As per the newly released report by Fact.MR, the United States electric vehicle battery market is forecasted to exceed a valuation of USD 9.2 billion by 2032-end, up from USD 5.4 billion in 2022, expanding at 5.4% CAGR during the assessment years (2022-2032).
Rising sales of electric vehicles are fuelling the demand for electric vehicle batteries across the United States. Increasing demand for high-energy-density batteries, cleaner and renewable power generation methods, and product innovation incorporated by manufacturers will propel market growth over the coming years.
U.S. Electric Vehicle Battery Market Progress
A slight increase has been witnessed in the demand for hybrid electric vehicles, plug-in hybrid electric vehicles, and battery-powered electric vehicles in the automotive industry. End-user demand has obligated manufacturers of vehicle batteries to focus on raising energy density to provide a high traveling range.
Also, battery manufacturers are expanding their production capacities to maintain economies of scale and reduce operational costs, which, in turn, is expected to reduce battery prices.
Furthermore, with the advancement in technology, the per-mile running costs of vehicles have reduced, and thus, consumers have changed their preference for a battery-driven vehicle from IC engine-driven vehicles. Manufacturers too are focused on reducing the costs of their products and increasing battery lifespan.
Competitive Landscape
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.
These insights are based on a U.S. Electric Vehicle Battery Market report by Fact.MR.
