Electric vehicle battery also referred to as traction battery, can either be primary or a secondary rechargeable battery, which is used for the momentum of electric vehicles. An electric vehicle battery is considered as the heart of an electric vehicle and is composed of several small, individual cells arranged in a series/parallel configuration in order to achieve the desired voltage. The electric vehicle utilizes the power stored in the battery pack to supply power to the electric motors and rotate the wheels. These batteries differ from SLI (Starting, Lighting and Ignition) batteries as they are designed to give power over sustained periods of time.
Several policies and legislation by the federal government for promoting electric vehicles in the United States is a key factor driving the growth of the market in this region. Proposal for a new effort has been made for supporting the advanced technology vehicle adoption by enhancements to tax credits in current law, research and development investments. The ongoing discussions between the federal and national parties related to the rollback of 2025 fuel economy standards along with state authority under the Clean Air Act and the regulatory developments in the country are also some factors fuelling the growth of the electric vehicle battery market in United States. In addition, the consumers are shifting towards electric vehicles owing to the volatile prices of oil in the market. . According to IEA, United States had around 1.1 million electric cars on the road by the end of the year 2018 and accounted for 22% of the global stock of the electric cars at 1.1 million. The American Recovery and Reinvestment Act in 2009 established conversion kits to add the capabilities of electric vehicles into conventionally powered vehicles and also established tax credits for purchasing electric vehicles. Increasing concern for the reduction of greenhouse emissions along with eliminating the need for petroleum are other important factors propelling the growth of electric vehicles, further leading to the growth in the United States electric vehicle battery market. Moreover, Vehicle Technologies Office (VTO) is forming collaborations with national laboratories for reducing the cost, weight and volume of batteries and also improving electric traction drive systems. The batteries will be enhanced by improving lithium-ion electro chemistries, developing modules and cells along with investigating new materials.
Furthermore, the Advanced Research Project Agency (ARPA-E), a U.S Department of Energy Agency, has funded several projects of electric vehicles, including automotive controls, batteries, and effective chargers. Several manufacturers are focussing on manufacturing the batteries at a lower cost and also with increased energy density, making these batteries more affordable and effective, leading to a growth of the electric vehicle battery market in the United States during the forecast period. The factors restraining the growth of the United States electric vehicle battery market include high initial cost and issues with the availability of infrastructure for charging, model, and gaps in terms of knowledge.
Based on battery type, the lithium-ion battery segment is projected to grow at a higher rate over the forecast period as the manufacturers of electric vehicles are inclined towards the adoption of lithium-ion battery as the battery has a light-weight and enhanced performance along with increased distance range and longer lifespan.
On the basis of propulsion type, the battery electric vehicle is anticipated to grow at a higher rate during the forecast period as there has been an increased adoption of battery electric vehicles among the consumers. It offers various advantages, which include good acceleration, high efficiency and do not produce tailpipe emissions that are advantageous for the local air quality, and has the ability to get charged overnight on low-cost electricity. It is also referred to all-electric vehicle and in this, the electric motor which is powered by the battery replaces the internal combustion engine along with the tank and the vehicle is plugged to a charging point when not in use.
Based on vehicle type, electric cars segment is expected to increase at a higher rate during the forecast period owing to the increase in the adoption of the electric cars among the consumers as these are more concerned towards their health. For instance, according to IEA, United States had an electric car stock of 1123.37 thousand in the year 2018.
Various notable players operating in the United States electric vehicle battery market include
* 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.
Key Market Developments:
* In 2019, General Motors and LG Chem planned to invest about USD 2.3 billion by 2023 for the formation of a joint venture in Ohio. In this joint venture, the companies planned for the development of battery cells for the electric vehicles and the setup of the factory helps in scaling the production and enhance the electric vehicle affordability and profitability.
* In 2018, Samsung SDI Co. Ltd. launched a high-capacity, fast-charging battery material along with the cutting-edge battery products for electric vehicles. The company is focussing on the development of products that are based on cutting-edge technology to meet the requirements of the customers and maintain their position in the global market.
United States electric vehicle battery market is categorized on the basis of battery type, propulsion type, and vehicle type. The battery type market is segmented into lead acid battery, lithium-ion battery, nickel-metal hydride battery and solid state battery. Based on propulsion type, the market is segmented into battery electric vehicle, plug-in hybrid electric vehicle, and hybrid electric vehicle. The vehicle type market is segmented into two-Wheelers, three-wheelers, electric cars and electric buses & trucks.
United States electric vehicle battery market is categorized on the basis of battery type, propulsion type, and vehicle type. The battery type market is segmented into lead acid battery, lithium-ion battery, nickel-metal hydride battery and solid state battery. Based on propulsion type, the market is segmented into battery electric vehicle, plug-in hybrid electric vehicle, and hybrid electric vehicle. The vehicle type market is segmented into two-Wheelers, three-wheelers, electric cars and electric buses & trucks.
Key questions answered in this research report:
* At what pace is the United States electric vehicle battery market growing?
* What will be the trend in the growth in the future?
* What are the key drivers and restraints in the United States electric vehicle battery market?
* What will be the impact of drivers and restraints in the future?
* At is the various type of batteries used in the electric vehicles in the United States market, and how they are poised to grow?
* What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
Leading market players
* 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
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