The market for electric vehicle batteries in the United States is anticipated to reach a value of more than US$ 9.2 billion by the end of 2032, up from US$ 5.4 billion in 2022, and to grow at a 5.4% CAGR over the assessment years (2022-2032). By 2032, it is anticipated that the U.S. market for electric car batteries would create an absolute dollar opportunity of US$3.8 billion.
The development of new batteries for electric cars is poised to boost electric vehicle battery market growth over the coming years. The market has witnessed a high preference for lithium-nickel-manganese-cobalt aluminum oxide (NMCA) alloys owing to their longer lifecycle and better energy density, which is expected to open new revenue opportunities for manufacturers engaged in producing electric vehicle batteries.
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According to Fact.MR, Electric vehicle batteries are in high demand across the United States as electric vehicle sales increase. In the upcoming years, the market expansion will be fueled by rising demand for high-energy batteries, greener and renewable power generation techniques, and product innovation adopted by manufacturers.
Market Growth and Trends:
- The U.S. electric vehicle battery market has been experiencing significant growth, primarily driven by the increasing adoption of electric vehicles. This growth is attributed to environmental concerns, government incentives, and advancements in battery technology.
- There’s a strong push for electrification in the automotive industry, with many major automakers investing heavily in EV production and battery development.
Key Companies Profiled
- Tesla Motors, Inc.
- General Motors
- Panasonic Corporation of North America
- Toshiba America Electronic Components Inc.
- Clarios LLC
- Crown Battery Corporation
- East Penn Manufacturing Co.
- EnerSys
- Romeo Power, Inc.
- Wanxiang Group Corporation (A123 Systems)
“Manufacturers to Content With Stringent Lead Pollution Norms”
The U.S. has placed restrictions to curb lead pollution, which has made domestic production and recycling complicated and costly. In the United States, recyclers operate in highly mechanized, tightly sealed plants, with smokestack scrubbers and extensive monitors to detect lead release. This is restraining the growth of the batteries market in the United States.
Competitive Landscape:
Prominent manufacturers of electric vehicle batteries in the U.S. are investing in developing new technologies to make batteries easier to operate on a zero-emission vehicle.
Market players are undertaking efforts to introduce a new world of battery technology by working on launching cobalt-free batteries to leverage technology and differentiating themselves from other competitors in the market.
For instance:
- Panasonic Corporation of North America announced a massive battery plant in the United States in 2022. The new mega-factory will make new types of EV batteries for Tesla, Inc.
- Tesla Inc. is planning to provide next-generation EV batteries and is focusing on turning to lithium iron and not lithium-ion to be the fundamental chemical engineering to power electric vehicles.
Fact.MR has provided detailed information about the price points of key electric vehicle battery manufacturers positioned across the U.S., sales growth, production capacity, and speculative technological expansion, in the recently published report.
Categorization of U.S. Electric Vehicle Battery Industry Survey:
By Battery Type:
- Lithium-Ion Batteries
- Lead Acid Batteries
- Nickel Hydride Batteries
- Others
By Battery Capacity:
- Less than 25 kWh
- 25-50 kWh
- 50-100 kWh
- More than 100 kWh
By Pack Type:
- Prismatic
- Cylindrical
- Pouch
By Vehicle Type:
- Hybrid Electric Vehicles (HEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
By Vehicle Category:
- Two Wheelers
- Passenger Vehicles
- Commercial Vehicles
- LCVs
- HCVs
- Buses
By Sales Channel:
- OEMs
- Aftermarket
By Region:
- West U.S.
- South-West U.S.
- Mid-West U.S.
- North-East U.S.
- South-East U.S
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EV Models and Market Competition:
- Numerous automakers are introducing electric vehicle models to the U.S. market, contributing to increased competition.
- Tesla has been a major player in the U.S. EV market, but traditional automakers like General Motors, Ford, and Volkswagen are ramping up their EV offerings.
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