The North America Electric Vehicle Battery Market is expected to reach a value of $22.79 billion by 2028, at a CAGR of 30.2% during the forecast period 2021-2028. Increasing investments by leading automotive OEMs for setting up battery manufacturing facilities in the region, increasing adoption of EVs, and decreasing battery prices are some of the major factors driving the growth of this market. Increasing investments in alternative battery technology provide significant growth opportunities for market players.
The high import cost of raw materials for battery manufacturing is a major challenge for the growth of the North American EV batteries market.
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The North American EV batteries market study presents historical market data in terms of value (2019 and 2020), estimated current data (2021), and forecasts till 2028. The market is segmented based on type, capacity, bonding type, form, application, end user, and country. The study also evaluates industry competitors and analyses the market at the regional and country levels.
The Impact of COVID-19 on the North America EV Battery Market
The COVID-19 pandemic severely impacted several sectors, including the automotive sector, with major manufacturers temporarily shutting down their operations or operating with limited capacities in accordance with the directives issued by their respective governments. The energy materials and renewable generation & conversion industry, including battery-powered electric vehicles, grid storage, and personal electronic devices, witnessed a decline, directly affecting batteries' sales, especially in the electric vehicles segment.


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 EV batteries market. The large market share of this segment is mainly attributed to its higher energy density, lightweight feature, compactness, and durability. Automotive OEMs are partnering with battery OEMs for the development of batteries for upcoming electric vehicles.
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 initiatives of automotive OEMs to launch long-range and more powerful electric cars and governments targets to phase out of internal combustion vehicles.
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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 North American EV batteries market. The large market share of this segment is mainly attributed to low production cost, high reliability of wire bonding technology, better thermal relief properties, and easy replaceability of faulty wire bonds. Wire bonding can handle extreme temperature ranges, shock, and vibrations over increasingly longer lifetimes. Wire bonding is largely used 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 thin profile providing better space utilization and allowing flexibility in battery design and high-power quality. Prismatic cells are used in EV batteries since it offers better layering options than other types of cells.
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 supportive government initiatives to decarbonize transportation, growing concerns regarding the negative environmental effects of vehicular emissions, and increasing efforts by major automotive OEMs to reduce greenhouse gas emissions and transform their products line-ups into green and clean, environment-friendly vehicles. Investments by battery OEMs in the R&D of new battery technologies to reduce the battery size of cars boost this market’s growth.
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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 increasing demand for 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. 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 its higher concentration of raw material resources such as cobalt, and lithium, the increasing adoption of electric vehicles in the region, and increasing investments by leading battery OMEs for setting up battery manufacturing capacities in the country.
Canada is estimated to hold the second position in terms of market share in the North American EV batteries market in 2021. The large market share of this country is mainly attributed to the availability of resources such as lithium, graphite, nickel, cobalt, aluminum, and manganese in the region 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 can operate at a capacity of up to 1,000 batteries per day. Also, Britishvolt, a UK-headquartered cell manufacturing startup, plans to build a 60GWh plant in Quebec. Additionally, Stromvolt, a Canadian headquartered startup, is planning to build a 10GWh plant in Ontario.
Key Players:
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).
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