November 2, 2021 09:34 ET | Source: Detailed market research Pvt. Pvt. Ltd. meticulous market research. Limited company

Redding, California, November 2, 2021 (GLOBE NEWSWIRE) - According to a new report titled "The North American Electric Vehicle Battery Market by Type (Lithium Ion, Ni-MH, SLA, Super Capacitors, Solid State Batteries)" Market research report, capacity (<50 kWh, 51-100 kWh, 101-300 kWh,> 300 kWh), bonding type (wire, laser), form, application, end user and country-forecast to 2028," by Published by Meticulous Research®, the North American electric vehicle battery market is expected to grow at a compound annual growth rate of 30% from 2021, and will reach USD 22.79 billion by 2028.

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Electric vehicle batteries are used to power the electric motors of pure electric vehicles (BEV) or hybrid electric vehicles (HEV). EV batteries consist of many batteries that are plugged into a module to provide protection from external shocks (such as heat or vibration). Electric vehicle batteries with high power and high energy density provide the best driving range for the vehicle.

The main factors driving the North American electric vehicle battery market include increased investment by leading automotive original equipment manufacturers to build battery manufacturing facilities in the region, increased adoption of electric vehicles, and lower battery prices. The high import cost of battery manufacturing raw materials is a major challenge for the growth of the electric vehicle battery market.

The impact of COVID-19 on the North American electric vehicle battery market

The COVID-19 crisis has led to supply chain disruptions, operational and labor constraints, and factory closures, resulting in a severe decline in sales of electric vehicles, which directly affected the sales of batteries, especially in the field of electric vehicles. The energy materials and renewable energy generation and conversion markets, including battery-powered electric vehicles, grid storage, and personal electronic devices, are no exception negatively affected by the COVID-19 pandemic.

In North America, the United States has been severely affected by the epidemic, causing major losses in life, resources, and economy. The decline in the adoption rate of electric vehicles in the first and second quarters of 2020 has affected the sales of electric vehicle batteries in North America. People avoid shared travel and public transportation to reduce the risk of infection, and because of remote work, travel distances are also reduced. In the United States, due to the COVID-19 outbreak, car sales in the first quarter of 2020 decreased by 12% compared to the first quarter of 2019. In addition, with the progress of the year, car sales fell sharply, with a year-on-year decline of 33% in the second quarter, followed by a slight rebound in the third quarter, and sales fell by 7% compared to the third quarter of 2019. The battery cost has dropped sharply, from more than $1,000 per kilowatt hour (kWh) in 2010 to about $137 per kilowatt hour in 2020, affecting the North American electric vehicle battery market.

It is expected that the government's active measures to stabilize the automotive industry will be a key factor in driving the adoption rate of electric vehicles in the next few years. For example, in June 2021, the U.S. Department of Energy (DOE) announced that it would provide US$200 million in funding for the U.S. Department of Energy’s National Laboratory’s electric vehicles, batteries, and connected car projects and new DOE partnerships over the next five years. Support the innovation of electric vehicles. The Canadian government has invested more than 1 billion Canadian dollars to support the popularization of zero-emission vehicles, and aims to seek a combination of investment and regulations to help citizens and industries achieve this transformation. These measures are expected to promote the development of the North American electric vehicle battery market.

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The North American electric vehicle battery market is divided by type, capacity, bonding type, form, application, end user, and region. The study also assessed industry competitors and analyzed the country-level market.

In terms of type, the lithium-ion battery segment is expected to occupy the largest share of the North American electric vehicle battery market in 2021. The larger market share of this segment is mainly due to its higher energy density, light weight, compactness and durability. Various automotive original equipment manufacturers are cooperating with battery original equipment manufacturers to develop lithium-ion batteries, and to ensure the battery supply chain for their existing and upcoming electric vehicles, and to achieve a technological leadership in electric vehicle batteries. For example, in 2021, Retriev Technologies Inc, a pioneer and market leader in the battery recycling industry in North America, signed a strategic cooperation agreement with Marubeni Corporation to develop a new recycling business for end-of-life lithium-ion batteries.

Based on capacity, the 51kWh to 100kWh segment is expected to occupy the largest share of the North American electric vehicle battery market in 2021. The larger market share of this segment is mainly attributable to the continuous increase in the introduction of remote batteries by leading automotive original equipment manufacturers. And more powerful electric vehicles, the increasing adoption of electric vehicles in developing economies, and the goal of phasing out internal-combustion vehicles by 2030 set by governments in the region. In addition, the regional government is increasingly introducing subsidies and initiatives to increase the adoption rate of electric vehicles.

Based on the bonding type, it is expected that by 2021, the wire bonding segment will occupy the largest share of the North American electric vehicle battery market. The larger market share of this segment is mainly due to the high reliability of wire bonding technology, low production costs, better heat dissipation performance, lower waste generation, and easy replacement of failed wire bonds. Wire bonding can handle extreme temperature ranges, shocks and vibrations over longer and longer lifetimes. Therefore, wire bonding is increasingly used for battery cell to battery cell connection, battery cell to busbar connection, and battery management system (BMS) interconnection.

From a morphological point of view, the prismatic market segment is expected to occupy the largest share of the North American electric vehicle battery market in 2021. The larger market share of this segment is attributed to its high power quality and thin profile, which provides better space utilization and battery design flexibility. Prismatic batteries offer better layering options than other types of batteries, so they are often used in EV batteries. In addition, prismatic batteries are very stable because they are wrapped in a steel or aluminum casing.

According to the application, it is expected that by 2021, the electric vehicle segment will account for the largest share of the North American electric vehicle battery market. The larger market share of this market segment is mainly due to increasing attention to the negative environmental impact of automobile emissions, support for government initiatives to decarbonize transportation, and major automobile OEMs’ efforts to reduce greenhouse gas emissions and expand their product lines. More and more efforts are being made to transform into green, clean and environmentally friendly cars. Battery OEMs are increasingly investing in the research and development of new battery technologies to cost-effectively reduce the battery size of electric vehicles and improve their performance and power-to-weight ratio.

Based on end users, it is estimated that by 2021, the electric vehicle OEM market segment will account for the largest share of the North American electric vehicle battery market. The larger market share of this market segment is mainly due to consumers' increasing adoption of electric vehicles for personal use, increased investment in automotive OEMs, having EV battery manufacturing capabilities, creating a secure supply chain for their future electric vehicles, and Increase the number of automotive OEMs and launch new EV models. In addition, all major electric vehicle OEMs currently offer eight to ten years of battery warranty. Therefore, customers purchase replacement batteries for old electric vehicles from OEMs to further support the battery needs of electric vehicle OEMs.

From a national perspective, the United States is expected to occupy the largest share of the North American electric vehicle battery market by 2021. The country’s larger market share is mainly due to the increase in the adoption rate of electric vehicles in the region, the presence of raw materials for the production of cobalt and lithium, and increased investment in the development of electric vehicle batteries to support the growing demand for electric vehicle batteries .

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Canada is also expected to experience considerable growth during the forecast period. The growth of the country's electric vehicle battery market is mainly due to the availability of the country's cobalt, lithium and other raw material reserves and the increase in battery manufacturers' initiatives to establish battery manufacturing plants. For example, automobile manufacturer Martinrea and graphene producer NanoXplore have formed a joint venture called VoltaXplore to produce electric car batteries with improved charging time, range, service life, and ability to operate at lower temperatures. The plant has the capacity to produce 1,000 batteries per day. In addition, Britishvolt, a battery manufacturing startup based in the United Kingdom, announced plans to build a 60GWh factory in Quebec. In addition, Stromvolt, a start-up company headquartered in Canada, announced the construction of a 10GWh factory in Ontario.

The major players operating in the North American 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), etc.

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North American Electric Vehicle Battery Market, by Type

North American electric vehicle battery market, by capacity

North American electric vehicle battery market, by bonding type

North American electric vehicle battery market, by form

North American Electric Vehicle Battery Market, by Application

North American electric vehicle battery market, by end user

North American Electric Vehicle Battery Market, By Country/Region

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