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

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 17.62 billion in 2024, and is expected to reach USD 47.52 billion by 2029, growing at a CAGR of 22.59% during the forecast period (2024-2029).

• Over the medium term, declining lithium-ion battery prices and the growing adoption of electric vehicles in the United States, Canada, and other North American countries are expected to drive the growth of the market.
• On the other hand, 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 growing adoption of solid-state lithium-ion batteries for electric vehicles across North American countries is anticipated to provide opportunities for the market’s growth.
• The United States is expected to dominate the North American market due to its 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 other battery types, which make them a top choice for modern electric vehicles.

The North American lithium-ion battery for electric vehicles market is segmented by cell type, type, propulsion type, and geography. By cell type, the market is segmented into cylindrical, prismatic, and pouch. By type, the market is segmented into two-wheelers (e-bikes), three-wheelers (e-rickshaws), and four-wheelers (passenger cars, buses, light commercial vehicles, SUVs, etc.). By propulsion type, the market is segmented into battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs). By geography, the market is segmented into the United States, Canada, and the Rest of North America. The report offers market size and forecasts in value (USD) for all the above segments.