The US electric vehicle battery market is estimated to grow at a CAGR of over 11.0% during the forecast period. The increasing adoption of the electric vehicle in the US owing to the growing demand for the zero-emission vehicles coupled with the cohesive government subsidies for the purchase of electric vehicles is the key aspect to promote the growth electric vehicle battery market in the US. For instance, the US federal government had initiated a tax credit for plug-in electric vehicles purchased after December 2009. The tax credit ranges from $2,500 to $7,500 for each vehicle based on its battery capacity and gross vehicle weight rating. The ongoing technological advancement by the key players in the market to reduce the weight and size of the batteries is anticipated to offer considerable growth opportunities for the market in the US.
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The market is segmented on the basis of battery type vehicle type, and propulsion technology. Based on the battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Based on the battery type Li-ion batteries market is anticipated to showcase considerable growth due to its light-weight characteristic. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology the market is sub-segmented into battery electric vehicle, plug-in hybrid electric vehicle. Based on the propulsion type, plug-in hybrid vehicles are anticipated to have considerable market growth during the forecast period.
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The key players operating in the market include Panasonic Corp., Hankook AtlasBX Co., Ltd., EnerSys, Inc., Crown Battery, Hitachi, Ltd., C&D Technologies, Inc., NEC Corp., and SK Innovation Co. Ltd. In January 2020, SK Innovation Co. Ltd revealed its plan to build a second electric vehicle battery plant with a capacity equivalent to 10 GWh in Georgia, the US. The second EV battery plant is anticipated to meet the rising demand of the electric vehicle batteries for Volkswagon AG’s electric vehicles, which in turn is expected to promote the growth of the electric vehicle battery market in the US.
US Electric Vehicle Battery Market- Segmentation
By Battery Type
- NiMH
- Li-Ion
- Others
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
By Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
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