September 18th, 2021
United States Electric Vehicle Battery Market
The GMI Research foresees an increase in the demand of the United States Electric Vehicle Battery Market over the forecast period. This is mainly because of the mounting endorsement of the lithium-ion battery, enhanced performance, enlarged lifespan, and rising adoption of electric cars.
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Introduction of the United States Electric Vehicle Battery Market
An electric vehicle or traction battery is used for the impetus of electric vehicles. The vehicle is the heart of an electric vehicle composed of various small arranged in a parallel configuration to achieve the required voltage. The vehicle uses the power cumulated in the battery pack to provide energy to the electric motors and rotate the wheels.
Key Players of Market:
· Envision AESC SDI Co. Ltd.
· Panasonic Corporation
· General Motors
· Toshiba Corporation
· Tesla, Inc.
· LG Chem
· BYD Company Limited
· SK Innovation
· Samsung SDI Co., Ltd.
· Robert Bosch
United States Electric Vehicle Battery Market Dynamics
Various policies and norms imposed by the federal government to promote electric vehicles across the United States is contributing to the growth of the United States Electric Vehicle Battery Market. In addition, the proposition for the advanced effort made for encouraging the acquisition of sophisticated technology vehicles by improvements in research and development investments and tax credit current law. Besides this, the persistent discussions between the confederated and national parties concerned with the rollback of 2025 combustible economy norms coupled with the state authority under the Clean Air Act and the managerial enhancements in the nation have bolstered the market growth. In addition, the increasing inclination of individuals in favour of electric vehicles as a result of the fluctuating prices of oil in the market is another factor impelling the market growth. For example, in accordance with the IEA, United States had approximately 1.1 million electric cars on the road during 2018, accounting for 22% of the worldwide pile up of electric cars at nearly 1.1 million. Further, the American Recovery and Reinvestment Act passed in 2009 developed transformation kits to raise the potential of electric vehicles into traditionally powered vehicles and introduced tax credits to encourage the purchase of electric vehicles. Additionally, the surging apprehension to minimize greenhouse discharge and eradicate the requirement for petroleum are other factors complementing the market share. Moreover, as per the Global Electric Vehicle Battery Market Size Report, Vehicle Technologies Office (VTO) collaborated with national laboratories to decrease the cost, weight, and volume of batteries by elevating electric traction drive systems. These batteries are projected to be improved by enhancing lithium-ion electro chemistries, introducing modules and cells, and investigating novel materials.
In addition to it, according to the US Electric Vehicle Battery market analysis the Advanced Research Project Agency (ARPA-E), a department of US energy agency, allowanced several projects of electric vehicles, such as automotive batteries, automotive controls, and efficient chargers. Leading producers are concentrating on producing the batteries at an economical value with raised energy density to make them affordable and effective, driving the market growth. However, the inflated initial cost and accessibility issues of infrastructure for the model, charging, and gaps in terms of knowledge are restraining the US Electric Vehicle Battery market share.
Propulsion Type Segment Drivers
Based on the propulsion type, battery electric vehicle is contemplated to expand at a faster CAGR over the coming years. It proffers enormous features, such as superior acceleration, better strength without producing tailpipe emissions, advantageous for the quality of local air with the ability to be charged overnight at cost-effective electricity. It is also known as an all-electric vehicle where an electric motor is powered by the battery substituting the internal engine.
United States Electric Vehicle Battery Market Segmentation:
Segmentation by Battery Type
· Lead Acid Battery
· Lithium-Ion Battery
· Nickel-Metal Hydride Battery
· Solid State Battery
Segmentation by Propulsion Type
· Battery Electric Vehicle
· Plug-in Hybrid Electric Vehicle
· Hybrid Electric Vehicle
Segmentation by Vehicle Type
· Electric Cars
· Electric Buses & Trucks
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