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US Electric Commercial Vehicle Battery Pack Market Size

The US Electric Commercial Vehicle Battery Pack Market is experiencing significant growth, driven by the increasing adoption of electric commercial vehicles and advancements in battery technology. The market's expansion is supported by the development of more energy-dense and cost-effective battery packs, making electric vehicles more appealing to corporate fleet managers. Government subsidies and environmental concerns are further propelling the demand for these battery packs, as businesses and consumers prioritize sustainable transportation. The transition of major delivery fleets to electric vehicles and the push for electric buses in cities with strong environmental policies are expected to contribute to the market's growth trajectory.

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Market Size of us electric commercial vehicle battery pack Industry

US Electric Commercial Vehicle Battery Pack Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 6.93 Billion
svg icon Market Size (2029) USD 15.98 Billion
svg icon Largest Share by Propulsion Type BEV
svg icon CAGR (2024 - 2029) 18.18 %
svg icon Fastest Growing by Propulsion Type PHEV
svg icon Market Concentration High

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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US Electric Commercial Vehicle Battery Pack Market Analysis

The US Electric Commercial Vehicle Battery Pack Market size is estimated at 6.93 billion USD in 2024, and is expected to reach 15.98 billion USD by 2029, growing at a CAGR of 18.18% during the forecast period (2024-2029).

6.93 Billion

Market Size in 2024 (USD)

15.98 Billion

Market Size in 2029 (USD)

66.67 %

CAGR (2017-2023)

18.18 %

CAGR (2024-2029)

Largest Segment by Body Type

98.84 %

value share, LCV, 2023

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The largest segment in the US ECV battery pack market is LCVs with increasing demand for last-mile delivery and e-commerce companies.

Largest Segment by Propulsion Type

100 %

value share, BEV, 2023

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BEV holds a large majority of the US market for ECV battery packs with zero-emission status, lower running costs & government rules that support transportation options.

Largest Segment by Battery Chemistry

58.81 %

value share, NMC, 2023

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

Largest Segment by Battery Form

60.66 %

value share, Cylindrical, 2023

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Cylindrical batteries dominate the US ECV battery pack market due to their compact design, efficient space utilization, and enhanced performance and reliability.

Leading Market Player

40 %

market share, Tesla Inc., 2022

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Tesla has strong track record of developing and manufacturing high-quality battery cells and has partnered with major automakers including Tesla, BMW & Volkswagen.

The growing popularity of light electric commercial vehicles in the United States boosting the demand for battery packs

  • The adoption of electric commercial vehicles (ECVs) and their battery packs in the United States has been on a steady rise from 2017 to 2029. The increasing size and capacity of batteries have also remained key drivers behind this trend. Battery technology has made significant strides, resulting in more energy-dense packs with extended ranges. Moreover, declining battery costs have made ECVs more attractive and affordable for corporate fleet managers.
  • Government subsidies are playing a pivotal role in shaping the future of electric commercial vehicles in the United States. Major players like Amazon and UPS have unveiled plans to transition their delivery fleets to electric vehicles between the years 2024 and 2029. This move is expected to create a surge in demand for electric commercial vehicle battery packs. As concerns over greenhouse gas emissions grow, both businesses and consumers across the United States are increasingly prioritizing sustainable transportation options.
  • Electric buses are gaining traction, particularly in US cities with robust environmental policies. For instance, the Los Angeles Metro has set a target to fully transition to electric buses by 2030. Advancements in battery technology are poised to yield lighter and more efficient battery packs, potentially extending the range of electric commercial vehicles across the US market. Coupled with the declining battery costs and the expanding charging infrastructure, the popularity of electric commercial vehicles is projected to soar in the coming years nationwide.
US Electric Commercial Vehicle Battery Pack Market

US Electric Commercial Vehicle Battery Pack Industry Segmentation

Bus, LCV, M&HDT 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.

  • The adoption of electric commercial vehicles (ECVs) and their battery packs in the United States has been on a steady rise from 2017 to 2029. The increasing size and capacity of batteries have also remained key drivers behind this trend. Battery technology has made significant strides, resulting in more energy-dense packs with extended ranges. Moreover, declining battery costs have made ECVs more attractive and affordable for corporate fleet managers.
  • Government subsidies are playing a pivotal role in shaping the future of electric commercial vehicles in the United States. Major players like Amazon and UPS have unveiled plans to transition their delivery fleets to electric vehicles between the years 2024 and 2029. This move is expected to create a surge in demand for electric commercial vehicle battery packs. As concerns over greenhouse gas emissions grow, both businesses and consumers across the United States are increasingly prioritizing sustainable transportation options.
  • Electric buses are gaining traction, particularly in US cities with robust environmental policies. For instance, the Los Angeles Metro has set a target to fully transition to electric buses by 2030. Advancements in battery technology are poised to yield lighter and more efficient battery packs, potentially extending the range of electric commercial vehicles across the US market. Coupled with the declining battery costs and the expanding charging infrastructure, the popularity of electric commercial vehicles is projected to soar in the coming years nationwide.
Body Type
Bus
LCV
M&HDT
Propulsion Type
BEV
PHEV
Battery Chemistry
LFP
NCA
NCM
NMC
Others
Capacity
15 kWh to 40 kWh
40 kWh to 80 kWh
Above 80 kWh
Less than 15 kWh
Battery Form
Cylindrical
Pouch
Prismatic
Method
Laser
Wire
Component
Anode
Cathode
Electrolyte
Separator
Material Type
Cobalt
Lithium
Manganese
Natural Graphite
Nickel
Other Materials
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US Electric Commercial Vehicle Battery Pack Market Size Summary

The US Electric Commercial Vehicle Battery Pack Market is experiencing a robust expansion, driven by the increasing adoption of electric commercial vehicles (ECVs) and advancements in battery technology. The market is characterized by significant growth in battery size and capacity, which have been pivotal in enhancing the appeal of ECVs. The decline in battery costs has further contributed to the attractiveness of these vehicles for corporate fleet managers. Government subsidies are instrumental in promoting the transition to electric vehicles, with major companies like Amazon and UPS planning to electrify their delivery fleets. This shift is expected to significantly boost the demand for electric commercial vehicle battery packs. Additionally, the growing emphasis on sustainable transportation options, fueled by concerns over greenhouse gas emissions, is encouraging both businesses and consumers to prioritize ECVs. The popularity of electric buses is also on the rise, particularly in cities with strong environmental policies, such as Los Angeles, which aims to fully transition to electric buses by 2030.

The market landscape is highly consolidated, with a few major players dominating the scene. Companies like Tesla, Toyota Group, Ford Group, Hyundai, and Honda hold substantial market shares, with Tesla leading the charge in electric vehicle sales. These companies benefit from strong customer bases, innovative technologies, and strategic partnerships, particularly in battery manufacturing. The US market is also witnessing a steady increase in demand for electric SUVs, driven by changing consumer preferences towards more spacious and adventurous vehicles. International brands are also making their mark, with vehicles like the Toyota RAV4 plug-in hybrid and the Sienna gaining popularity. The market's consolidation is evident, with top companies like BYD, CATL, LG Energy Solution, Samsung SDI, and Tesla accounting for a significant portion of the market. Recent developments, such as LG Energy Solution's investments and partnerships, highlight ongoing efforts to strengthen the supply chain and production capabilities for electric vehicle batteries in North America.

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US Electric Commercial Vehicle Battery Pack Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 Body Type

      1. 1.1.1 Bus

      2. 1.1.2 LCV

      3. 1.1.3 M&HDT

    2. 1.2 Propulsion Type

      1. 1.2.1 BEV

      2. 1.2.2 PHEV

    3. 1.3 Battery Chemistry

      1. 1.3.1 LFP

      2. 1.3.2 NCA

      3. 1.3.3 NCM

      4. 1.3.4 NMC

      5. 1.3.5 Others

    4. 1.4 Capacity

      1. 1.4.1 15 kWh to 40 kWh

      2. 1.4.2 40 kWh to 80 kWh

      3. 1.4.3 Above 80 kWh

      4. 1.4.4 Less than 15 kWh

    5. 1.5 Battery Form

      1. 1.5.1 Cylindrical

      2. 1.5.2 Pouch

      3. 1.5.3 Prismatic

    6. 1.6 Method

      1. 1.6.1 Laser

      2. 1.6.2 Wire

    7. 1.7 Component

      1. 1.7.1 Anode

      2. 1.7.2 Cathode

      3. 1.7.3 Electrolyte

      4. 1.7.4 Separator

    8. 1.8 Material Type

      1. 1.8.1 Cobalt

      2. 1.8.2 Lithium

      3. 1.8.3 Manganese

      4. 1.8.4 Natural Graphite

      5. 1.8.5 Nickel

      6. 1.8.6 Other Materials

US Electric Commercial Vehicle Battery Pack Market Size FAQs

The US Electric Commercial Vehicle Battery Pack Market size is expected to reach USD 6.93 billion in 2024 and grow at a CAGR of 18.18% to reach USD 15.98 billion by 2029.

In 2024, the US Electric Commercial Vehicle Battery Pack Market size is expected to reach USD 6.93 billion.

US Electric Commercial Vehicle Battery Pack Market Report Snapshots

US Electric Commercial Vehicle Battery Pack Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029