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North America Electric Vehicle Battery market Growth
WILMINGTON, NEW CASTLE, DE, UNITED STATES, January 13, 2025 /EINPresswire / -- According to the report published by Allied Market Research, the North America electric vehicle battery market garnered $7.70 billion in 2020, and is expected to reach $22.87 billion by 2028, witnessing a CAGR of 16.4% from 2021 to 2028. The report offers a detailed analysis of changing market dynamics, competitive scenario, top segments, key
investment pockets, value chain, and regional landscape.
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The U.S. dominates the market, in terms of revenue, followed by Canada. The U.S. dominated the North America electric vehicle battery market share in 2020, and is expected to grow at a significant rate during the forecast period, owing to presence of robust manufacturing and development infrastructure for electric vehicle battery in the country. Electric vehicle battery is a power storage solution that stores and provides power through inter-conversion of chemical and electric energy. Multiple types of electric vehicle such as battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles utilize batteries for power delivery and are implemented throughout the North American automotive industry. Electric vehicle battery offers noise-less, emission-less, and cost-effective power distribution for commercial and passenger vehicles.
Development of low cost and high-performance electric vehicles batteries, rise in public charging infrastructure, and strict government policies and regulations towards vehicle emission drive the growth of the North America electric vehicle battery market . However, unstable supply of raw material and safety concerns associated with battery hinder the market growth. On the other hand, surge in demand for drones across emerging nations and rise in adoption of zero-emission electric vehicles application create new opportunities in the coming years.
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The North America Electric Vehicle Battery market is segmented on the basis of battery type, propulsion type, vehicle type, and country. Based on propulsion type, the hybrid electric vehicles segment contributed to the highest market share in 2020, accounting for more than half of the total market share, and is projected to maintain its lead position during the forecast period. However, the battery electric vehicles segment is also expected to grow at the highest CAGR of 20.5% from 2021 to 2028.
Based on vehicle type, the passenger cars segment accounted for the highest share in 2020, holding more than three-fifths of the North America Electric Vehicle Battery market, and is expected to continue its leadership status throughout the forecast period. However, the heavy commercial vehicle segment is projected to witness the highest CAGR of 19.6% from 2021 to 2028.
Based on country, the market across the US region accounted for the highest market share in terms of revenue, contributing to more than four-fifths of the total share in 2020, and is expected to maintain its dominance in terms of revenue by 2028. However, the Canada region is projected to witness the fastest CAGR of 19.7% during the forecast period. The report also studies region include Mexico.
Key players operating in the North America electric vehicle battery market include A123 Systems LLC, ACDelco, American Battery Solutions, Clarios, Emerson Electric Co., EnerSys, Envision AESC Group Ltd., Exide Technologies, Gridtential Energy, Inc., IAI America, Inc., Malema Engineering Corporation, Mitsubishi Electric Corporation, Omron Electronics LLC, Panasonic Corporation, PARKER-HANNIFIN CORPORATION, PARKER-HANNIFIN Corporation Fluid System Connectors Division, PARKER-HANNIFIN Corporation Instrumentation Products Division, PARKER-HANNIFIN Corporation Veriflo Division, Romeo Power, Inc., Samsung Electronics Co., Ltd., and Watlow Electric Company.
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Key Findings Of The Study
By battery type, the Lithium-ion battery segment is expected to register a significant growth during the forecast period.
By propulsion type, the battery electric vehicles segment is anticipated to exhibit significant growth in the future.
By vehicle type, the passenger cars segment is projected to lead the North America electric vehicle battery market owing to higher CAGR as compared to other vehicle type.
By region, Canada is anticipated to register the highest CAGR during the forecast period.
About us :
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.