North America Electric Vehicle (EV) Battery Market Worth $22.79 Billion by 2028- Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

The North America EV Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, 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 2028″, the North America EV battery market is expected to grow at a CAGR of 30% from 2021–2028 to reach $22.79 billion by 2028.

Electric vehicle batteries are used to power the electric motors of battery electric vehicles (BEV) or hybrid electric vehicles (HEV). EV batteries are made up of numerous cells which are inserted into a module to protect them from external shocks such as heat or vibration. EV batteries with high power and high energy density provide an optimal driving range to the vehicles.

The growth of this market is attributed to factors, such as increasing investments by leading automotive OEMs to set up battery manufacturing facilities in the region, increasing adoption of EVs, and decreasing battery prices. Additionally, increasing investments in alternative battery technologies provide significant opportunities for the growth of this market.

However, the less energy density of batteries and high import costs of raw materials for battery manufacturing is the major challenging factor for the growth of the North American EV Batteries market.

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The Impact of COVID-19 on the North America EV Battery Market

The COVID-19 pandemic outbreak caused widespread economic downturns. Several countries imposed strict lockdowns to contain the infection, leading to the closure of manufacturing industries and disruptions in supply chains and production schedules. As a result, the light vehicles market suffered a decline in revenue close to 20% in 2020, significantly affecting the EV batteries market in North America. Furthermore, shifts in consumer purchasing behavior due to the pandemic’s uncertainty are expected to have significant consequences for the industry’s near-future growth.

In North America, the U.S. was impacted severely by the pandemic causing significant damages in terms of life, resources, and economy. The adoption of EVs had fallen in the first & second quarters of 2020, which affected the sale of EV batteries in North America. People avoided shared mobility and public transit to reduce the risk of infection, and due to remote working, distance traveled also decreased. In the U.S., vehicle sales declined by 12% in the first quarter of 2020 compared to Q1 in 2019 due to the COVID-19 outbreak. Additionally, vehicle sales declined significantly as the year progressed, with a 33% year-on-year decline in Q2, followed by a slight rebound in Q3, with sales 7% lower than 2019 Q3 sales. The cost of battery packs witnessed a drastic fall, from over $1,000/kilowatt-hour (kWh) in 2010 to approximately $137/kWh in 2020, which affected the North American EV batteries market.

The North American EV batteries market is segmented by type, capacity, bonding type, form, application, end user, and country. The study also evaluates industry competitors and analyzes the market at the country level.

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Increasing Adoption of EVs to support the market growth

The growing number of pilot projects for the installation of charging infrastructures at various public places, rising adoption of EVs, growing government incentive programs and subsidies on purchasing EVs, and increasing competition among industry leaders to launch new models of EVs are some of the key factors driving the growth of the North American EV batteries market.

The state and local governments are supporting the growth of the EV market by introducing numerous policies, infrastructure buildouts, incentives, and awareness campaigns. States adopting zero-emission vehicles (ZEV) regulations further trigger the adoption of EVs by expanding model availability and providing assurance for charging infrastructure investments. California, Colorado, New Jersey, and Washington are at the forefront of adopting these regulations. Government support is one of the key factors driving the EV market’s growth, thereby boosting the North American EV batteries market.

Additionally, automotive OEMs announced huge investments in 2020 for the transition to electric mobility. For instance, Tesla invested $1 billion in Austin, Texas, to build a Gigafactory. The factory will produce Cybertruck EVs by late 2021. Also, Volkswagen invested $800 million in its Chattanooga, Tennessee plant to upgrade the plant for EV production. The upgradation work began in August 2020.

Companies in this region are heavily investing in the production of electric vehicles. For instance, in October 2020, GM announced a USD 2 billion investment to transform its Spring Hill assembly plant into a dedicated EV assembly plant. GM plans to invest approximately $27 billion in EV products between 2020–2025. In December 2019, GM and LG Energy Solution announced plans to build a plant in Lordstown, Ohio, to mass-produce battery cells for electric vehicles with an approximate investment of $2.3 billion. The factory is slated for completion in 2022. In October 2020, the Canadian government and the province of Ontario announced $223 million each into the Ford Motor Company’s Oakville, Ontario assembly plant to repurpose the factory to build five new electric vehicle models and batteries. These developments are expected to support the growth of the EV batteries market in North America during the forecast period. Such advancements and governments support are poised to boost the adoption of EVs in North America, thereby boosting the North American EV batteries market during the forecast period.

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To provide efficient analysis, Meticulous Research® has segmented this market based on type ( lithium-ion battery, sealed lead acid battery, nickel-metal hydride battery, ultracapacitors, solid-state batteries, and other batteries), capacity (less than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 300 kWh, and more than 300 kWh), bonding type (wire bonding, and laser bonding), form ( prismatic, cylindrical, and pouch), application (electric cars, light commercial vehicles, heavy commercial vehicles, e-scooters and motorcycles, and e-bikes), end user (electric vehicle OEMs, and battery swapping stations), and country.

Based on type, the North American EV Batteries market is mainly segmented into lithium-ion battery, sealed lead acid battery, nickel-metal hydride battery, ultracapacitors, solid-state battery, and other batteries. In 2021, the lithium-ion battery segment is expected to account for the largest share of the North American EV batteries market. The large market share of this segment is mainly attributed to its higher energy density, compactness, durability, and lightweight feature. Various automotive OEMs are partnering with battery OEMs to develop lithium-ion batteries and secure battery supply chains for their existing and upcoming electric vehicles and achieve technology leadership in EV batteries.

Based on capacity, the North American EV Batteries market is mainly segmented into less than 50kWh, 51kWh to 100kWh, 101kWh to 300kWh, and more than 300kWh. In 2021, the 51kWh to 100kWh segment is expected to account for the largest share of the North American EV batteries market. The large market share of this segment is mainly attributed to increasing initiatives by leading automotive OEMs to launch long-range and more powerful electric cars, increasing adoption of electric cars in developing economies, and targets set by governments across the region to phase out internal combustion engine vehicles by 2030.

Based on bonding type, the North American EV Batteries market is mainly segmented into wire bonding and laser bonding. In 2021, the wire bonding segment is expected to account for a larger share of the EV batteries market. The large share of this segment is mainly attributed to the higher reliability of wire bonding technology, lower production cost, better thermal relief properties, lower scrap production, and easy replaceability of faulty wire bonds. Wire bonding can handle extreme temperature ranges, shock, and vibrations over increasingly longer lifetimes. Hence, wire bonding is increasingly utilized in battery cell-to-cell connections, battery cell-to-busbar connections, and battery management system (BMS) interconnects.

Based on form, the North American EV Batteries market is mainly segmented into prismatic, cylindrical, and pouch. In 2021, the prismatic segment is expected to account for the largest share of the North American EV batteries market. The large market share of this segment is attributed to its high-power quality and its thin profile, which provides better space utilization and flexibility in battery design. Prismatic cells offer better layering options than other types of cells, due to which they are commonly used in EV batteries. Additionally, prismatic cells are highly stable since they are encased in steel or aluminum casing.

Based on application, the North American EV Batteries market is segmented into electric cars, light commercial vehicles, heavy commercial vehicles, e-scooters & motorcycles, and e-bikes. In 2021, the electric cars segment is expected to account for the largest share of the North American EV batteries market. The large market share of this segment is mainly attributed to the growing concerns regarding the negative environmental effects of vehicular emissions, supportive government initiatives to decarbonize transportation, and the increasing efforts by major automotive OEMs to reduce greenhouse gas emissions and transform their products line-ups into green and clean, environment-friendly vehicles. Battery OEMs are increasingly investing in the R&D of new battery technologies to cost-effectively reduce the battery size of EVs and improve their performance and power-to-weight ratio.

Based on end user, the North American EV Batteries market is segmented into electric vehicle OEMs and battery swapping stations. In 2021, the electric vehicle OEMs segment is expected to account for a larger share of the North American EV batteries market. The large market share of this segment is mainly attributed to the rising adoption of EVs for personal use, increasing investments by automotive OEMs in EV battery manufacturing capacities to create a secure supply chain for their future electric vehicles, and the increasing launch of new EV models by automotive OEMs. Additionally, all major EV OEMs currently offer warrant coverages for batteries for eight to ten years, due to which customers buy replacement batteries for older EVs from OEMs, further supporting the battery demand by EV OEMs.

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Based on country, the U.S. is expected to account for the largest share of the North American EV Batteries market in 2021. The country’s large market share is mainly attributed to the rising adoption of electric vehicles in this region, availability of raw materials in the country for the production of cobalt and lithium, and increasing investments in EV battery development to support the increasing demand for EV batteries.

Canada is estimated to hold the second position in terms of market share in the North American EV Batteries in 2021. The large market share is mainly attributed to the availability of cobalt, lithium, and other raw material reserves in the country and the initiatives by battery manufacturers to set up battery manufacturing plants. For instance, Martinrea, an auto car manufacturer, and NanoXplore, a graphene producer, set up a joint venture called VoltaXplore to manufacture EV batteries with improved charging time, range, longevity, and the ability to operate at lower temperatures. The plant has the capacity to produce up to 1,000 batteries per day. Also, Britishvolt, a UK-headquartered cell manufacturing startup, announced its plans to build a 60GWh plant in Quebec. Additionally, Stromvolt, a Canadian headquartered startup, announced plans to build a 10GWh plant in Ontario.

Key Players

The key players operating in the North America EV Batteries 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).

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