North America EV Battery Market to be Worth $73.70 Billion by 2031

North America EV Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitor, 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 2031

Meticulous Research^®—a leading market research company, published a research report titled, ‘North America EV Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitor, 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 2031’

According to this latest publication from Meticulous Research^®, the North America EV battery market is projected to reach $73.70 billion by 2031, at a CAGR of 34.4% from 2024 to 2031. The growth of the North America EV battery market is driven by increasing investments by leading automotive OEMs to set up battery manufacturing facilities in the region, increasing adoption of EVs, and decreasing battery prices.

Furthermore, increasing investments in alternative battery technology are expected to generate growth opportunities for the stakeholders in this market. However, the high import cost of raw materials for battery manufacturing and the lower energy density of batteries are major challenges impacting market growth.

Based on type, the North America EV battery market is segmented into lithium-ion batteries, sealed lead acid batteries, nickel-metal hydride batteries, ultracapacitors, solid-state batteries, and other battery types. In 2024, the lithium-ion batteries segment is expected to account for the largest share of above 87.0% of the North America EV battery market. The segment’s large market share is mainly attributed to lithium-ion battery's higher energy density, compactness, durability, and lightweight, and increased adoption of lithium-ion batteries in electric vehicles.

Moreover, the lithium-ion batteries segment is expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by OEMs' increasing focus on partnerships to develop lithium-ion batteries, secure the battery supply chain for their existing and upcoming electric vehicles, and achieve technology leadership in EV batteries.

Based on capacity, the North America EV battery market is segmented into less than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 300 kWh, and more than 300 kWh. In 2024, the 51kWh to 100kWh segment is expected to account for the largest share of above 91.0% of the North America EV battery market. The segment’s large share is mainly attributed to factor such as e increasing initiatives by leading automotive OEMs to launch long-range and more powerful electric cars and targets set by governments across the region to phase out internal combustion engine vehicles by 2030.

However, the 101kWh to 300kWh segment is expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by the growing initiatives by governments worldwide for fleet electrification, new vehicle launches by automotive OEMs for logistics and transportation applications, and the increasing adoption of EVs by e-commerce companies.

Based on bonding type, the North America EV battery market is segmented into wire bonding and laser bonding. In 2024, the wire bonding segment is expected to account for the larger share of above 79.0% of the North America EV battery market. The segment’s large share is mainly attributed to factors such as the high reliability of wire bonding technology, low production cost, better thermal relief properties, lesser scrap production, and easy replaceability of faulty wire bonds.

However, the laser bonding segment is expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by the advantages of laser bonding, such as narrow welds, high welding speed, and low heat level, which enable fast, automated, precise production of battery pack conductive joints.

Based on form, the North America EV battery market is segmented into prismatic, cylindrical, and pouch. In 2024, the pouch segment is expected to account for the largest share of above 41.0% of the North America EV battery market. The segment’s large share is mainly attributed to the benefits of pouch battery form, such as higher energy density, more safety performance, and lower internal resistance.

Moreover, the pouch segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by increasing initiatives by automotive OEMs and battery OEMs to increase the use of pouch cells due to their high energy density.

Based on application, the North America EV battery market is segmented into electric cars, light commercial vehicles, heavy commercial vehicles, e-scooters & motorcycles, and e-bikes. In 2024, the electric cars segment is expected to account for the largest share of above 90.0% of the North America EV battery market. The segment’s large share is mainly attributed to the growing concerns regarding the negative environmental effects of vehicular emissions, supportive government initiatives to decarbonize transportation, and increasing efforts by major automotive OEMs to reduce greenhouse gas emissions and transform their products line-ups into green, clean, and environment-friendly vehicles.

However, the light commercial vehicles segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by the increasing focus of transport fleet operators to shift to light commercial vehicles and the growing focus of EV manufacturers on expanding their light commercial vehicles lineup.

Based on end user, the North America EV battery market is segmented into electric vehicle OEMs and battery swapping stations. In 2024, the electric vehicle OEMs segment is expected to account for the larger share of above 74.0% of the North America EV battery market. The segment’s large share is mainly attributed to the increasing consumer adoption of EVs for personal use, increasing investment by automotive OEMs in EV battery manufacturing capacities to create a secure supply chain for their future electric vehicles, and increasing launch of new EV models by automotive OEMs.

However, the battery swapping stations segment is expected to record the highest CAGR during the forecast period. This segment's growth is mainly driven by growing battery-swapping services in the region and the expansion of battery-swapping stations across the major cities.

Based on country, the North America EV battery market is segmented into the U.S. and Canada. In 2024, the U.S. is expected to account for the larger share of above 98.0% of the North America EV battery market. The large market share of this country is attributed to the growing investment of companies in the research & development of EV battery technology and growing government initiatives in developing charging infrastructures.

Moreover, the U.S. is projected to register the highest CAGR of above 31.0% during the forecast period. This region's growth is attributed to the growing government incentive programs and subsidies for purchasing EVs and increasing competition among industry leaders to launch new models.

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).

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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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