North America EV Battery Pack Market Size

North America EV Battery Pack Market Analysis

The North America EV Battery Pack Market size is estimated at 12.66 billion USD in 2024, and is expected to reach 33.94 billion USD by 2029, growing at a CAGR of 21.80% during the forecast period (2024-2029).

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12.66 Billion

Market Size in 2024 (USD)

33.94 Billion

Market Size in 2029 (USD)

34.72 %

CAGR (2017-2023)

21.80 %

CAGR (2024-2029)

Largest Segment by Body Type

55.70 %

value share, LCV, 2023

Passenger cars lead the market driven by government incentives and benefits of cars such as increasing awareness, lower emissions & lower operating costs.

Largest Segment by Propulsion Type

99.14 %

value share, BEV, 2023

BEVs hold the largest segment, powered solely by electric energy with advancements in technology, range, and charging infrastructure.

Largest Segment by Battery Chemistry

37.62 %

value share, NCM, 2023

NMC batteries dominate the market because of their high safety, long cycle life, and low cost in North America Electric Vehicle Battery Pack Market.

Largest Segment by Battery Form

60.60 %

value share, Cylindrical, 2023

Cylindrical batteries dominate the North America ECV battery pack market, offering compact design, efficient space utilization, and enhanced performance.

Leading Market Player

45.50 %

market share, LG Energy Solution Ltd., 2022

LG Energy Solution supplies batteries to major OEMs like Tesla and General Motors, with facilities across North America for manufacturing, R&D, and sales.

Battery manufacturing plants are expected to fuel the growth of the North American electric vehicle industry

Government support and investments driving electric vehicle adoption in the United States and Canada

North America EV Battery Pack Industry Segmentation

Bus, LCV, M&HDT, Passenger Car are covered as segments by Body Type. BEV, PHEV are covered as segments by Propulsion Type. LFP, NCA, NCM, NMC, Others are covered as segments by Battery Chemistry. 15 kWh to 40 kWh, 40 kWh to 80 kWh, Above 80 kWh, Less than 15 kWh are covered as segments by Capacity. Cylindrical, Pouch, Prismatic are covered as segments by Battery Form. Laser, Wire are covered as segments by Method. Anode, Cathode, Electrolyte, Separator are covered as segments by Component. Cobalt, Lithium, Manganese, Natural Graphite, Nickel are covered as segments by Material Type. Canada, US are covered as segments by Country.

• From 2017 to 2023, there has been a significant increase in the production and adoption of electric vehicles in North America. In 2017, the total number of electric vehicles produced in North America was approximately 200,000, which increased to over 400,000 in 2022. This growth can be attributed to various factors, including government incentives, lower battery prices, and increased consumer awareness. Research and development efforts in the electric vehicle industry have also been increasing in recent years.
• The electric vehicle battery pack market in North America is experiencing significant growth, largely driven by government subsidies and incentive programs. In recent years, there has been a marked increase in the adoption of electric vehicles due to these programs, which aim to promote the use of environmentally friendly transportation. For instance, the US government has introduced tax credits of up to USD 7,500 for the purchase of electric vehicles, making them more affordable and accessible to a wider audience.
• Further, the development of battery manufacturing plants is critical to the growth of the EV market in North America. Currently, most EV batteries are manufactured in Asia, primarily in China and South Korea. However, there are plans to build more battery manufacturing plants in North America, which will help to reduce the region's reliance on imported batteries and support the growth of the local EV industry. According to a report by Bloomberg New Energy Finance, North America is expected to invest USD 360 billion in EV infrastructure by 2040 as the region seeks to reduce its carbon emissions and transition to cleaner transportation. Overall, the future of electric vehicles and battery packs in North America is promising.