Jul 7, 2022   SOURCE: BusinessWire

North America Electric Vehicle Battery Market Report 2022: Industry Expected to Grow by Over 27% By 2027 - ResearchAndMarkets.com

The "North America Electric Vehicle Battery Market Outlook, 2027" report has been added to ResearchAndMarkets.com's offering.

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.

EV battery is segmented into major two parts including Lithium Ion battery and Lead Acid battery. 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.

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.

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.

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

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

Key Topics Covered:

1. Executive Summary

2. Report Methodology

3. Market Structure

3.1. Market Considerate

3.2. Market Definition

4. Economic/Demographic Snapshot

5. Global Electric Vehicle Battery Market Outlook

5.1. Market Size By Value

5.2. Market Share

5.2.1. By Region

6. North America Electric Vehicle Battery Market Outlook

6.1. Market Size By Value

6.2. Market Share

6.3. US Electric Vehicle Battery Market Outlook

6.4. Canada Electric Vehicle Battery Market Outlook

6.5. Mexico Electric Vehicle Battery Market Outlook

7. Market Dynamics

7.1. Key Drivers

7.2. Key Challenges

8. Market Trends and Developments

10. Strategic Recommendations

Companies Mentioned

  • Contemporary Amperex Technology Co. Limited
  • LG Chem Limited
  • BYD Company Limited
  • Samsung SDI Co. Limited
  • Clarios (US) Formerly Know Johnson controls inc
  • GS Yuasa International Limited
  • A123 Systems LLC (Subsidiary Of Wanxiang Group Corporation)
  • Beijing Pride Power Battery Technology Co Limited
  • Altair Nanotechnologies Inc.
  • Aptiv Plc
  • Vehicle Energy Japan Co. Ltd. (Under Hitachi Automotive System. Limited)

For more information about this report visit https://www.researchandmarkets.com/r/pijrtp