Meticulous Research® has released its latest report, "North America EV Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitor, Solid-state Batteries), Capacity (300 kWh), Bonding Type (Wire, Laser), Form, Application, End User, and Country - Forecast to 2031," which forecasts the North American EV battery market to reach $73.70 billion by 2031, growing at a CAGR of 34.4% from 2024 to 2031.
The report attributes this growth to increasing investments by major automotive OEMs in regional battery production, rising electric vehicle adoption, and the ongoing decline in battery costs.

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The report also highlights opportunities in alternative battery technologies, presenting new potential for industry stakeholders. However, challenges such as high raw material import costs and the lower energy density of current battery technologies could limit growth.

According to the report, lithium-ion batteries are set to dominate the North American EV battery market, accounting for over 87.0% of the market share in 2024. This dominance is due to their higher energy density, durability, and lightweight design, which make them ideal for electric vehicles. The lithium-ion segment is also expected to achieve the highest CAGR during the forecast period, driven by OEMs' efforts to advance lithium-ion battery technology and secure a reliable supply chain.

In terms of capacity, the market is segmented into several categories, with the 51 kWh to 100 kWh range expected to account for the largest share of over 91.0% in 2024. This growth is driven by automotive OEMs' initiatives to introduce long-range electric vehicles and government plans to phase out internal combustion engines by 2030. The 101 kWh to 300 kWh segment is projected to grow at the fastest rate, driven by global efforts to electrify fleets and the increasing adoption of EVs in logistics and e-commerce.

The report also categorizes the market by bonding type, with wire bonding expected to hold the largest share of over 79.0% in 2024. This is due to its high reliability, lower production costs, and ease of maintenance. However, the laser bonding segment is projected to experience the highest growth, thanks to its precision, speed, and efficiency in battery pack assembly.

Regarding form, the pouch segment is anticipated to lead the market with a share exceeding 41.0% in 2024, driven by its higher energy density and improved safety features. The segment is also expected to register the highest CAGR as automotive and battery OEMs increasingly adopt pouch cells for their superior performance.
The report also examines the market by application, with the electric cars segment projected to dominate with a share of over 90.0% in 2024. This growth is supported by rising environmental concerns, government initiatives to promote sustainable transportation, and the automotive industry's shift towards eco-friendly vehicles. However, the light commercial vehicles segment is expected to grow at the fastest rate, driven by fleet operators' transition to EVs and the expansion of EV manufacturers' commercial vehicle offerings.
In terms of geography, the U.S. is projected to lead the North American EV battery market with a share exceeding 98.0% in 2024. This dominance is driven by substantial investments in EV battery research and development and government initiatives to support the development of EV infrastructure. The U.S. is also expected to register the highest CAGR of over 31.0%, supported by government incentives and the competitive landscape of new EV model launches.

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).

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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