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 Insights
North America EV Battery Market size was valued at USD 1.82 billion in 2019 and is poised to grow from USD 2.37 billion in 2023 to USD 19.3 billion by 2031, growing at a CAGR of 30% in the forecast period (2024-2031).
The need for the creation of sustainable transportation systems has been fuelled by factors including growing global pollution levels and the depletion of fossil resources. To address the rising concern for environmental sustainability, the car industry has adopted cutting-edge technology. An eco-friendly business potential for the automobile sector exists with the electrification of infrastructure for both commercial and passenger transportation. In order to electrify a car, the traditional fuels of gasoline and diesel must be replaced with an electric energy source, such as batteries. The electric car provides a driving experience that is both zero-emission and extremely effective.
The expansion of the North American electric vehicle battery market is linked to the rise in innovations and the development of superior battery systems with significant power delivery capabilities. To cut greenhouse gas emissions and battle climate change, the car industry has boosted the use of electric vehicle battery solutions and developments. For instance, General Motors declared intentions to invest $1 billion in the construction of production facilities for electric vehicles in Mexico. The expenditure is part of General Motors' aspirations to electrify all of its vehicle offerings by 2031. Sales of electric vehicles are increasing across North America as a result of the presence of industry giants like Tesla, General Motors, and other electric car producers In the North American area, the demand for battery packs is also greatly increased by the expanding electrification for several transportation applications. For instance, the American government disclosed plans to electrify mail vehicles across the country. Electrification will reduce American costs. Department of the Postal Service The market for electric car batteries in North America is expanding as a result of factors including reduced operating costs and less pollution produced by electric automobiles.
North America EV Battery Market is poised to grow at a sustainable CAGR for the next forecast year.
North America EV Battery Market Report Snapshots
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