United States of America Electric Vehicle BatteryMarket Overview:
Electric Vehicle Battery Marketis Projected to Grow from USD 18.97 Billion in 2024 to USD 192.55 billion by
2032, at a CAGR of 33.60%
The United States of America Electric VehicleBattery Market is growing continuously, mainly due to the growing production and salesof electric vehicles over the last few years. Besides, the spurring rise in
advanced EV batteries foments innovation races around range and power. Battery manufacturers focus on improvingtheir battery performance and management technologies that have already altered
the market capitalization.
EV battery manufacturersstrive to improve the suppressed demand and supply chain, rectify production
challenges, and scramble to keep pace with technologies. They focus on the
immediate prospect for industry consolidation and adjusting demand, largely via
consumer subsidies and through taxes and fees.
On the other hand,changing regulatory norms, market dynamics, and technological trends are major
factors impeding market growth. Also, price volatility and the demand-supply
gap in raw materials required for battery production pose significant
challenges to the growth of the market.
Industry/Innovation/Related News
April 09, 2021 – Epsilon Advanced Materials Pvt. Ltd. announcedopening a new anode production facility in Karnataka State, India. Anode
materials are used in lithium-ion batteries for electric vehicles (EV). The
company is an upcoming global supplier of synthetic graphite anode materials.
Epsilon is looking to convert coal tar into graphite anodes to cut the
dependence on China, which has a monopoly in electric-car batteries.
Electric Vehicle Battery Market - CompetitiveAnalysis
The EV battery marketsize is estimated to witness significant strategic approaches, such as
expansion, collaboration, mergers & acquisitions, and advanced technologies
integration. Leading industry players also make strategic investments in
driving research and development activities and fostering their expansion
plans.
Major Players
Players leading the EVbattery market include Panasonic Corporation (Japan), Automotive Energy Supply
Corporation (Japan), BYD Company Limited (China), Quallion (US), LG Chem Ltd.
(South Korea), Boston-Power (US), Narada Power Source (China), Johnson Controls
International (US), GS Yuasa Corporation (Japan), Crown Battery Corporation
(US), Tianneng Power International (China), and Hitachi Chemical Company
(Japan), among others.
Electric Vehicle Battery Market - Segments
The EV battery market issegmented into battery type, vehicle technology, end market, and region. The
battery type segment is sub-segmented into lithium-ion battery, lead-acid
battery, nickel hydride battery, and others. Among these, the sub-segment
lithium-ion battery holds the largest market share, followed by nickel hydride
and lead-acid battery.
The vehicle technologysegment is sub-segmented into battery electric vehicles, hybrid electric
vehicles, plug-in hybrid electric vehicles and others. Among these, the
sub-segment battery electric vehicle holds the largest market share, followed
by hybrid electric vehicles.
The end market segment issub-segmented into OEMs and aftermarkets. The region segment is sub-segmented
into the Americas, Europe, Asia Pacific, and rest-of-the-world.
Electric Vehicle Battery Market – Regional Market
The Asia Pacific regiondominates the global electric vehicle battery market. China, South Korea,
Japan, and India account for major market share due to the raw material
advantages and the availability of cost-competitive workforces. Besides, the
increasing demand for EVs and growing awareness of eco-friendly vehicles are
major growth drivers. The APAC EV battery market is projected to maintain its
market position throughout the review period.
Europe holds the second positionin terms of electric vehicle battery market value. The region witnesses a rise
in the sales of new electric vehicles, augmenting the demand for EV batteries.
Also, Germany, UK and France being the leading countries in Europe, have
fuelled the market growth. Additionally, stringent regulations and increasing
demand for environment-friendly vehicles boost the electric vehicle battery
market revenue.
North America hasbeen witnessing a spurring rise in the electric vehicle battery market
revenues. Factors providing impetus to market growth include advances in
technologies and storage capacities. Furthermore, the proliferation of EVs and
the presence of key industry players act as a major tailwind for the region's
market growth. The North American EV battery market is expected to grow at a
significant rate over the forecast period.
