North America EV Battery Market

1. North America EV Battery Market

2. North America EV Battery Market 2021-2028 According to a new market research report titled “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,”published by Meticulous Research®, the North America EV batteries market is expected to grow at a CAGR of 30% from 2021 to reach $22.79 billion by 2028. Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample- report/cp_id=5219 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 provide protection from external shocks such as heat or vibration. EV batteries with high power and high energy density provide an optimal driving range to vehicles. The major factors driving the North American EV batteries market include increasing investments by leading automotive OEMs to set up battery manufacturing facilities in the region, increasing adoption of EVs, and decreasing battery prices. The high Import cost of raw materials for battery manufacturing is a major challenge for the growth of the EV batteries market. The Impact of COVID-19 on the North American Electric Vehicle Batteries Market The COVID-19 crisis led to disrupted supply chains, limited operations and workforce, and factory closures, causing a severe decline in electric vehicle sales, which directly affected the sales of batteries, especially in the electric vehicles segment. The energy materials and renewable generation and conversion market, including battery-powered electric vehicles, grid storage, and personal electronic devices, were no exception to the negative impacts of the COVID-19 pandemic. 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 Page 1 of 6 © Meticulous Research| sales@meticulousresearch.com

3. North America EV Battery Market 2021-2028 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. Aggressive government initiatives in stabilizing the automobile industry are anticipated as a key factor to trigger the adoption rate of EVs in the coming years. For instance, in June 2021, the U.S. Department of Energy (DOE) announced $200 million funding over the next five years for electric vehicles, batteries, and connected vehicles projects at DOE national labs and new DOE partnerships to support electric vehicles innovation. The government of Canada has already invested over $1 billion to support increased zero-emission vehicle adoption and aims at pursuing a combination of investments and regulations to help the citizens and industries in this transition. These initiatives are expected to boost the North American EV batteries market. Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to- analyst/cp_id=5219 The North American EV batteries market is segmented by type, capacity, bonding type, form, application, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level. Based on type, the lithium-ion battery segment is expected to account for the largest share of the North American EV batteries market in 2021. The large market share of this segment is mainly attributed to its higher energy density, lightweight feature, compactness, and durability. Various automotive OEMs are partnering with battery OEMs to develop lithium- ion batteries and secure a battery supply chain for their existing and upcoming electric vehicles and achieve technology leadership in EV batteries. For instance, in 2021, Retriev Technologies Inc, a pioneer and market leader in the North American battery recycling industry, and Marubeni Corporation signed a strategic partnership agreement to develop a new circular business for end-of-life lithium-ion batteries. Based on capacity, the 51kWh to 100kWh segment is expected to account for the largest share of the North American EV batteries market in 2021. The large market share of this segment is mainly attributed to the increasing initiatives by leading automotive OEMs to launch long-range and more powerful electric cars, rising adoption of electric cars in developing economies, and targets set by governments across the region to phase out internal combustion engine vehicles by 2030. Additionally, governments in the region are increasingly launching subsidies and initiatives to increase electric mobility adoption. Page 2 of 6 © Meticulous Research| sales@meticulousresearch.com

4. North America EV Battery Market 2021-2028 Based on bonding type, the wire bonding segment is expected to account for the largest share of the North American EV batteries market in 2021. The large market share of this segment is mainly attributed to the high reliability of wire bonding technology, low 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 prismatic segment is expected to account for the largest share of the North American EV batteries market in 2021. 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 electric cars segment is expected to account for the largest share of the North American EV batteries market in 2021. 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 product 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 electric vehicle OEMs segment is expected to account for the largest share of the North American EV batteries market in 2021. The large market share of this segment is mainly attributed to increasing consumer 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 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. Based on country, the U.S. is expected to account for the largest share of the North American EV batteries market in 2021. The large market share of this country is mainly attributed to the rising adoption of electric Page 3 of 6 © Meticulous Research| sales@meticulousresearch.com

5. North America EV Battery Market 2021-2028 vehicles in this region, the presence of raw materials for the production of cobalt and lithium, and increasing investments in EV battery development to support the increasing demand for EV batteries. Quick Buy – North American Electric Vehicle Batteries Market Research Report: https://www.meticulousresearch.com/Checkout/52284271 Canada is also expected to witness a decent growth during the forecast period. The growth of EV batteries market in this country is mainly attributed to the availability of cobalt, lithium, and other raw material reserves in the country and increasing 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 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 to build a 10GWh plant in Ontario. The key players operating in the North American 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) among others. To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/north-america- ev-battery-market-5219 Scope of the Report North America EV Battery Market, by Type • Lithium-ion battery • Sealed Lead Acid Battery • Nickel-metal Hydride Battery • Ultracapacitors • Solid-state Batteries • Other Batteries North America EV Battery Market, by Capacity • Less Than 50 kWh Page 4 of 6 © Meticulous Research| sales@meticulousresearch.com

6. North America EV Battery Market 2021-2028 • 51 kWh to 100 kWh • 101 kWh to 300 kWh • More Than 300 kWh North America EV Battery Market, by Bonding Type • Wire Bonding • Laser Bonding North American EV Battery Market, by Form • Prismatic • Cylindrical • Pouch North America EV Battery Market, by Application • Electric Cars Battery Electric Vehicles o Lithium-ion Battery ▪ Nickel-metal Hydride Battery ▪ Ultracapacitors ▪ Solid-state Batteries ▪ Other Batteries ▪ Plug-in Hybrid Electric Vehicles o Lithium-ion Battery ▪ Ultracapacitors ▪ Solid-state Batteries ▪ Other Batteries ▪ Pure Hybrid Electric Vehicles o Lithium-ion Battery ▪ Nickel-metal Hydride Battery ▪ Ultracapacitors ▪ Solid-state Batteries ▪ Other Batteries ▪ • Light Commercial Vehicles • Heavy Commercial Vehicles • E-scooters & Motorcycles Page 5 of 6 © Meticulous Research| sales@meticulousresearch.com

7. North America EV Battery Market 2021-2028 • E-bikes North America EV Battery Market, by End User • Electric Vehicle OEMs • Battery Swapping Stations North America EV Battery Market, by Country • U.S. • Canada Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample- report/cp_id=5219 Contact Us: Meticulous Research® Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 6 of 6 © Meticulous Research| sales@meticulousresearch.com