The United States electric vehicle battery market is forecasted to exceed a valuation of US$ 9.2 billion by 2032-end, up from US$ 5.4 billion in 2022, expanding at 5.4% CAGR during the assessment years (2022-2032).
The market for electric vehicle batteries in the U.S. is predicted to generate an absolute dollar opportunity of US$ 3.8 billion by 2032
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Categorization of U.S. Electric Vehicle Battery Industry Survey
U.S. Electric Vehicle Battery Market by Battery Type :
- Lithium-Ion Batteries
- Lead Acid Batteries
- Nickel Hydride Batteries
U.S. Electric Vehicle Battery Market by Battery Capacity :
- Less than 25 kWh
- 25-50 kWh
- 50-100 kWh
- More than 100 kWh
U.S. Electric Vehicle Battery Market by Pack Type :
U.S. Electric Vehicle Battery Market by Vehicle Type :
- Hybrid Electric Vehicles (HEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
U.S. Electric Vehicle Battery Market by Vehicle Category :
- Two Wheelers
- Passenger Vehicles
- Commercial Vehicles
U.S. Electric Vehicle Battery Market by Sales Channel :
U.S. Electric Vehicle Battery Market by Region :
- West U.S.
- South-West U.S.
- Mid-West U.S.
- North-East U.S.
- South-East U.S.
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Prominent manufacturers of electric vehicle batteries in the U.S. are investing in developing new technologies to make batteries easier to operate on a zero-emission vehicle.
Market players are undertaking efforts to introduce a new world of battery technology by working on launching cobalt-free batteries to leverage technology and differentiating themselves from other competitors in the market.
For instance :
- Panasonic Corporation of North America announced a massive battery plant in the United States in 2022. The new mega-factory will make new types of EV batteries for Tesla, Inc.
- Tesla Inc. is planning to provide next-generation EV batteries and is focusing on turning to lithium iron and not lithium-ion to be the fundamental chemical engineering to power electric vehicles.
Will Hybrid Electric Vehicles Continue Their Dominance in the U.S.?
The electric vehicle battery market in the U.S., under vehicle type, segmented into plug-in hybrid electric vehicles, hybrid electric vehicles, and battery electric vehicles.
Hybrid electric vehicles hold 42.6% market share and demand from this segment is predicted to rise at 5.1% CAGR over the decade. Hybrid electric vehicles are powered by an internal combustion engine and electric motors. They offer high fuel economy and use regenerative braking and an internal combustion engine for charging. These factors are supporting segment demand and growth of hybrid electric vehicles.
Plug-in hybrid vehicles hold 35.6% share in the market as compared to 21.8% share held by battery electric vehicles. These segments are slated to expand at 7.9% and 10.1% CAGRs, respectively, through 2032.
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