North America Electric Vehicle Battery Market Size

North America Electric Vehicle Battery Market Analysis

The North American Electric Vehicle Battery Market was valued at USD 1.82 billion in 2021 and is expected to reach USD 23 billion in 2027 by registering a CAGR of above 30% during the forecast period (2022 - 2027).

The COVID-19 pandemic had mixed impact on the market as initial lockdowns and shutdown of manufacturing facilities resulted in slowdown in demand, electric vehicle sales witnessed a notable growth across the world in wake of ease of restrictions post-pandemic.

Over the medium term, upsurge in the popularity of the electric vehicles in wake ot rising favorable government initiatives and emphasis of leading automakers to roll out latest models of electric vehicles into the market. Further, evolution of electric mobility across developing countries like India, Bazil, and others expected to offer lucrative opportunities for players operating in the market.

Besides these factors, focus of government policies to promote the establishment of charging stations through public-private partnerships and growing investments in the infrastructural development likely to support the growth of the EV battery market in the foreseeable future. Owing to such positive environment key battery manufacturers also tend to incline towards major investments into the region in form of plant establishment, production facilities expansion, etc.

United states and Canada projected to hold significant shares in the market as they are among the top producers and top consumers of the EVs across North American region and hence the demand for the EV batteries is high across these countries.