United States Electric Vehicle Battery Market
The GMI Research forecasts that the United States electric vehicle battery market is witnessing an upsurge in demand over the forecast period. This is mainly due to the rising concern for the decrease of greenhouse emissions, followed by reducing petroleum requirements.
Introduction of the United States Electric Vehicle Battery Market:
Traction battery is an electric vehicle battery that is used for the momentum of electric vehicles. It is also known as the heart of an electric vehicle. This kind of battery is made up of several small and individual cells that are organized in a series or parallel configuration to reach the required voltage. These batteries are different from SLI (Starting, Lighting and Ignition) batteries and are especially designed to give power over sustained periods of time.
United States Electric Vehicle Battery Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Some of the major factors contributing to the growth of the United States electric vehicle battery market include policies and legislation by the federal government to encourage the use of electric vehicles in the US. Moreover, the major factors surging the market growth include the ongoing discussions made between the federal and national parties related to the rollback of 2025 fuel economy standards, followed by state authority under the Clean Air Act and the regulatory developments in the nation. Furthermore, the consumers are drastically shifting towards electric vehicles due to the variations in prices of oil in the market. As per IEA, the United States had about 1.1 million electric cars on the road by 2018 and accounted for 22% of the stock of electric cars at 1.1 million. The American Recovery and Reinvestment Act in 2009 created conversion kits to add the capabilities of electric vehicles into conventionally powered vehicles and established tax credits for purchasing electric vehicles. The key drivers propelling the market growth include growing concern for the depletion of greenhouse emissions, followed by reducing the need for petroleum. In addition to this, Vehicle Technologies Office (VTO) is making partnerships with national laboratories for decreasing the cost, weight and volume of batteries and increasing electric traction drive systems. The batteries will be developed by improving lithium-ion electro chemistries, investigating new materials, followed by, developing modules and cells, thus supporting the growth in the United States electric vehicle battery market.
Several projects of electric vehicles have been sponsored by the Advanced Research Project Agency (ARPA-E), a U.S Department of Energy Agency, such automotive controls, automotive controls, effective chargers, and batteries. Various manufacturers are emphasizing on manufacturing the batteries at lesser cost and raised energy density, which will make these batteries more effective and affordable. This is one of the major factors fuelling the growth of the electric vehicle battery market in the United States in the upcoming years. On the other hand, high initial cost, and lack of availability of infrastructure for model, charging, and gaps in terms of knowledge will hamper the market growth of the United States.
Key Players of the United States Electric Vehicle Battery Market:
- Panasonic Corporation
- Tesla Inc.
- Envision AESC SDI Co. Ltd.
- BYD Company Limited
- LG Chem
- Samsung SDI Co. Ltd.
- General Motors
- SK Innovation
- Robert Bosch
- Toshiba Corporation
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:
- Two-Wheelers
- Three-Wheelers
- Electric Cars
- Electric Buses & Trucks
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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