North America Lithium-ion Battery For Electric Vehicle Market Size (2024 - 2029)

The North America Lithium-ion Battery for Electric Vehicle Market is projected to experience significant growth over the forecast period, driven by decreasing battery prices and the rising adoption of electric vehicles across the region. Despite potential challenges such as the emergence of alternative battery technologies and raw material supply issues, the market is poised for expansion, particularly with the increasing use of solid-state lithium-ion batteries. The United States is expected to lead the market due to supportive government policies and a higher uptake of electric vehicles.

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Market Size of North America Lithium-ion Battery For Electric Vehicle Industry

North America Lithium-ion Battery For Electric Vehicle Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 8.30 Billion
Market Size (2029) USD 19.10 Billion
CAGR (2024 - 2029) 18.16 %
Market Concentration Medium

Major Players

North America Lithium-ion Battery For Electric Vehicle Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Lithium-ion Battery for Electric Vehicle Market Analysis

The North America Lithium-ion Battery For Electric Vehicle Market size is estimated at USD 8.30 billion in 2024, and is expected to reach USD 19.10 billion by 2029, growing at a CAGR of 18.16% during the forecast period (2024-2029).

  • Over the long term, declining lithium-ion battery prices and the growing usage of electric vehicles in the United States, Canada, and Mexico are expected to drive the growth of the market.
  • On the other hand, the emerging alternative battery technologies and the demand-supply mismatch of raw materials are likely to affect the market's growth during the forecast period.
  • Nevertheless, the adoption of solid-state lithium-ion batteries for electric vehicles in North American countries is anticipated to provide opportunities for the market’s growth.
  • The United States is expected to dominate the market, with favorable government policies and increasing utilization of electric vehicles.

North America Lithium-ion Battery for Electric Vehicle Industry Segmentation

A lithium-ion battery for electric vehicles (EVs) is a type of rechargeable battery commonly used to power electric cars and other electric transportation. Known for its high energy density, long cycle life, and lightweight design, this battery technology enables efficient storage and delivery of electrical energy. Lithium-ion batteries consist of cells containing an anode, cathode, separator, and electrolyte. These batteries offer a high power-to-weight ratio, excellent energy efficiency, and reduced self-discharge compared to others, which make them a top choice for modern electric vehicles.

The North American lithium-ion battery for electric vehicle market is segmented into vehicle type, propulsion type, and geography. By vehicle type, the market is segmented into passenger vehicles, commercial vehicles, and others (bikes, scooters, etc.). By propulsion type (battery electric vehicle (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicle (PHEV). The report also covers the market size and forecasts for the lithium-ion battery for the electric vehicle market across major countries. The report offers the market size and forecasts for the revenue for all the above segments.

Vehicle Type
Passenger Vehicles
Commercial Vehicles
Others (Bikes, Scooters, etc.)
Propulsion Type
Battery Electric Vehicle (BEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Hybrid Electric Vehicles (HEV)
Geography
United States
Canada
Rest of North America
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North America Lithium-ion Battery For Electric Vehicle Market Size Summary

The North American lithium-ion battery market for electric vehicles is poised for significant growth, driven by the increasing adoption of electric vehicles across the United States, Canada, and Mexico. The market is expected to expand substantially over the forecast period, fueled by declining battery prices and advancements in technology. The United States is anticipated to lead the market, supported by favorable government policies and a surge in electric vehicle usage. However, challenges such as emerging alternative battery technologies and raw material supply issues may impact growth. Despite these challenges, the adoption of solid-state lithium-ion batteries presents new opportunities for market expansion.

Battery electric vehicles (BEVs) are gaining traction due to their zero-emission nature and the rising demand for eco-friendly transportation solutions. The growing awareness of fuel efficiency and the need to reduce greenhouse gas emissions are key factors driving the demand for BEVs in North America. The market is further bolstered by significant investments in battery manufacturing and recycling initiatives, such as those in Canada and the United States. These developments, along with strategic partnerships and agreements among major industry players, are expected to enhance the production capacity and sustainability of lithium-ion batteries, solidifying their role in the North American electric vehicle market.

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North America Lithium-ion Battery For Electric Vehicle Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2029

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Declining Lithium-Ion battery Prices

        2. 1.5.1.2 Growing Adoption of Electric Vehicles

      2. 1.5.2 Restraints

        1. 1.5.2.1 Demand-Supply Mismatch of Raw Materials

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Vehicle Type

      1. 2.1.1 Passenger Vehicles

      2. 2.1.2 Commercial Vehicles

      3. 2.1.3 Others (Bikes, Scooters, etc.)

    2. 2.2 Propulsion Type

      1. 2.2.1 Battery Electric Vehicle (BEV)

      2. 2.2.2 Plug-In Hybrid Electric Vehicle (PHEV)

      3. 2.2.3 Hybrid Electric Vehicles (HEV)

    3. 2.3 Geography

      1. 2.3.1 United States

      2. 2.3.2 Canada

      3. 2.3.3 Rest of North America

North America Lithium-ion Battery For Electric Vehicle Market Size FAQs

The North America Lithium-ion Battery For Electric Vehicle Market size is expected to reach USD 8.30 billion in 2024 and grow at a CAGR of 18.16% to reach USD 19.10 billion by 2029.

In 2024, the North America Lithium-ion Battery For Electric Vehicle Market size is expected to reach USD 8.30 billion.

North America Lithium-ion Battery for Electric Vehicle Market Report Snapshots

North America Lithium-ion Battery for Electric Vehicle Market Size & Share Analysis - Growth Trends & Forecasts (2024-2029)