and Business Opportunities Till 2033

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North America EV Battery Market Share, Revenue, Trends, Scope, Key Players, Growth Drivers, Challenges and Business Opportunities Till 2033: SPER Market Research



 Published: Jan-2024
 Author: SPER Analyst


North America Electric Vehicle Battery Market is projected to be worth USD 101.16 Billion by 2033 with a CAGR of 28%.

Electric vehicles (EVs) are automobiles driven by one or more electric motors. It can run on a self-contained battery (which is occasionally charged by solar panels, or by converting gasoline into energy using fuel cells or a generator), an extra-vehicular electricity source, or a collecting system. Due to the fact that they run on electricity, electric vehicles provide a number of benefits over traditional fuel-powered vehicles, such as reduced running costs and no carbon emissions. As people grow increasingly worried about environmental pollution, their views towards electric vehicles are shifting, which is driving industry growth.

North America Electric Vehicle Battery Market Driving Factors and Challenges

In an effort to gradually phase out fossil fuel-powered automobiles, governments throughout the world are investing more in electric vehicles. Plans include for building out the infrastructure for public EV charging stations and encouraging adoption with tax exemptions and subsidies to support market expansion. Governments are funding private installations at homes and workplaces or indirectly supporting public charging infrastructure through direct investments. The market is growing as a result of the rise in EV sales worldwide, which is being pushed by environmental concerns, and the change in consumer preferences towards electric vehicles for both personal and business use. Furthermore, increased disposable income drives market expansion by driving up car manufacture, especially for luxury car sales.

Low-cost, high-performance electric car batteries have evolved as a result of the industry leaders' research and development efforts. For example, lithium-iron-phosphate battery systems have been developed by Tesla, the industry leader in electric automobiles. It is projected that the industry-wide deployment of electric car batteries will expand thanks to the cutting-edge battery technologies developed by battery manufacturers. A major driver propelling the growth of the North American electric vehicle battery market is the development of high-performance and cost-effective battery solutions across the North American automotive sector.

The market for electric vehicles is growing, but there are several obstacles to overcome, chief among them being high initial costs and limited range and charging infrastructure. Growth in the industry is hampered by the high upfront costs associated with constructing EV fast charging infrastructure and the inadequate standardisation of EV charging infrastructure. Furthermore, range anxiety among prospective customers is impeded by the limited driving range of electric vehicles and the lack of a strong charging infrastructure, which limits market penetration. To overcome these obstacles and promote long-term growth in the electric vehicle industry, it is necessary to solve issues with high car costs, improve the accessibility and availability of charging stations, and build more standardised procedures in the infrastructure for EV charging.


Impact of COVID-19 on North America Electric Vehicle Battery Market
The market for electric vehicle batteries in North America was significantly impacted by the Covid-19 epidemic. The pandemic's early stages caused interruptions to the production process, the supply chain, and customer demand. Nevertheless, the market has proven resilient, slowly rebounding as economies reopen and consumer confidence grows. In addition to emphasising the value of environmentally friendly mobility, the pandemic has raised interest in electric cars as a means of cutting emissions and fostering future resilience.

North America Electric Vehicle Battery Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; AKASOL, Contemporary Amperex Technology Co., Limited (CATL), East Penn Manufacturing Company, Electrovaya, ENVISION AESC GROUP LTD., Gotion Inc., LG Energy Solution, Panasonic Corporation, Samsung SDI, SK innovation Co. Ltd, Others.


North America Electric Vehicle Battery Market Segmentation:

By Battery Type: Based on the Battery Type, North America Electric Vehicle Battery Market is segmented as; Lead-Acid Battery, Li-ion Battery, Other Battery Types.

By Component: Based on the Component, North America Electric Vehicle Battery Market is segmented as; Battery Cells & Packs, Infotainment System, On-Board Charger, Others.

By Vehicle Type: Based on the Vehicle Type, North America Electric Vehicle Battery Market is segmented as; Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger Cars, Two Wheelers.

By Propulsion Type: Based on the Propulsion Type, North America Electric Vehicle Battery Market is segmented as; Battery Electric Vehicles (BEVs), Fuel cell electric vehicles (FCEVs), Hybrid electric vehicles (HEVs), Plug-In Hybrid Electric Vehicles (PHEVs).

By Region: This research also includes data for Canada, United States and rest of North America.

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.

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