Product ID: SQMIR25A2288
North America EV Battery Market Size, Share, Growth Analysis, By Battery type(Lead-Acid battery, Lithium-ion battery), By Propulsion(battery electric cars, hybrid electric vehicles), By Vehicle type(two-wheelers, light commercial vehicles) - Industry Forecast 2024-2031
Report ID:
SQMIR25A2288 |
Region:
Regional |
Published Date: February, 2024
Pages:
265
|
Tables:
90 |
Figures:
76
North America EV Battery Market Dynamics
North American Electric Vehicle Battery Market Drivers
Conscious Awareness about Safeguarding Environment to Boost Market Growth
- The market has expanded as a result of increased focus on sustainable development and growing awareness of the drawbacks of driving conventional cars. Additionally, in preparation of general infrastructure development, local governments from various areas are offering incentives to promote the purchase of electric cars.
- Range anxiety is the fear of operating an electric vehicle and running out of power without being able to find a charging station in time to replenish the battery. Range anxiety is being reduced as a result of increased investments from public and private entities in electric charging infrastructure, such as the Tesla supercharger, Volkswagen Electrify America, etc.
- The US government has established strict CO2 emission restrictions for motorized vehicles and a net-zero greenhouse gas emission target for 2050, both of which are in line with considerable implications. Due to the need for automakers to accept, create, and market electric vehicles in the future, this functions as a market driver.
North American Electric Vehicle Battery Market Restraints
Concerns related to Pricing to Hinder Market Growth
- Internal Combustion Engines (ICE) are more costly and demand a higher investment than Electric Vehicles (EVs) (ICEs). When compared to comparable internal combustion engine vehicles, an electric car can cost up to three or four times as much, which makes them less appealing to the ordinary consumer. Due to issues including costly research and development costs associated with battery manufacture, a shaky supply chain for raw materials, and insufficient economies of scale, EV upfront pricing has a significant disparity.
North America EV Battery Market Report Snapshots
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