The US electric vehicle (EV) battery market is anticipated to grow at a significant CAGR of 11.0% during the forecast period (2019-2025). The US is a key market for the electric vehicle however the sales of the EV are quite low in the country as compared to other parts of the globe. It is majorly due to high cost of electric vehicle, lack of any nation-wide subsidy program and limited range of EVs. In an EV, batteries form a key part of the overall cost, therefore, major EV manufacturers such as Tesla, Inc., Proterra, Inc., and General Motor Company, among others are investing to launch lithium-ion battery production facility in the country to reduce the price of the battery manufacturing and so the overall cost of EV.
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In December 2020, Proterra Inc., a major manufacturer of electric commercial vehicles announced to open a Next-gen EV battery manufacturing facility in the US. This new battery production line is expected to manufacture battery packs featuring new, next-generation cells in Los Angeles County. The facility aims at expanding Proterra’s battery production capacity to meet the growing demand for the company’s battery systems in Proterra Powered commercial vehicles and Proterra’s transit buses. Alike, in December 2019, GM Company and LG Chem announced to invest nearly $2.3 billion to build a 30 GWh EV battery factory in Lordstown, Ohio. The growing investment of key players in building EV battery manufacturing facilities in the US is anticipated to support the supply chain of EVs in the country which in turn is anticipated to promote EV battery market.
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Market Coverage
- The market number available for – 2018-2025
- Base year- 2019
- Forecast period- 2019-2025
- Segment Covered- By Vehicle Type, By Battery Type, By Propulsion Type
- Competitive Landscape- Automotive Energy Supply Corp., Hitachi, Ltd., Toshiba Corp., Panasonic Corp., Lithium Energy Japan Corp., Tesla Inc.
Key questions addressed by the report
- What is the market growth rate?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
US Electric Vehicle Battery Market Report Segment
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
By Battery Type
- NiMH
- Li-ion
- Others
By Propulsion Type
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
