North America Electric Vehicle Battery Market - Industry Analysis, Growth, Demand, Share, & Forecast To 2027

Electric vehicle battery is a tool to power the electric motors of battery electric vehicles or hybrid electric vehicle. Electronic batteries are made up of a number of cells which are inserted into a module to provide protection from external shocks such as heat or vibration. EV battery provides high power and high density ratio which allows consumer to have optimal driving range. Based on the type, EV battery is segmented into major two parts including Lithium Ion battery and Lead Acid battery. In which Lithium Ion battery is expected to account the largest market share in North America region. Li-Ion battery is mainly attributed to its higher energy density ratio, light weight feature, durability and compactness. Various manufacturers are partnering with battery original equipment manufacturer (OEM) to protect the supply chain of existing and upcoming electric vehicle battery and their innovations. In 2021, Retriev Technologies Inc (Market leader for North American battery reclining industry) and Marubeni Corporation signed a partnership agreement. Both the companies have mutual point of view in the direction to develop a new circular business for end of life Lithium ion batteries. According to the research report “North America Electric Vehicle Battery Market Outlook, 2027" published by Actual Market Research, the electric vehicle battery market is growing rapidly. North America Electric vehicle battery market is expected grow with the CAGR of more than 24% by 2027. By the country, North America region is segmented into three major sections which are United States, Canada and Mexico. The United States is expected to acquire more market share in North America region. From the overall market share, nearly 80% market share is occupied by United States. Rising adoption of the electric vehicles in this region is considered to be the important attribute for the large market share. Increasing investments in EV battery developments and appropriate presence of the raw materials for the production of the cobalt and Lithium are the enhanced factors to support the increasing demand of electric vehicles. Similarly Canada is also forecasted to witness a decent growth in upcoming years.

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In this region again there are many initiatives taken by battery manufacturers for improving battery standards. Raw materials are also present with improvising amount which makes it easier to manufacture and develop batteries. In Canada, Martinrea (an auto car manufacturer) and NanoXplore (graphene producer) partnered up for a joint venture called VoltaXplore. This is responsible to manufacture EV batteries with improved charging time, longevity, range and the ability to operate at lower temperatures. This manufacturing plant has the capacity to produce 1000 batteries per day. As per the report, North America is segmented into three types based on the propulsion technology which are BEV (battery electric vehicle), PHEV (Plug-in electric vehicle battery) and HEV (hybrid electric vehicle). BEV and PHEV, both the segments presents particular amount of market share. BEV is forecasted to have major part of the overall market share for the electric battery market. Due to lack of charging stations present in this region, PHEV shows low amount of market share with respect to other two regions. Based on the vehicle type, North America electric vehicle battery market is segmented into two parts which are Passenger vehicles and commercial vehicles. In this region, Passenger type of electric vehicle is leading the market share. Due to lack of awareness and low adaption rate of the commercial electric vehicles, this segment is showing very low amount of market share with slow progression rate. The COVID-19 pandemic resulted into disrupted supply chains, limited operations and workforce with major factory closures. That directed to severe decline in electric vehicle sales, which directly affected the sales of batteries as well as production of batteries. In North America, US is considered to get affected severely by the pandemic causing significant damages in terms of life, economy and resources. In the first and second quarter of 2020, electric vehicle sales were fallen, which affected the sales of EV batteries in North America. With this, the cost of electric batteries was also fallen drastically. To overcome the situation, government took some initiatives in stabilizing the automotive industry which became the key factor to trigger the adoption rate of EV. For instance, in June 2021, the US Department of Energy announced 200 million dollars funding over the next five years for electric vehicles, batteries and connected vehicle projects. Canada and Mexico government also invested over 1 billion dollars to support increased zero-emission vehicle adoption. These initiatives are expected to boost the North American EV batteries market.

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Kripa Shah

Senior Analyst

Major Companies present in the market 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), Enersys Inc.(U.S.), Energizer Holdings Inc.(U.S.) and Panasonic Corporation (U.S.) Considered in this report • Geography: Global • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • North America electric vehicle battery market with its value and forecast along with its segments • Country-wise electric vehicle battery market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

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Countries covered in the report • United States of America • Canada • Mexico Types of batteries in the report • Lithium-Ion battery • Lead Acid battery • Others (Nickel Metal Hybrid battery, Sodium Ion battery and Solid state) By Propulsion Type in the report: • Battery Electric Vehicle • Plug-In Hybrid Electric Vehicle • Hybrid Electric Vehicle Type of Vehicle in the report: • Passenger Vehicle • Commercial Vehicle The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to EV battery industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.